GS Construction is scheduled to sell units in ‘Bukcheonan Xi Forest’ located in Seonggeo-eup, Seobuk-gu, Cheonan-si, Chungnam this month. Recently, Cheonan City announced a large-scale transportation network innovation plan, drawing attention to the complex as a beneficiary area.
On the 22nd, Cheonan City, Chungnam, announced the '5-Year Plan for National and Local Roads.' This project, with a budget of approximately 964.3 billion KRW, aims to significantly improve road accessibility in Cheonan City. Given the substantial budget, a total of 43.5 km of road networks across six sections of national and local roads will be rapidly newly constructed and expanded.
First, the newly constructed Seonggeo~Mokcheon road, whose design service began last September, will be promoted until 2028. Additionally, the 4.3 km section of National Road No. 1 from Mokcheon Namcheonan IC to Samryong-dong Cheongsam Intersection will be expanded to six lanes. The Cheonan Buk-myeon~Ipjang (Local Road No. 57) project, which had a high risk of traffic accidents due to steep slopes, will be improved to a two-lane road over a 12.94 km section with an investment of 53.3 billion KRW.
The four-lane Local Road No. 70 from Eumbong-myeon, Asan-si to Maejuri, Seonghwan-eup is scheduled to start construction in 2025 and be completed in 2027. The four-lane road connecting Seonghwan-eup to Ipjang-myeon also began construction this month. The national road bypass connecting Upseong-dong to Songnam-ri, Seonggeo-eup (Local Road No. 23) is under construction, aiming for completion in March next year.
Through this road plan project, Cheonan is expected to enhance not only mobility convenience but also the overall value of the region. Experts say that with the expansion and repair of existing roads and the opening of new roads, accessibility within Cheonan as well as to Seoul and the metropolitan area will improve, naturally leading to additional economic creation effects.
An industry expert stated, “Cheonan has a geographical advantage directly adjacent to the metropolitan area and has rapidly developed based on this. With this road plan significantly improving accessibility to the metropolitan area, commuting demand for those working in the metropolitan area and corporate inflow are expected to increase greatly.”
Once these road projects in Cheonan are completed, the value of ‘Bukcheonan Xi Forest’ is also expected to rise. In addition to the aforementioned road improvement projects, the Seobuk~Seonggeo national road bypass is scheduled to open in 2024. This road connects to Beonyeong-ro, improving accessibility to Cheonan’s main urban areas and helping to disperse traffic on the frequently congested Local Road No. 23.
Furthermore, the road transportation network including Manghyang-ro (Local Road No. 23), Gyeongbu Expressway Cheonan IC, and Bukcheonan IC is well established, enabling quick access to downtown Cheonan. Additionally, through Jiksan Station and Dujeong Station on Seoul Metropolitan Subway Line 1, travel to Seoul and the metropolitan area is convenient. Using the Gyeongbu Expressway Cheonan IC or Bukcheonan IC allows fast travel to key areas in Seoul’s Gangnam such as Yangjae, Seocho, and Banpo.
Moreover, using KTX Cheonan-Asan Station, it takes about 40 minutes to reach Seoul Station, and using SRT, it takes at least 30 minutes to reach Suseo Station.
Notably, Bukcheonan Xi Forest has a hinterland demand of about 60,000 people, with eight industrial complexes and seven universities nearby. After the opening of the Seobuk~Seonggeo national road bypass and other road development projects in Cheonan, the range of industrial complexes close to residences is expected to expand. Since most rental demand prefers small-sized units, the exclusive 43㎡ type is anticipated to be popular among investors.
Nearby are Cheonheung General Industrial Complex, Chungnam Technopark, Cheonan 2~4 General Industrial Complexes, Samsung Display & SDI, and the Seonggeo General Industrial Complex is being developed about 3 km away. The Seonggeo Industrial Complex, with an investment of about 74.4 billion KRW, will accommodate various industries such as wood and wood product manufacturing, chemical substances and chemical product manufacturing, and primary metal manufacturing, expected to attract population inflow and stimulate economic revitalization in the area.
Recently, the site of the Cheonan Seonghwan Livestock Breeding Farm, which is relocating to Hampyeong, Jeonnam, was finally selected as a new national industrial complex by the Ministry of Land, Infrastructure and Transport, drawing attention. The Cheonan Future Mobility National Industrial Complex will cover about 4.17 million square meters with a total project cost of 1.6 trillion KRW, transforming into a high-tech industrial complex. Kim Tae-heum, Governor of Chungnam Province, stated that efforts are underway to expedite the development of this complex and attract entire large corporations, expecting significant economic effects such as job creation in the Cheonan area.
Meanwhile, Bukcheonan Xi Forest plans to sell some of the remaining units in the first phase at the end of March, which arose from households not meeting qualification requirements after the five-year mandatory lease period and conversion contracts ended.
This sale is advantageous due to its low price, often called a ‘lottery sale.’ The average sale price per 3.3㎡ of this complex is 6.66 million KRW, which is about half the average apartment sale price in Cheonan last year, which was 13.04 million KRW, making it highly competitive.
Due to the low sale price, it is also suitable as an investment product for rental business operators. The exclusive 43㎡ type, supplied at just over 10 million KRW, has a publicly announced price below 10 million KRW, exempting it from acquisition tax surcharges and applying the basic tax rate of 1.1%. This is significantly lower than the 12% acquisition tax applied when acquiring a house over 10 million KRW under a corporate name. The fact that moving in and resale are possible after contract signing is also noteworthy.
Detailed information about Bukcheonan Xi Forest is available on the website, and some units in the complex are set up as sample houses for prospective buyers to preview before applying. The sample house is scheduled to open at the end of March.
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