Commercial Facilities in Busan Gijang Ilgwang New Town with Visibility, Accessibility, and Hinterland Demand Draw Attention

- Excellent Visibility, High Accessibility, and Strong Demand Make New Town Commercial Facilities Popular
- Consider Demand and Nearby Attraction Facilities When Investing in Commercial Properties

[Perspective view of Namjo Tower. Source=(Joo) Songcheon Development]

As apartment prices soar, increasing the burden of comprehensive real estate taxes, more investors are preferring commercial property investments over apartments.

According to the '2022 KB Real Estate Report' released by KB Financial Group Management Research Institute, commercial properties (38%) ranked first among real estate investment assets preferred by PB clients for the first time since the survey began, surpassing reconstruction apartments and general apartments (both 20%).

The institute analyzed, "With the increase in comprehensive real estate tax burdens on multi-homeowners due to the rapid rise in housing prices becoming a reality, preference for general apartments has declined since peaking in 2019," adding, "Meanwhile, preference for commercial properties has risen rapidly."

Amid growing preference for commercial facilities, newly emerging are commercial facilities located in new towns. New town commercial facilities are characterized by abundant hinterland demand and advantageous fixed floating population acquisition. In particular, new town commercial facilities attract more attention because they can accommodate diverse MD compositions such as hospitals, cafes, and franchises.

An industry insider said, "As interest in commercial facilities grows recently, attention is increasing toward new town commercial facilities that can enjoy solid hinterland demand," adding, "They are expected to receive more interest because they have not only fixed demand but also greater future value."

With growing interest in new town commercial facilities, 'Namjo Tower,' scheduled to be supplied in April in Ilgwang New Town, Gijang-gun, Busan, is drawing attention.

Located in Samsong-ri, Ilgwang-myeon, Gijang-gun, Busan, 'Namjo Tower' is a flex commercial building situated on a corner main road at an intersection, offering not only absorption of floating population but also excellent visibility.

Namjo Tower boasts a solid fixed demand from about 10,000 households in Ilgwang New Town, and with an additional 5,000 households planned in nearby Samdeok District and Hoenggye District, it has a wide commercial area with abundant hinterland demand.

Situated in the very center of Ilgwang New Town, the commercial facility is expected to maximize customer attraction with the adjacent Bit·Mul·Kkum Education Administration Town. Transportation conditions are also excellent. Through Busan Outer Ring Road, Donghae Expressway Gijang IC, and Ilgwang Station, demand from surrounding cities can be easily absorbed.

Namjo Tower especially captivates customers at a glance with its wide-type sophisticated exterior design. With differentiated MD compositions such as F&B, clinics, and academies, it can secure a favorable position in competition with other commercial buildings. Notably, all units are arranged facing the main road, ensuring excellent visibility.

Namjo Tower consists of a total of 32 units from the 1st to the 7th floor above ground. With a high exclusive use ratio of 67.57%, efficient area utilization is possible, and some units are designed with duplex structures, allowing for various uses.

The 1st and 2nd floors above ground are planned to house coffee shops, fast food outlets, retail franchises, bakeries, pharmacies, and more. The 3rd and 4th floors form a clinic zone with MDs including internal medicine, dentistry, ophthalmology, otolaryngology, dermatology, pediatrics, and other medical clinics. The 5th and 6th floors are designated as an edu zone with study cafes, language institutes, art academies, piano academies, taekwondo, and English academies planned. The 7th floor is recommended for large cafes, family restaurants, Korean traditional cuisine specialty restaurants, and kids cafes.