Jeil Construction Co., Ltd. to Hold Bidding for Commercial Spaces in 'Jeil Punggyeongchae Geomdan 2nd Phase' Complex in August

- Securing Stable Demand for Large Complex of 1,734 Households, Embracing Approximately 6,600 Households of Hinterland Demand
- Expected to Become Landmark as Largest Scale within Geomdan New City Phase 3

Jeil Construction Co., Ltd. (hereinafter Jeil Construction) plans to hold a bid in August for the commercial spaces within the ‘Jeil Punggyeongchae Geomdan Phase 2’ complex, supplied in Geomdan New Town, Incheon. As the largest apartment complex in the third phase of Geomdan New Town, it is expected to become a landmark in the area and emerge as a commercial district with exclusive demand from the large-scale complex.

The commercial spaces within Jeil Punggyeongchae Geomdan Phase 2 will be located in Geomdan New Town, Seo-gu, Incheon. Notably, it boasts the largest single scale within the third phase development area of Geomdan New Town, giving it symbolic significance, and the proportion of commercial facilities relative to the number of households is low, increasing its rarity value.

The design is also advantageous for attracting foot traffic, facilitating the activation of the commercial area. The commercial spaces are built as street-type shops extending along the main road, with a corner-type design applied to enhance accessibility and visibility. Additionally, large-scale neighborhood parks (planned) and children’s parks (planned) will be established nearby, naturally drawing visitors from the parks.

Strong underlying demand is also noteworthy. The biggest advantage of the commercial spaces within the complex is the exclusive access to fixed demand from 1,734 resident households, enabling stable operation of the commercial area. Furthermore, approximately 6,600 households (planned) in the vicinity also secure additional underlying demand.

Another strength is the potential for various business types to enter, linked with the surrounding conditions. First, considering the convenience of local residents, the commercial area can be composed of lifestyle-oriented businesses. Also, kindergartens, elementary, middle, and high schools are planned to be built on adjacent sites, and a university is also planned nearby, allowing the commercial district to target students and parents.

Abundant foot traffic further enhances the value. Near the project site, the new station (Station 102) on the extension of Incheon Line 1 (scheduled for 2024) will be located, making it easy to absorb demand from station users. In addition, a commercial district (planned) will be developed around the station, and a waterfront commercial specialized street called ‘Canal Complex (planned)’ is also planned nearby, forming a large-scale commercial area that will share visitor demand.

Jeil Construction’s strong brand power also stands out. In the 2022 construction capability evaluation, Jeil Construction rose four ranks from the previous year to 20th place, demonstrating its solidity. It has won the Prime Minister’s Award for livable apartments three times, ranked first in landscaping performance in the 2017 Ministry of Land, Infrastructure and Transport construction capability evaluation, and received an AAA rating in the 2021 credit evaluation (Housing & Urban Guarantee Corporation HUG), proving excellence in various fields. Especially, the successive success of Jeil Punggyeongchae Phases 1, 2, and 3 in Geomdan New Town, along with successful apartment supply across the metropolitan area, has built strong brand recognition among consumers.

A sales official stated, “With approximately 6,600 households of underlying demand and the largest single fixed demand of 1,734 households in Geomdan New Town, it is expected to emerge as a landmark commercial district representing the area, and its excellent connectivity with the surroundings ensures stability. Combined with the Jeil Punggyeongchae brand power, many investors are eyeing the bid, so it is expected to close early.”

The commercial space sale will be conducted through an open competitive bidding process, and anyone aged 19 or older residing in Korea (including corporations) can participate regardless of their residence area or subscription savings account status. The bidding will take place at the model house.