[Semiconductors in Yongin] Complex Up 150 Million "Welcome Selection" vs. Original Residents "Strongly Oppose"

Yongin 'Semiconductor Cluster' Samsung Announces 300 Trillion Won Investment
Nearby Complex Prices Soar... Some Contract Cancellations Reported
Original Residents at Project Site Voice Concerns Over Relocation and Compensation Issues

"Right after the announcement of the national industrial complex, an 84㎡ unit in Songjeon Village Segwang Enrich Tower in Idong-eup, Cheoin-gu, Yongin City was traded for 310 million KRW, which is 65 million KRW higher than the previous transaction price." (Songjeon Village Segwang Enrich Tower A Real Estate Agency)

73% of the National Industrial Complex is in Idong-eup... Segwang Enrich Tower Listings Disappear

On the 21st, visiting Idong-eup, Cheoin-gu, Yongin City, Gyeonggi Province, residents near the area were already excited by the news that Samsung Electronics will invest 300 trillion KRW by 2042 in Idong-eup and Namsa-eup in Yongin City. The planned project site consists of farmland, forest land, and natural villages located along both sides of National Road No. 45 connecting Pyeongtaek and Gwangju in Gyeonggi Province, covering an area of 7.1 million square meters. According to Yongin City, 73% (5.217 million ㎡) of the total development area is in Idong-eup, and Namsa-eup (1.886 million ㎡) includes some forest areas such as Wanjang-ri and Chang 3-ri.

Idong-eup, Cheoin-gu, Yongin-si, Gyeonggi-do, where a 300 trillion won-scale 'Advanced System Semiconductor Cluster' complex is planned to be established. Panoramic view of Songjeon Village Segwang Enrich Tower.
[Photo by Kwak Minjae]

Upon entering A Real Estate Agency located right next to the main gate of Songjeon Village Segwang Enrich Tower, a map of Yongin City showing the planned national industrial complex area was clearly visible on the desk. The representative of A Real Estate Agency was so busy that it was difficult to continue the conversation with the reporter due to the numerous real-time inquiry calls. He said, "Before the announcement of the national industrial complex, there was barely one transaction per month, but after the announcement, over 20 calls came in daily even on Saturdays, and 5 to 6 groups from Seoul and Suji also visited here." He added, "Before the announcement, the price for an 84㎡ unit was around 260 to 270 million KRW, and there were about ten listings, but after 4 to 5 units were sold, the remaining listings were all withdrawn by the owners."

He continued, "Besides Songjeon Village Segwang Enrich Tower, I understand that land preparations are underway for an apartment complex with 2,500 households near the Idong-eup Administrative Welfare Center," hinting that "Idong-eup is transforming into a new residential area for the Yongin Advanced System Semiconductor Cluster."

Songjeon Village Segwang Enrich Tower (782 households) is the residential complex closest to the planned national industrial complex site in Idong-eup. Although Namsa-eup, adjacent to Idong-eup, was mentioned during the government's announcement of the national industrial complex site on the 15th, since over 70% of the total development area is in Idong-eup, it is considered one of the beneficiaries of the Yongin semiconductor cluster development.

A resident of the complex, Mr. Choi (56), said, "Although the complex is in Yongin, it was undervalued for nearly 10 years because of the distance from the city center, lack of surrounding educational conditions, cultural facilities, and other infrastructure, with prices even lower than the initial sale price." He added, "Especially since most nearby roads are two lanes and there are many industrial complexes and logistics centers around, traffic was congested during commuting hours due to freight vehicles, but with the formation of the semiconductor cluster, we expect the surrounding infrastructure to develop and transportation to become more convenient."

Hansup City Rises by 150 Million KRW... High Interest in Listings Exempt from Land Transaction Permits

About a 12-minute drive from Idong-eup, the e-Pyeonhansesang Yongin Hansup City complex in Namsa-eup, Yongin City, was also buzzing in the real estate market due to the semiconductor cluster development. In fact, a large banner welcoming the selection of the "Namsa and Idong-eup 2.15 million pyeong System Semiconductor National Industrial Complex" was prominently displayed within the complex. Namsa-eup has been underdeveloped as a rural-urban mixed area, but Hansup City, with 67 buildings, is the only large apartment complex in Namsa-eup and is attracting attention.

