[Pyongtaek Hwayang District Wide-Area Bird's-Eye View (Provided by Urban Development Project Association)]
Demand is focusing on new apartments near industrial complexes with abundant underlying demand.
According to the Korea Real Estate Board, in May, "The Sharp Jije Station Central Park 1 Block" in Dongsak-dong, Pyeongtaek City, built by POSCO Construction, recorded an average competition rate of 190 to 1 in the non-priority subscription application. Chilgoe Industrial Complex is located to the north of the apartment, and Songtan General Industrial Complex, Samsung Electronics Pyeongtaek Campus, and Pyeongtaek Brain City (to be completed in 2023) are also within commuting distance.
“Cheongju SK VIEW Xi,” supplied by SK Ecoplant and GS Construction in June in Bongmyeong-dong, Cheongju City, Chungbuk Province, also recorded a high competition rate of 20.2 to 1, with 10,979 applicants from the first-priority local area for 543 households. The complex is located right next to Cheongju General Industrial Complex, highlighting not only proximity to workplaces but also abundant underlying demand, which is analyzed to have contributed to the high subscription competition rate.
Generally, industrial complexes are considered a catalyst for real estate value appreciation in the real estate market. The establishment of industrial complexes leads to job creation, and the resulting population increase connects to regional economic revitalization. In particular, the influx of high-income workers and related industry employees into the housing market increases transaction volume and provides excellent liquidity advantages.
Meanwhile, new apartments near industrial complexes will be supplied in the second half of this year.
Hyundai Engineering plans to supply “Hillstate” brand apartments in the 5BL of the Huayang District, an urban development project in Hyeondeok-myeon, Pyeongtaek City, Gyeonggi Province.
The Huayang District area, where the complex is located, is adjacent to the Asan National Industrial Complex (Poseung District, Wonjeong District), providing abundant underlying demand. According to the Korea Industrial Complex Corporation’s “National Industrial Complex Status” data, as of the first quarter of this year, a total of 23,581 workers are employed in the Asan National Industrial Complex.
Additionally, the Poseung (BIX) District of the West Sea Free Economic Zone, completed in 2020, continues to attract companies related to automobile parts, chemicals, and machinery such as Hyundai Mobis, promising solid underlying demand.
As a mini-new town-scale development project, the residential environment is also excellent. The Huayang District is being developed on a site of approximately 2.79 million square meters, comparable to the Yeouido area (about 2.9 million square meters), with a planned population of about 50,000 people (about 20,000 households). Various infrastructure such as public offices, schools, hospitals, and parks will be systematically provided.
In fact, a large general hospital with 4 basement floors and 12 above-ground floors is planned to be newly established on a 9,900 square meter site within the Huayang District, and the Anjung branch office of Pyeongtaek City Hall is also planned to be installed. Especially, the Anjung branch office is planned to be developed as a complex government building including a library and indoor sports facilities, enabling quick and convenient administrative services along with various leisure activities.
Accessibility to Seoul will also improve with the expansion of transportation networks. The Seohae Line double-track railway Anjung Station, scheduled to open in 2024, will be easily accessible by public transportation, and once the “Seohae Line KTX High-Speed Rail Network Construction Project,” which directly connects the Seohae Line double-track railway and the Gyeongbu High-Speed Railway (KTX), is completed, it will be possible to reach Seoul Station from Anjung Station within 30 minutes.
Hillstate, combining stable underlying demand and future value, is scheduled to be supplied in the Huayang District at the end of this year.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
