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‘Sejong Riches Hill’ is scheduled to be launched for sale in May in a jar-shaped commercial district where demand does not flow out to other areas.
One of the hot keywords in the recent real estate commercial property sales market is the ‘jar-shaped commercial district,’ which is being re-evaluated as a stable commercial investment destination.
A ‘jar-shaped commercial district’ generally refers to an area where various types of commercial establishments are highly concentrated within walking distance of large residential areas, schools, or government offices, so there is no need for customers to go to other commercial districts.
The commercial district is surrounded by nearby apartments, roads, and major facilities, preventing further expansion, which means demand does not leak out. Supply is not excessive compared to tenant demand, resulting in low vacancy rates and making it a stable investment destination. Even during economic downturns, sales and rental prices show little change.
A representative example of a jar-shaped commercial district is the Pyeongchon Beomgye Station Rodeo Street, which stretches about 400 meters from Lotte Department Store in front of Beomgye Station to Pyeongchon-daero. It is blocked to the north by Simin-daero and to the south by residential complexes such as Seongyeong 1 and 2 Complexes and Woosung 3 Complex, showing a typical ‘jar-shaped commercial district’ form where the commercial area cannot expand further.
According to the Korea Real Estate Board’s Real Estate Statistical Information System, the monthly rent per square meter for collective commercial buildings around Beomgye Station in the first quarter of this year was 709,000 KRW. This is the highest level in the Gyeonggi area and is comparable to commercial rents in Seoul’s representative commercial districts such as Cheongdam (710,000 KRW) and Sinsa Station (702,000 KRW).
Meanwhile, Kumho Construction, Shindongah Construction, and HMG Partners plan to launch ‘Sejong Richensia Familier’ mixed-use commercial complex ‘Riches Hill’ for sale in May, located in H2 and H3 blocks of the 6-3 Living Zone in Sejong City.
‘Sejong Richensia Familier’ has a fixed demand from 1,567 households of residents, a hinterland demand from about 12,000 households in the residential core area, and is located on a main road with a cultural park, school zones, and a BRT bus stop, exhibiting a typical jar-shaped commercial district appearance.
‘Sejong Riches Hill’ is an open park street mall consisting of a total of 192 units: 132 units in H2 block and 60 units in H3 block, spanning the 1st and 2nd floors above ground. The commercial spaces vary in size, allowing for a wide range of businesses from small miscellaneous shops to large franchises and banks, offering customers a broad selection.
‘Sejong Riches Hill’ not only secures fixed demand from the 1,567 households of ‘Sejong Richensia Familier,’ which sold out successfully earlier this year, but also embraces the hinterland demand of about 12,000 households in the 6-3 and 6-4 Living Zones, surrounded by mountains and parks.
In addition to the surrounding residential households, it is expected to attract abundant floating population as a commercial facility connected to a planned cultural park of approximately 58,000㎡, a walking trail, and the BRT Haemily bus stop located right in front, which is part of a public-private partnership project with LH Corporation.
Moreover, ‘Sejong Riches Hill’ is near kindergartens, elementary, middle, and high schools, as well as Sejong Science and Arts Gifted School, an international high school, and a humanities, science, and arts integrated campus-type high school under development nearby, ensuring abundant demand from students and parents.
Nearby are Sejong Chungnam National University Hospital, the first general hospital in Sejong City, Homeplus, Oganangteul Park, Gippeumteul Park, Galuncheon Stream, and Sejong Field Country Club, which are expected to attract additional demand from users of these facilities.
‘Sejong Riches Hill’ also boasts excellent transportation networks. The BRT Haemily bus stop is located right in front of the complex, providing easy access throughout Sejong City as well as to Seoul and the metropolitan area via KTX and SRT Osong Station and Daejeon Station. Easy access to National Route 1 allows quick travel to Daejeon, Jochiwon, and Cheonan. Using the Jeongan IC on the Cheonan-Nonsan Expressway facilitates entry to the Gyeongbu Expressway, ensuring excellent metropolitan transportation connectivity.
The Sejong Riches Hill sales office is located in Sejong City. Move-in is scheduled for January 2024.
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