‘Pohang I-Park’ Enjoying Non-Regulated Premium in Pohang Nam-gu Living Area

- Basement 2 to 29 floors above ground, 8 buildings, total 1,144 households with exclusive areas of 75~101㎡
- Enjoying the already established infrastructure of Pohang Nam-gu plus non-regulation premium

Last month, the government decided to maintain the status quo of the ‘regulated areas’ designated at the end of 2020.

As a result of this decision, ‘Nam-gu, Pohang City’ remains a regulated area. On the other hand, some analyses suggest that this decision effectively reaffirms the area’s enduring popularity. Regulated areas are generally selected based on criteria such as housing price increases being more than twice the inflation rate or subscription competition rates exceeding 5:1, marking them as ‘hot’ spots in the real estate market.

Despite being designated as a regulated area, the real estate fever in Nam-gu, Pohang City remains intense. According to the Ministry of Land, Infrastructure and Transport’s apartment transaction price disclosure system, the ‘Green (Samsung)’ apartment with a floor area of 84㎡ in Nam-gu, Pohang City, was traded at 198 million KRW on January 2019, before the regulation designation. However, even after the regulation, the price continued to rise, with this apartment reaching a peak transaction price of 499 million KRW in July this year, more than doubling in just two and a half years with an increase of about 300 million KRW.

Industry insiders attribute the rising popularity of Nam-gu, Pohang City despite the regulatory designation to its high residential preference.

An industry insider explained about Nam-gu, Pohang City, “Various living infrastructures such as large marts and cinemas are already established, providing excellent residential convenience,” and added, “Key business districts like the steel industrial complex and Blue Valley National Industrial Complex are located nearby, making it a highly regarded residential area with excellent proximity to workplaces.”

Among these, demand seems to be concentrated on the ‘Yongsan District’ in Nam-gu. In Nam-gu, Pohang City, which is designated as a regulated area, the ‘eup’ and ‘myeon’ regions are excluded from regulation, allowing Yongsan District to gain a reflective benefit. Residents can enjoy the residential convenience of Nam-gu while avoiding all other subscription regulations such as resale restrictions and re-winning restrictions, making it the biggest beneficiary of the ‘non-regulated premium.’

Yongsan District, together with the nearby Wondong and Mundeok districts, forms a residential town of about 14,000 households, and this area is attracting market attention as it is expected to become a ‘mini new town’ representing southern Pohang.

HDC Hyundai Development Company will launch sales this month for ‘Pohang I-Park,’ located in Pohang City, Gyeongsangbuk-do. The complex consists of 8 buildings ranging from 2 basement floors to 29 floors above ground, with a total of 1,144 households and floor areas ranging from 75 to 101㎡. By floor area, there are ▲169 units of 75㎡ ▲754 units of 84㎡A ▲98 units of 84㎡B ▲73 units of 84㎡C ▲50 units of 101㎡, mostly composed of medium-sized units preferred by buyers.

‘Pohang I-Park’ is expected to benefit from the premium of the Blue Valley National Industrial Complex. The Blue Valley National Industrial Complex is a mammoth industrial complex with a project cost of 736 billion KRW. The second phase of the project is scheduled for completion by the end of 2025. Once fully completed, the economic ripple effect is expected to reach 27 trillion KRW, and the employment inducement effect is projected to be about 60,000 people, further raising expectations in the area.

Nearby the complex are Naengcheon Riverside Park and Ocheon Sports and Culture Town, allowing residents to enjoy a pleasant living environment. Naengcheon Riverside Park features bicycle paths, walking trails, and a grass plaza, while Ocheon Sports and Culture Town, with a site area of 26,038㎡ (about three times the size of a soccer field), includes facilities such as an artificial turf soccer field, athletics track, jokgu court, futsal court, gym, badminton court, and multipurpose gymnasium, enabling residents to enjoy various leisure and sports activities close to home.

Additionally, ‘Pohang I-Park’ will be developed as an education-specialized complex known as a ‘real school zone.’ Nearby, elementary, middle, and high schools planned for the Yongsan District will all be accessible on foot, and the complex will include educational community facilities such as a library and a book caf?, which is expected to attract high interest from parents with children.

Meanwhile, in Yongsan District where the complex is located, following the sale of these 1,144 units, a second phase of I-Park with about 1,475 units (planned) will be additionally supplied. Upon completion of the second phase, a large-scale ‘I-Park brand town’ with about 2,600 households is expected to be formed in this area.