Innovation Cluster 'K-Kendall Square' Established... High Expectations for Benefits from 'Forena Daejeon Wolpyeong Park'

Plans to establish the innovative cluster ‘K-Kendall Square’ in Daejeon have been announced, drawing significant attention.

[Daejeon K-Kendall Square Development Plan / Source: Ministry of Economy and Finance]

On the 1st of this month, the government revealed plans to create K-Kendall Square in Daejeon during the ‘Advanced Industry Global Cluster Strategy Meeting’ (the 5th Export Strategy Meeting).

Kendall Square, located in Boston, USA, is a world-renowned innovation cluster known as ‘the most innovative one square mile on Earth,’ densely populated with advanced technology companies and research institutes. The government plans to benchmark this model to develop K-Kendall Square. The city aims to leverage this as a stepping stone to nurture Daejeon into a top-tier economic city and establish it as a world-class innovation cluster.

‘K-Kendall Square’ is planned to be developed over approximately 8.4 million pyeong in the Yuseong-gu area of Daejeon, where innovative institutions such as the Korea Research Institute of Chemical Technology, Korea Institute of Energy Research, and private large corporations’ research centers are concentrated. The project will promote the aggregation of companies, finance, business support services (legal, accounting, etc.), residential facilities, and cultural and recreational spaces. Additionally, it aims to build networking between companies to commercialize R&D outcomes from research institutions and complete a convergence space integrating research, industry, residence, and culture.

Following the announcement of the innovative cluster development plan in Daejeon, the local real estate market is buzzing with expectations of benefits. Clusters are industrial agglomerations where companies and institutions performing different functions within similar industries gather in one place, contributing to national industrial development, enhancing export competitiveness, and creating large-scale jobs, playing a pivotal role in revitalizing the regional economy.

In other words, as companies and people flock around the cluster, housing demand naturally increases, and there is a high likelihood of numerous benefits such as improvements in living infrastructure and residential conditions. Therefore, expectations for rising real estate values in the areas where clusters are established are naturally growing.

In fact, real estate in areas with cluster benefits tends to see rising housing prices and surging transaction volumes. For example, Hwaseong City in Gyeonggi Province saw apartment sale prices increase by over 100 million KRW within 1-2 weeks after being selected as a semiconductor cluster candidate site in March. During the same month, it recorded 892 apartment sale transactions, ranking first in apartment sales volume in the Gyeonggi region.

Consequently, demanders and investors anticipating real estate value appreciation due to the Daejeon innovation cluster development are gathering in Daejeon. In particular, there is high interest in the new apartment complex ‘Forena Daejeon Wolpyeong Park’ in Seo-gu, Daejeon, which is expected to benefit from its proximity to K-Kendall Square.

‘Forena Daejeon Wolpyeong Park’ is located within a 20-minute drive from the Daedeok Research Complex in Yuseong-gu, where K-Kendall Square will be developed, making it an attractive residential area for future workers seeking proximity to their workplaces. The commercial infrastructure to be expanded near K-Kendall Square will also be easily accessible, further enhancing residential conditions.

Moreover, major development benefits are lined up near the complex. The Daejeon Nano-Semiconductor National Industrial Complex (planned) is approximately 4.5 km away in a straight line, reachable within 10 minutes by car, which is expected to provide a demand base of about 35,000 workers.

Additionally, the Doma-Byeondong Redevelopment Promotion District, planned to accommodate around 22,000 households, is being developed nearby, transforming the area into a new residential town in Daejeon. Residents will also directly benefit from transportation improvements such as the Daejeon Metro Line 2 tram project and the Chungcheong Regional Rail.

‘Forena Daejeon Wolpyeong Park’ is being developed in Jeongnim-dong and Doma-dong areas of Seo-gu, Daejeon Metropolitan City. It consists of 1,349 households across two complexes (Complex 1 with 659 households and Complex 2 with 690 households), ranging from basement level 3 to a maximum of 28 floors. The units are all 84㎡ in size, with various types from A to L.

The complex is currently offering first-come, first-served contracts for unreserved units, allowing buyers to select their preferred building and unit number. Anyone aged 19 or older can contract without a subscription savings account, regardless of their residential area. The initial deposit is a fixed amount of 10 million KRW, and the mid-term payment offers an interest-only deferred payment plan, reducing the initial financial burden for buyers. Additionally, resale is permitted immediately after contracting, allowing for flexible financial planning.

‘Forena Daejeon Wolpyeong Park’ is currently operating a model house.