‘Space Launch Vehicle Hub’ Jeonnam... Interest in Gwangyang Prugio Center Park, etc.

- Creation of Space Launch Vehicle Assembly Plant in Suncheon, Jeonnam with 50 Billion KRW Investment... Yeosu, Suncheon, Gwangyang Area Benefits
- 'Gwangyang Prugio Center Park' Offers 10-Minute Access to Space Launch Vehicle Assembly Site, Contract Progressing Smoothly

The real estate market in Jeonnam is preparing for a takeoff. Hanwha Aerospace, the nation's top space launch vehicle company, is making a large-scale infrastructure investment by establishing a space launch vehicle production facility, a final assembly plant, in Suncheon City. As a result, demand for real estate in the Jeonnam area is gaining significant interest.

According to Suncheon City Hall, Hanwha Aerospace plans to invest 50 billion KRW to build a 23,140㎡ space launch vehicle final assembly plant in the Yulchon 1st General Industrial Complex in Suncheon. Hanwha Aerospace is currently the only domestic company capable of providing launch services, possessing manufacturing capabilities for key launch vehicle components such as Nuri rocket oxidizers, fuel pumps, fairings, propulsion systems, as well as testing facilities.

The newly established final assembly plant will be a facility for manufacturing and functional inspection of each stage of the launch vehicle. Scheduled for completion in 2025, it will secure independent private infrastructure for not only the Nuri rocket but also future next-generation launch vehicles and subsequent projects. Accordingly, Suncheon is expected to form one of the two pillars of the space-related industry in Jeonnam, alongside Goheung County, home to the Naro Space Center.

Additionally, Suncheon has signed an agreement to build a space launch vehicle industry cluster, including plans to link testing facilities and a technology commercialization center with Goheung County, which houses the Naro Space Center. According to Jeonnam Provincial Government, the creation of the space launch vehicle industry cluster is expected to generate 726.2 billion KRW in production inducement effects, 245.1 billion KRW in added value inducement effects, and 537 jobs. This will position Jeonnam as a forefront base for the aerospace industry.

Industry insiders anticipate that the large-scale development projects planned for Suncheon will benefit the surrounding areas known as Yeo, Sun, and Gwang, revitalizing the real estate market. In fact, data from the Korea Real Estate Board shows that apartment sales transactions in Yeosu, Suncheon, and Gwangyang in Jeonnam reached a total of 1,284 in February this year, about three times the 435 transactions recorded in December last year. Particularly, Gwangyang is expected to directly benefit as it is close to the Yulchon 1st General Industrial Complex, where the space launch vehicle final assembly plant will be established.

For example, Daewoo Construction’s “Gwangyang Prugio Center Park,” located in Yonggang District, a rising residential hub in Gwangyang, is about a 10-minute drive from the site. Once the development projects are completed, it is expected to attract demand from residents seeking proximity to their workplaces.

Moreover, the site is about a 30-minute drive from the Gwangyang Steelworks, which POSCO Group announced plans to invest approximately 4.4 trillion KRW over the next decade to develop. It is also about a 10-minute drive from the Yulchon Industrial Complex in Gwangyang, where electric vehicle battery-related factory expansions are planned, making it a prime beneficiary of major development projects.

Transportation conditions are also excellent. Access to the Namhae Expressway via the nearby Gwangyang IC is convenient, allowing easy travel to other areas such as Suncheon, Yeosu, and East Gwangyang. Additionally, major nearby industrial complexes such as Haeryong General Industrial Complex, Iksin General Industrial Complex, and the western hinterland of Gwangyang Port can be reached within about 20 minutes by car. Furthermore, the area offers convenient access to regional transportation networks including Gwangyang Terminal and Gwangyang Station on the Gyeongjeon Line.

Currently, reasonable sale prices and various financial benefits are being offered. Unlike the usual requirement of paying 10-20% of the sale price as a deposit for a formal contract, contracts can be made with relatively small amounts. A fixed first deposit of 10 million KRW and full interest-free benefits on the second deposit are provided, significantly reducing the initial financial burden.

Additionally, full interest-free benefits on intermediate payments reduce financial uncertainty for buyers. Since the project owner bears the interest, buyers are protected from interest burdens even if additional interest rate hikes occur in the future. Furthermore, when expanding balconies, a large art wall in the living room will be provided as a standard feature.

Meanwhile, the model house for Gwangyang Prugio Center Park is located in Gwangyang-eup, Gwangyang City, Jeollanam-do, with move-in scheduled for December 2025.