Geoje Gohyeon Port Reborn as Big Island. 'ePyeonhansesang Geoje Euro Sky' Commercial Space Sale Attracts Attention

Gohyeon-dong in Geoje-si, Gyeongnam is being reborn through the Gohyeon Port Harbor Redevelopment Project, ‘Big Island.’ As this project accelerates, nationwide real estate investors are increasingly focusing on the commercial market here.

Geoje Big Island, which Geoje City has been actively promoting since April 2012, is being developed by reclaiming the sea in front of Gohyeon Port to function as a residential and commercial hub with a hinterland population of about 120,000. It is broadly divided into Marine Culture Tourism District, Complex Harbor District, Public Facilities District, and Complex Urban District, planned to integrate residential, commercial, cultural tourism, and park functions. It is highly anticipated as a high-quality marine city and the ‘Second Marine City’ never before seen in Geoje.

Currently, a significant portion of Geoje Big Island’s development is underway, gradually revealing its form. DL E&C’s large-scale branded town ‘e-Pyeonhan Sesang Geoje Euro Island and Euro Sky,’ totaling 2,162 households, had move-ins in July last year and are scheduled for move-ins in November this year, respectively. Additional apartments and residential-commercial complexes are also planned within Big Island.

In line with housing supply, an elementary school will also be built. In August, a business agreement was signed to construct a school complex facility, and Gohyeon 1 Elementary School (tentative name), with 37 classes, is expected to open in March 2028.

Moreover, on Tourism Land Block 5-2, a 222-room ocean-view tourist hotel is being developed, and on General Commercial Area Block 1, a complex facility including a shopping mall, medical facilities, cultural and assembly facilities is progressing rapidly. The Public Facilities District will also feature Big Park (Cultural Park), a four-and-a-half soccer field-sized all-season resort.

Local real estate experts foresee that as Big Island nears completion, the best commercial district in Geoje will form here. Since it adjoins the Gohyeon-dong commercial district, known as ‘Geoje’s Myeongdong,’ it will not only immediately absorb the already solid demand but also attract additional demand from tourists visiting the marine city.

A representative from a real estate agency in Gohyeon-dong said, “As the reputation of this planned city embracing the sea spreads nationwide, real estate investors, local rental business operators, and even self-employed individuals are inquiring about Big Island. With the completion date approaching, everyone is rushing to quickly secure this ‘prime’ commercial district.”

In fact, the commercial spaces within the ‘e-Pyeonhan Sesang Geoje Euro Sky’ complex in Big Island are reported to be steadily receiving inquiries for sales and leases ahead of the November move-in.

These commercial spaces are located at the very center of Big Island’s main street, offering excellent location conditions and expected to create strong synergy with surrounding infrastructure. In addition to the e-Pyeonhan Sesang brand town, many residential complexes are planned nearby, providing abundant hinterland demand. Furthermore, with planned tourist facilities such as a marina and passenger terminal on Big Island’s Phase 3 site, tourist demand visiting this area is expected to increase significantly, securing a large floating population.

The street-type design applied to the commercial spaces within the e-Pyeonhan Sesang Geoje Euro Sky complex is excellent for configuring shops essential for residents as well as businesses attracting external visitors. Divided into four buildings, Buildings 1 and 2 are adjacent to elevators connecting to the complex’s sky lounge and guest house, while Buildings 3 and 4 have elevators for the commercial space’s dedicated underground parking. Notably, the second floor of Building 3 is the only commercial area with a large terrace.

Financial benefits are also provided to commercial unit buyers, guaranteeing an annual return of 5% for a certain period after completion. This not only alleviates concerns about vacancies in the early stages of development for buyers but also allows DL E&C to directly contribute to forming the commercial district, which is expected to accelerate its activation.

Meanwhile, the commercial spaces within e-Pyeonhan Sesang Geoje Euro Sky are located in Gohyeon-dong, Geoje-si, Gyeongsangnam-do, with a supply area of 5,763㎡ and a total of 47 units (9 units in Neighborhood Living Facility 1, 9 units in Neighborhood Living Facility 2, 10 units in Neighborhood Living Facility 3, and 19 units in Neighborhood Living Facility 4).

Currently, sales and leases for some units are underway, and the sales and leasing information center is located at e-Pyeonhan Sesang Geoje Euro Island.