As the development of Siheung-si Siwha MTV (Siwha Multi-Techno Valley), known as the core area of the western Gyeonggi-do tourism belt, progresses smoothly, it is having a positive impact on the nearby apartment and commercial real estate markets. Especially, despite the commercial market struggling due to the economic downturn caused by the spread of the novel coronavirus (COVID-19) and the resulting difficulties for self-employed businesses, the investment market within Siwha MTV is receiving a flood of inquiries.
Located on the northern tidal flats of Siwha Lake on the west coast, Siwha MTV is being developed as a complex industrial park combining knowledge-based industries such as advanced and venture businesses with leisure functions including tourism, recreation, and leisure. The project officially began with the approval of the implementation plan in 2010, starting with the first phase and completing the seventh phase in September last year. Alongside this, in April last year, the first apartment in Siwha MTV, ‘Hoban Summit The First Siheung,’ was launched for sale, recording a high competition rate of 11.2 to 1 in the first priority subscription. As development becomes more visible and apartment supply continues to be popular, the regional value is rapidly increasing.
According to the Korea Real Estate Board, the land price change rate in Jeongwang-dong, Siheung-si, Gyeonggi-do, where Siwha MTV is located, recorded 0.505% in March compared to the previous month. This significantly exceeds the Gyeonggi-do average of 0.345% during the same period. The upward trend has been maintained since December 2020 with 0.301%, January 2021 with 0.303%, and February with 0.328%, showing an increasingly steep rise.
The apartment market shows a similar trend. According to Real Estate 114, the average apartment sale price in Jeongwang-dong, Siheung-si, Gyeonggi-do, where Siwha MTV is located, rose by 14.12% in 2020 compared to the previous year. Compared to previous growth rates of 0.63% in 2018 and 4.48% in 2019, this recent market activity is notable. Additionally, apartment transaction volumes nearby have significantly increased; last year, Jeongwang-dong recorded 4,060 apartment sales, more than 1.5 times the 2,485 units sold in 2019. This accounted for 34.6% of the total 11,725 apartment transactions in Siheung-si last year.
A representative from real estate agency S in Jeongwang-dong stated, “With the opening of the world’s largest artificial surfing park ‘Wave Park’ in the Turtle Island Marine Leisure Complex within Siwha MTV last year, and the scheduled completion of an indoor scuba diving pool this year, development is progressing smoothly, leading to a surge in inquiries not only for nearby apartments but also for commercial spaces.” He added, “Especially, with over 3.5 million domestic tourists expected to visit the Turtle Island Marine Leisure Complex, the center of Siwha MTV, there is growing anticipation for revitalizing the commercial district, which has significantly increased visits from customers interested in investment.”
The strong demand in the Siwha MTV commercial market is also attributed to its substantial hinterland. It is estimated that about 250,000 workers are employed within Siwha Multi-Techno Valley. Furthermore, it is accessible within an hour by car from southwestern Gyeonggi areas including Ansan Gojan New Town, Songsan Green City, and Incheon Songdo International City, making it easy for demand from other regions to reach the area.
Daeshin Asset Trust (developer) and Shinsegae Construction (builder) are currently selling the ‘Aqua Pet Land’ complex shopping mall in the Siheung-si area of Gyeonggi-do. ‘Aqua Pet Land’ is planned to be constructed with a total floor area of 63,562㎡ (planned), spanning from basement level 1 to the 5th floor above ground.
Aqua Pet Land is a 4th generation complex shopping mall themed around an ornamental fish park. The 4th generation shopping complex refers to commercial facilities that combine entertainment malls with experiential communities. Aqua Pet Land is expected to be a new trend complex shopping mall that integrates a culture where visitors can experience and enjoy their time like at a tourist destination, rather than just a place for simple consumption.
Aqua Pet Land features specialized designs to revitalize the commercial district. On the first floor above ground, an Aqua Pet facility zone will be created to exhibit and sell rare ornamental fish and specialized species, providing enjoyment for visitors. Additionally, from the 2nd to the 5th floors, various experiential facilities and attractions will be introduced. Thus, Aqua Pet Land will be born as a theme park mall offering more attractions and experiences than a typical aquarium, with an expected annual visitor demand of 1.5 million people.
‘Aqua Pet Land’ is scheduled to be completed in October 2022.
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