Recently, large-scale complexes linked to urban parks through the ‘Private Park Development Special Project’ have been gaining attention.
The Private Park Special Project is a development initiative under Article 21-2 of the Act on Urban Parks and Green Spaces (Special Cases on Development Activities in Urban Park Sites), where private entities develop more than 70% of an urban park area of at least 50,000㎡, donate it to the public, and then build apartments, commercial facilities, and other structures on the remaining land.
The Jeonnam National University Entrance Sanigoun Shinyong PARK, developed through the Private Park Special Project, boasts a pleasant living environment with secured park views as it is located within a large-scale park. Residents can freely access the complex via connected walking trails and conveniently use facilities such as exercise equipment installed within the park.
In fact, private park special project complexes have recorded high subscription competition rates in the sales market. In May this year, the ‘Hillstate Hwanho Park’ complex in Pohang, Gyeongbuk, attracted over 30,000 applicants in the first-priority subscription, achieving an average competition rate of 15.42 to 1. Additionally, in August, ‘Hwaseong Park Dream Gususang Park’ in Eumnae-dong, Buk-gu, Daegu, closed subscriptions with a highest competition rate of 4.67 to 1. Considering this year’s Daegu sales market, this is regarded as exceptional.
An industry insider stated, “Apartments developed under the Private Park Development Special Project have high scarcity value and strong demand, making them very popular. Especially, being located in the city center means they benefit from well-established infrastructure such as transportation, education, and daily living facilities.”
Amid this situation, Gwangju Metropolitan City is preparing to launch ‘Jeonnam National University Entrance Sanigoun Shinyong PARK,’ the city’s first private park development special project.
‘Jeonnam National University Entrance Sanigoun Shinyong PARK’ consists of three buildings ranging from two basement floors to a maximum of 27 floors above ground, with 265 units all sized at 84㎡, a unit size highly preferred by buyers. The construction is handled by Sanigoun Construction and two other companies, and it is developed as a private park special project within ‘Shinyong Park,’ a representative urban park in Gwangju.
As the name suggests, Jeonnam National University Entrance Sanigoun Shinyong PARK is located right in front of Jeonnam National University. The complex is also near prestigious school districts including Taebong Elementary School, Gyeongsin Middle School, Gyeongsin Girls’ High School, Kumho High School, and the affiliated middle and high schools of the College of Education.
Transportation conditions are excellent. Gwangju Station is located just 1.5 km away in a straight line, and nearby are the 2nd Ring Road and Honam Expressway, facilitating convenient travel within Gwangju Metropolitan City and to other regions. Notably, the Gwangju Urban Railway Line 2, which will connect to Gwangju Station, is scheduled to open, further improving the transportation network.
Living infrastructure is also outstanding. Nearby facilities include NC Department Store Gwangju Station Branch, Lotte Department Store Gwangju Branch, Shinsegae Department Store Gwangju Branch, Gwangcheon Terminal, E-Mart, Homeplus, and Kia Champions Field, enabling a convenient lifestyle.
With the lifting of the adjustment area designation, subscription-related regulations have also been eased. Anyone aged 19 or older who has been a member of the subscription system for more than six months and meets the deposit requirements by region and area can participate in the first-priority subscription. Not only household heads but also household members can apply regardless of the number of houses they own.
An industry insider said, “As Jeonnam National University Entrance Sanigoun Shinyong PARK is Gwangju’s first apartment developed under the Private Park Development Special Project, it is attracting strong interest from actual buyers as a ‘residential complex with high livability.’ Especially, being located in the city center with well-established infrastructure for transportation, education, and daily life, it is expected to have solid demand due to its high living and scarcity value.”
Meanwhile, the model house for ‘Jeonnam National University Entrance Sanigoun Shinyong PARK’ is scheduled to open in November.
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