Korea's 'Silicon Beach' Dreaming 'Siwha MTV' Real Estate 'Boom'

Notable for Establishing Advanced Industry-University-Research Infrastructure... All Nearby Complexes Sold Out Early

[Profitable Real Estate Among Major Sales in Siwha MTV]

Silicon Beach, a hub of cutting-edge technology startups, is located around the Santa Monica beach area in Los Angeles, California, USA. It is one of the most globally recognized centers of advanced technology, with large offices of leading companies in the high-tech industry such as Apple and Google situated there.

Silicon Beach has gained attention not only for its excellent living environment by the coast but also because it benefits from a supply of talent from prestigious nearby universities. This proximity to both work and residence has made it a highly valued residential area representing the United States beyond just the local region.

In South Korea, the area gaining similar attention for its strategic location is Siwha Multi Techno Valley (hereafter Siwha MTV). Developed on reclaimed land on the northern side of Siwha Lake, Siwha MTV is being established as a 21st-century advanced complex industrial park, designed as a mixed-use city encompassing business, residential, and leisure facilities.

Near Siwha MTV, the Seoul National University Siheung Campus and Korea Polytechnic University are under development, with the campus scheduled to open in 2025. Various advanced industrial companies are also expected to settle here, making it known as Korea’s Silicon Beach. Additionally, large-scale marine leisure infrastructure projects such as the world’s largest artificial surfing park, Wave Park, and the Marine Ecology Science Center are underway.

Residential complexes enjoying waterfront locations are also being developed. Around Turtle Island, all complexes including Hoban Summit The First Siheung (578 units), Hoban Summit The Prime (826 units), Siwha MTV Paragon Central Ocean City (656 units), and Siheung Geumgang Pentarium Ocean Bay (930 units) sold out early last year.

Including a mixed-use complex with approximately 1,200 units and additional residential land, about 70,000 residents are expected to move into this new city. On the 10th of this month, a 226,000㎡ site within the Siwha MTV project area was announced as a pilot project site for the “Anyone’s Home 5.0” initiative, which is part of the “Housing Supply Plan for Low-income and Homeless People in the Metropolitan Area.”

Through the “Anyone’s Home 5.0” project, six blocks and seven blocks of existing commercial distribution land will be converted to residential use within this year, creating an additional 3,300 housing units. This proximity of residence and workplace is expected to support local employment demand and increase future value significantly.

O Dae-yeol, team leader at the real estate information provider Economy Man Lab, stated, “Siwha MTV offers a rare waterfront environment in Korea, combined with marine leisure infrastructure such as Wave Park, which is expected to attract over 3.5 million visitors annually. This positions it to develop into a self-sufficient advanced industrial city comparable to Silicon Beach.”

As the potential for development into a self-sufficient city is anticipated, there is growing interest in nearby income-generating real estate investments. With an estimated residential population of about 100,000 within Siwha MTV and approximately 400,000 workers in surrounding industrial complexes, the area benefits from abundant demand. It is also accessible within 30 minutes to an hour by car from adjacent southwestern Gyeonggi regions, including large-scale metropolitan demand from tourists visiting Daebu Island.

GA Construction’s large-scale mixed-use street shopping mall “Siwha MTV Bonita Ga,” located right in front of Wave Park, will be developed as a new themed street mall where visitors can enjoy various experiences and entertainment. Marine leisure facilities such as a deep diving pool, infinity pool, and aqua spa will create synergy with Wave Park, and the design inspired by San Sebasti?n, Spain, will evoke the atmosphere of a European coastal town.

The lifestyle accommodation facility “Siwha MTV WAVE M,” which has been on sale since last month, consists of a total of 446 units (284 units in 3BL and 162 units in 2-1BL) located on Turtle Island in Siwha MTV. It is known to combine the advantages of hotels and officetels. The national project knowledge industry center “Ansan Smart Hub KDT Knowledge Industry Center Convergence Facility” also began sales this month and is receiving a positive response.