Jeju English Education City Draws International Schools... Housing Prices Surpass 1 Billion Won

- Jeju English Education City Rivaling Overseas Study Abroad
- Increasing Parents Turning to International Schools... Interest in Luxury Residential Facilities Grows

[Jeju Sinhwa Villas Exterior]

The Jeju real estate market, which had been quiet for a while, is stirring again as parents with a strong interest in English education flock to the area. As the COVID-19 pandemic prolonged, making overseas study difficult, more parents are turning their attention to international schools in Jeju English Education City.

Currently, out of the six international schools recognized by the Ministry of Education for high school accreditation, four are located in Jeju English Education City. Additionally, two more international schools are planned to be established there. In May, the Jeju International Free City Development Center (JDC) signed two memorandums of understanding (MOUs) to attract new American and British international schools to the English Education City.

Jeju English Education City is an education-specialized complex developed over an area of 3.79 million square meters (approximately 1.15 million pyeong) in Daejeong-eup, Seogwipo-si, Jeju Special Self-Governing Province. The plan to develop Jeju as an international free city was set during the Kim Young-sam administration in September 1997, and the project gained momentum with the establishment of JDC in May 2002.

In September 2011, the prestigious British private school North London Collegiate School (NLCS Jeju) and Korea International School (KIS Jeju), the first American boarding private school in Korea, opened simultaneously. The following year, Branksome Hall Asia (BHA), a branch of the renowned Canadian girls' private school Branksome Hall, opened, and in 2017, the 179-year-old American St. Johnsbury Academy (SJA Jeju) also opened its doors.

NLCS Jeju has attracted parents' attention by producing 263 students admitted to top 100 global universities from 2014 through last year. KIS Jeju also boasts graduates this year who have been accepted to top U.S. universities, including Ivy League schools such as Columbia University, Cornell University, and Johns Hopkins University.

BHA reported that 93% of its graduates received admission notices from the world's top 100 universities (based on 2021 U.S. News and UK QS rankings), and among the second graduating class of SJA Jeju this year, 32 out of 37 graduates received acceptance letters from Ivy League universities such as Cornell and Dartmouth.

Thanks to this atmosphere, the Jeju real estate market is heating up again. Apartment prices have surged at the highest rate in the past decade, and complexes with prices exceeding 1 billion KRW are emerging one after another.

According to the Korea Real Estate Board, Jeju apartment prices rose by 8.5% in the second week of June this year, marking the highest increase since the board began compiling related statistics in May 2012.

There have been apartments sold for over 1 billion KRW in actual transactions. A 140㎡ unit in 'Daelim e-Pyeonhansesang 2nd Phase' in Yeon-dong, Jeju City, was traded at 1.25 billion KRW at the end of May, setting a record price. The current asking price is reportedly around 1.3 billion KRW. Nearby, a 150㎡ unit in 'Jungheung S-Class' in Nohyeong-dong, Jeju City, was sold for 950 million KRW in May, approaching 1 billion KRW.

Competition for new apartment subscriptions is also increasing. In April, 'e-Pyeonhansesang Yeon-dong Central Park,' supplied in Yeon-dong, recorded a competition rate of 13.7 to 1 with 2,802 applicants for 204 units in the first priority subscription.

As interest in English education and investment enthusiasm in the Jeju real estate market continue, demand is also growing for luxury residential facilities befitting the status of Jeju English Education City.

'Shinhwa Villas,' a luxury villa complex located within Jeju Shinhwa World, is just a 10-minute drive from Jeju English Education City, offering excellent educational conditions. The complex has a school bus stop, providing convenient access for students and parents.

Comprising about 900 luxury villas, the complex features clean European-style interiors and various amenities such as cafes, supermarkets, and bakeries within the complex, ensuring optimal living conditions. The 'Somerset Clubhouse,' which includes a swimming pool and fitness facilities, is also located within the complex.

Additionally, the resort adjacent to the complex offers a world-class theme park and water park, a dining area where visitors can enjoy dishes prepared by internationally renowned chefs, and a shopping street where everything from daily necessities to luxury goods can be purchased.

Currently, Somerset Jeju Shinhwa World (Buildings 200 and 300) and Presidential Villas (Building 800) have been fully sold, while premium townhouse-style condos (Buildings 100 and 500) and luxury villa-type condos (Deluxe Villas) are currently available for sale.

[Premium Type Row House Condo CB Type]

The premium condo CA type (154㎡ exclusive area) features a spacious and open feel. The ceiling height is designed to be high, providing an expansive sense of openness, and built-in wardrobes are installed in each bedroom, offering ample storage space. The kitchen and premium furniture, including bedding, are provided as full options.

The premium condo CB type (153㎡ exclusive area) is designed as a private corridor type. It has balconies on three sides and front glass windows, allowing residents to comfortably enjoy the outside scenery. Two guest rooms are arranged along the corridor, ensuring privacy.

The premium condo CC type (157㎡ exclusive area) has the master bedroom and living room facing south, and each unit has a private elevator, guaranteeing a more private lifestyle. The kitchen is designed in a 'ㄷ' shape to improve usability, and the three-sided balconies and front glass windows allow residents to fully enjoy Jeju's scenery.

The luxury villa-type condos offer a cozy atmosphere reminiscent of a forest villa. Residents can enjoy both comfort and privacy through spacious terraces and beautiful private gardens.

The Deluxe Villa VA type (228㎡ exclusive area) features a fireplace installed at the front of the living room and artwork displayed at the rear. The dining room and kitchen are open, providing a great sense of openness, and open windows and outdoor terraces are designed considering lighting and ventilation. Built-in wardrobes are provided in all rooms, and a mini garden is created on the third-floor outdoor terrace.

Shinhwa Villas sales members are provided with a 7-year free pass to Shinhwa Theme Park and Shinhwa Water Park, as well as a 5-year usage pass (12 nights per year) for the Landing Building Superior rooms. They can also use the beautiful year-round swimming pool and infinity pool for 5 years (with 12 vouchers provided annually). A 25% discount is also offered at directly operated food and beverage outlets.

Consultations for Shinhwa Villas sales are available via KakaoTalk or phone.