Namsa-eup, Cheoin-gu, Yongin-si, Gyeonggi-do, where the 'Advanced System Semiconductor Cluster' complex is planned to be established. A banner celebrating the 'Selection of the System Semiconductor National Industrial Complex' is hung within the e-Pyeonhansesang Yongin Hansup City complex.
[Photo by Kwak Minjae]

This complex was sold at about 8 million KRW per 3.3㎡ during contracts in 2015. Despite being considered cheaper than nearby market prices at the time, around the move-in period in 2018, some contract holders who gave up moving in listed units below the sale price, resulting in a "negative premium" situation.

However, right after the announcement of the national industrial complex, contract cancellations occurred one after another, indicating strong buyer interest. A representative from B Real Estate Agency near Yongin Hansup City said, "An 84㎡ unit that was contracted for 354 million KRW just before the announcement was canceled after the owner paid double compensation following the announcement." He added, "Currently, the asking price is at least 500 million KRW, which is about 150 million KRW higher, so the owner probably judged that it was better not to sell even if they had to pay compensation."

The Ministry of Land, Infrastructure and Transport designated Namsa-eup and nearby Idong-eup as land transaction permission zones until March 19, 2026, to prevent speculation. However, residential areas in this complex with units not exceeding 60㎡ are exempt from the land transaction permission zone, which has attracted significant interest. The B Real Estate Agency representative said, "Among the 84㎡ units in Hansup City, buildings 2 and 4 are included in the land transaction permission zone, but buildings 3, 5, and 6 have land shares around 55㎡ and are exempt from land transaction permission." He added, "Some low-rise units in this complex allow gap investment with jeonse (long-term deposit lease) for investment purposes beyond actual residence, so inquiries keep coming in."

Data supports this trend. According to the apartment transaction information app Hogangnono, since the announcement, e-Pyeonhansesang Yongin Hansup City has maintained its position as the second most popular apartment complex. Namsa-eup in Cheoin-gu, Yongin City, also ranked second among popular areas.

Namsa-eup, Cheoin-gu, Yongin-si, Gyeonggi-do, where a 300 trillion won-scale 'Advanced System Semiconductor Cluster' complex is planned to be established. Panoramic view of the e-Pyeonhansesang Yongin Hansup City complex.
[Photo by Kwak Minjae]

Despite Development Benefits... Concerns from Original Residents

On the other hand, near the Idong-eup Office Samgeori intersection, banners from the Chang 3-ri Hwagog Village Residents' Emergency Committee read "Oppose Forced Expropriation to Death" and "Unite as One to Destroy the Industrial Complex Designation." The nearby Simiri Village Hall, which would normally be lively with residents' conversations, was quiet and the front gate was firmly closed that day. Most original residents met inside the village hall owned houses and farmland within the planned project area. They were more concerned about relocation and compensation issues than the semiconductor cluster development. They had witnessed the uproar over compensation during the forced expropriation process in the neighboring Deokseong Industrial Complex project.

Idong-eup, Cheoin-gu, Yongin-si, Gyeonggi-do, where a semiconductor cluster is planned to be established. Banners opposing the designation of a national industrial complex were hung in various places around the Idong-myeon Office Samgeori intersection.
[Photo by Kwak Minjae]

Mr. Yoo (63), an original resident who lived in a house in Simiri, Idong-eup, with his son for 35 years, said, "When the Deokseong Industrial Complex was built, the compensation residents received was far from enough to buy nearby land, so I saw people living in vinyl greenhouses without even a proper house." He lamented, "We have farmed and lived here all our lives, and my wife's family runs a restaurant nearby. If we leave our hometown, we won't be moving to an apartment, so where will we eat and live in the future?"

Yongin City designated this area as a development activity permit restriction zone on the 17th, limiting new construction, reconstruction, and land alteration for three years. This is another reason why original residents are not welcoming the semiconductor cluster. Seo Jin-hyung, co-representative of the Fair Housing Forum and professor at Gyeongin Women's University, said, "Original residents may lose their livelihood if their land is forcibly expropriated, and being designated as a development activity permit restriction zone means they cannot repair aging buildings, causing difficulties for a while, so they may not welcome the semiconductor cluster." He added, "Even if land is expropriated, it is necessary to seek measures such as relocation plans that contribute to regional development so that companies and original residents can coexist."

Yongin = Reporter Kwak Min-jae