Expecting Benefits from the Lifting of Regulated Area Restrictions
Hanwha Construction announced on the 5th that it will launch the apartment complex "Forena Pyeongtaek Hwayang" in Block 7-2 of the Hwayang District in Pyeongtaek, Gyeonggi Province, for sale in October.
Forena Pyeongtaek Hwayang consists of 10 buildings ranging from 2 basement floors to 29 above-ground floors, with a total of 995 units and exclusive areas ranging from 74 to 99㎡. By type, there are △74㎡A 78 units, △74㎡B 75 units, △74㎡C 75 units, △74㎡D 53 units, △84㎡A 205 units, △84㎡B 363 units, and △99㎡ 146 units. Move-in is scheduled for May 2025.
The Pyeongtaek Hwayang District, where the complex is located, is the largest private-led urban development project in South Korea to date. It is being developed over an area of 2,792,500㎡, comparable to the size of Yeouido in Seoul (approximately 2.9 million㎡), in Hwayang-ri, Hyeondeok-myeon, Pyeongtaek City, Gyeonggi Province. Infrastructure construction began in August last year. Once development is complete, it is expected to become a mini new town-level residential area housing about 20,000 households and approximately 53,000 residents.
With large-scale industrial complexes nearby, it is highly valued as a residential area with abundant job opportunities and close proximity to workplaces. Plans include the construction of a general hospital with over 350 beds and an emergency medical center, as well as a total of eight schools: four elementary schools, two middle schools, and two high schools. Anjung Station (Seohae Line double-track railway, KTX) near the complex is scheduled to open in 2023, and by 2028, a connecting line linking the Pyeongtaek section of the Seohae Line and the Hwaseong section of the KTX Gyeongbu Line will be completed. Once Anjung Station on the Seohae Line opens and connects with the Gyeongbu High-Speed Railway, travel from Pyeongtaek to Seoul Station will take about 30 minutes.
Song Heeyong, head of sales at Hanwha Construction, said, "With Pyeongtaek recently removed from the regulated area, entry barriers such as subscription and loans have been lowered, so we expect a lot of interest from buyers."
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