‘Ilgwang Lapard The Terrace’ Complex Commercial Space ‘Lapard Square’ Scheduled for Sale This Month

- With over 10,000 households in Ilgwang New Town, a representative new town in Busan, it has both hinterland demand and fixed demand within the complex
- Located in the gateway commercial area of Ilgwang New Town and Gijang-gun old downtown, it boasts abundant foot traffic... Synergy effects with Southeast region development projects are also expected

Last month, Woosung General Construction successfully completed the subscription for the block-type detached housing Ilgwang Lapard The Terrace, and the commercial complex within the complex, Lapard Square, is scheduled to be launched for sale this month.

Lapard Square is located on the first floor above ground of Ilgwang Lapard The Terrace, which is being developed in Samsung-ri, Ilgwang-eup, Gijang-gun, Busan Metropolitan City. It consists of a total of 36 neighborhood living facilities with exclusive areas ranging from 56 to 148㎡, within a complex of 17 buildings from basement level 1 to ground level 3, housing a total of 102 residential units.

Lapard Square is attracting attention as it is situated in the core location of Ilgwang New Town, a newly emerging residential area representing East Busan, embracing abundant hinterland demand, which is the most important consideration when selecting commercial facilities. Ilgwang New Town is a planned new town covering approximately 1.23 million square meters in Samsung-ri, Icheon-ri, and Hoenggye-ri, Gijang-gun, Busan, targeting a residential complex of about 10,000 households and a population capacity of 25,000, and is currently in the final stages of development.

In particular, Lapard Square is located at the gateway commercial area between Ilgwang New Town and the original downtown living area of Gijang-gun, where a large flow of people is expected to pass through. As it will be developed as a large-scale European-style open street commercial complex with about 200 meters of frontage exposure, it is expected to effectively attract foot traffic with excellent accessibility and visibility. In addition, stable sales are anticipated as residents living within the same complex will provide a fixed customer base.

It also holds excellent future value due to the eastward development axis of Busan. Lapard Square is expected to directly and indirectly benefit from development based on its excellent connectivity with the Osiria Tourism Complex located near Ilgwang New Town.

Currently, the Osiria Tourism Complex houses IKEA and Lotte Outlet, and last month, Lotte World Adventure Busan, the largest theme park in the southeastern region, successfully opened, establishing itself as a landmark in East Busan and attracting numerous visitors. The Osiria Tourism Complex is expected to generate over 20 million annual visitors and create employment for more than 110,000 people, which will further increase the hinterland demand for Lapard Square.

Moreover, to the north of Lapard Square, the Southeast Radiation Medical Science General Industrial Complex, which will become a core base for Korea’s radiation medical and scientific convergence industry, is under development. This industrial complex, located in Jang-an-eup, Gijang-gun, covers about 450,000 pyeong (approximately 1.49 million square meters) and will house high value-added companies related to pharmaceuticals, R&D, and radiation.

Accessibility is also greatly improving. The Donghae Line Ilgwang Station was opened last December, and in April, Busan City announced plans for early construction of the Osiria Line, including the extension of Busan Metro Line 2, Jeonggwan Line, and Gijang Line, which will further enhance the transportation network around Ilgwang New Town where Lapard Square is located.

A sales official stated, “Lapard Square, launched by Woosung General Construction this month, is located at the gateway commercial area of Ilgwang New Town, embracing abundant hinterland demand from about 10,000 households in Ilgwang New Town and residents of the adjacent original downtown of Gijang-gun, as well as having fixed demand within the complex, making stable sales possible. It will be developed as a 200-meter-long European-style open street commercial complex with excellent visibility and accessibility, and synergy effects with key development projects in East Busan such as the Osiria Tourism Complex and the Southeast Radiation Medical Science General Industrial Complex are expected, leading to ongoing inquiries from investors in Busan and the metropolitan area,” he said.

Meanwhile, the sales promotion center for Lapard Square is currently operating, and sales are scheduled for this month.