Amid Popularity of Mixed-Use Complexes, 'DMC Richensia Mall' Special Sale of Company-Owned Units Underway

The social distancing policy, which had caused a prolonged downturn in commercial districts, has been lifted, raising expectations for the recovery of these areas. The commercial market has regained vitality after a long time, attracting a surge of visitors. This change is also reflected in the volume of commercial property transactions. According to data from the Korea Real Estate Board, the number of commercial facility transactions nationwide last year was 215,816. This represents a significant increase of 24.09% (41,902 transactions) compared to 173,914 transactions in the previous year (2020).

This trend has continued steadily into this year. The balloon effect caused by the housing market slump has led to a sharp decline in vacancy rates in major commercial districts. The vacancy rate for small-scale commercial buildings in Seoul (2 floors or less, total floor area under 330㎡) was about 6.2% in the first quarter of this year. Mixed-use residential-commercial complexes, which were popular in the past, are receiving even more attention. Over the past three years, 9 out of 10 mixed-use commercial complexes in Seoul have maintained vacancy rates close to zero.

The DMC Richensia Mall in Gajaeul New Town, currently conducting a first-come, first-served special sale of company-owned units, is also a mixed-use commercial complex with a strong captive demand base.

Located within the DMC Kumho Richensia complex, which has about 450 households, DMC Richensia Mall boasts a prime location near Gajwa Station, served by the Gyeongui-Jungang Line, Airport Railroad, and several other lines. It is expected to become the largest shopping center in the Gajaeul and Moraenae areas. Already, the largest E-Mart Everyday in Seodaemun-gu has opened and is operating there, generating significant customer traffic.

Another strength of DMC Richensia Mall is the absence of competing commercial districts in the area. Near Gajwa Station, the New Town project has established a captive demand of about 10,000 households, including Raemian Lucentia (997 households), DMC Parkview Xi (around 4,300 households), and DMC Central I-Park (about 1,000 households). However, the existing commercial districts are outdated and unable to fully absorb this demand. Naturally, this enhances the prominence of DMC Richensia Mall.

DMC Richensia Mall is designed with various themes such as Food & Sports, Convenience, and Medical & Clinic to attract the floating population using the solid public transportation infrastructure and stations like Gajwa and Digital Media City.

An official stated, “Local residents have high expectations for the rare station-area mixed-use shopping mall ‘DMC Richensia Mall.’ We will strive to concentrate the commercial districts that were dispersed across Gajaeul New Town into one, absorb the existing redevelopment market districts, and help it become a landmark of the area.”