On the 29th of last month, the final approval of Gwacheon City's '2035 Gwacheon Urban Master Plan' was confirmed, acting as a boon to the real estate market and prompting buyers to start moving quickly to secure their positions. Their destination is the commercial facilities of 'Gwacheon Xiella Edition,' located at the very center of Gwacheon Knowledge Information Town.
The reason buyers are moving swiftly to this location can be attributed to the learning effect from Pangyo Techno Valley. Known as Korea's Silicon Valley, Pangyo Techno Valley houses numerous major corporations and advanced IT companies, and with its residential conditions, it serves as a model for a self-sufficient city.
In fact, while most commercial districts nationwide froze due to COVID-19 and interest rate hikes, the commercial district within Pangyo New Town continued to thrive alone.
According to Real Estate R114, the average rent per 3.3㎡ on the first floor of Pangyo Techno Valley's commercial district was 221,200 KRW in Q2 of 2022. This is about 23% higher than the 178,700 KRW per 3.3㎡ recorded in Q2 of 2020, when the COVID-19 crisis began in earnest.
Therefore, savvy buyers anticipate that Gwacheon Knowledge Information Town will transform into a second Pangyo Techno Valley, and to prove this, a rush of major corporations is ongoing. Large companies such as Pearl Abyss, which moved in last year, JW Group, Netmarble, Kolon Global, Anguk Pharmaceutical, and Kyungdong Pharmaceutical are currently settling in. JW Group is a global healthcare leader with a history spanning over 70 years and employs about 2,300 people, while Netmarble and Pearl Abyss are major companies leading the game IT industry, with over 700 employees each.
Most of their salaries are high-income levels far exceeding the national average wage, and by establishing homes close to their workplaces, they continuously raise the standards of housing, living, and leisure. Since Gwacheon Knowledge Information Town includes residential measures through the Gwacheon Urban Master Plan, it is expected to play a central role in serving the demand for Gwacheon Xiella Edition commercial facilities and to be pivotal in activating a commercial district that operates seven days a week without distinction between weekdays and weekends.
Gwacheon Xiella Edition commercial facilities will be constructed in Galhyeon-dong, Gwacheon-si, Gyeonggi-do, spanning from four basement floors to ten above-ground floors.
A sales official stated, "Gwacheon Knowledge Information Town has always been an area of high interest among buyers, so inquiries have been steady, but with the confirmation of the Gwacheon Urban Master Plan, inquiries from buyers have increased even more. It seems that many buyers are trying to secure their positions early due to the learning effect from the advanced development plans of Pangyo Techno Valley, including residential, commercial, office, and advanced industry developments."
In addition to the benefits from the Gwacheon Urban Master Plan, Gwacheon Xiella Edition is located near the planned Gwacheon Information Town Station on Line 4, and several transportation benefits are underway, including the planned GTX-C Line, the scheduled Wolgot-Pangyo Line, and the planned bypass road for National Route 47. Furthermore, various specialized designs to attract demand have been applied, such as an arch-shaped exterior design, escalators on every floor, and ceiling heights up to 4.2 meters.
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