Special Park Projects Progress One After Another... 'Apartments Within Parks' Flood the Market

Some parts of urban parks are being converted into apartments. This is thanks to the government’s introduction of the ‘Private Park Development Special Project’ in 2009. The Private Park Development Special Project allows private entities to develop urban park planning sites, provided that more than 70% of the total area is developed as a park and donated to the local government in charge, while the remaining land can be used to build non-park facilities such as apartments to generate profit.

According to the real estate industry on the 25th, HL D&I Hanla, Taeyoung, Joongheung Construction, Hoban Construction Consortium, and Hyundai Construction are planning to launch park apartments through the Private Park Development Special Project.

Perspective view of 'Wolmyeong Park Hallabibaldi On the Park'. [Photo provided by Daesung I&D]

First, HL D&I Hanla will proceed with the Wolmyeong Park project in Cheongju, Chungbuk next month under the park special project and will start selling ‘Wolmyeong Park Hanla Vivaldi On The Park’. Out of the total project site of 147,771㎡, 43,382㎡ will be used for apartment construction, and 104,389㎡ will be developed as an urban park and donated to Cheongju City.

The complex consists of 8 buildings ranging from 2 basement floors to a maximum of 29 floors above ground, with a total of 874 households: ▲76㎡ (exclusive area) Type A with 250 units ▲76㎡ Type B with 54 units ▲84㎡ Type A with 476 units ▲84㎡ Type B with 77 units ▲122㎡ Type A with 2 units ▲122㎡ Type B with 3 units ▲134㎡ Type A with 3 units ▲134㎡ Type B with 9 units.

Taeyoung Construction is planning to launch ‘Gumi Grand Foret Desiang’ by developing Kkotdongsan Park in Gumi, Gyeongbuk through the park special project. It consists of 3 complexes, 21 buildings ranging from 3 basement floors to a maximum of 40 floors above ground, with a total of 2,643 households: ▲Complex 1 with 1,350 units sized 84~110㎡ ▲Complex 2 with 1,032 units ▲Complex 3 with 261 units.

Joongheung Construction is also preparing to sell ‘Gwangju Songjeong Joongheung S-Class Parkview’ in Gwangju, Gyeonggi. It consists of 9 buildings ranging from 4 basement floors to 24 floors above ground, with a total of 840 apartments sized 59~84㎡. It is adjacent to Songjeong Park (about 80,000㎡), which will be developed through the park special project.

The Hoban Construction Consortium is preparing to sell ‘Hoban Verdiem Apartments’ to be built in Odeungbong Urban Park (about 760,000㎡), Jeju’s first park special project. The total scale is 1,401 households. Odeungbong Park is an urban park covering about 760,000㎡, spanning Yeonbuk-ro, Hallado Library, and Jeju Research Institute.

Hyundai Construction is currently selling ‘Hillstate Hwanho Park’ in Yangdeok-dong, Buk-gu, Pohang, Gyeongbuk. It is located in blocks 1 and 2 of Pohang Hwanho Park (770,000㎡), which will be developed through the park special project. The complex consists of 20 buildings ranging from 3 basement floors to a maximum of 38 floors above ground, with a total of 2,994 households: 1,590 units in block 1 and 1,404 units in block 2.

Meanwhile, apartments built through the park special project are gaining great popularity in subscription applications. ‘Icheon Xi The Park’ in Icheon, Gyeonggi, which was sold in 2021, attracted 15,753 applicants for 706 units in the first subscription round alone. In the same year, ‘Gangneung Lotte Castle Signature’ in Gangneung, Gangwon, attracted 35,625 applicants for 1,305 units, and ‘Iksan Xi Grand Park’ in Iksan, Jeonbuk, attracted 38,912 applicants for 845 units. Last year, ‘Wonju Musil Jeil Punggyeongchae’ supplied in Wonju, Gangwon, also saw fierce competition with 28,873 applicants for 997 units. In March this year, ‘We Park Mareuk Park’ in Gwangju, which sold 641 units, attracted 5,639 applicants, recording an average competition rate of 8.79 to 1 and a highest competition rate of 22.59 to 1 (84.9D type).