‘Chungcheong Region National Industrial Complex’ Project Kicks Off... Local Real Estate 'Buzzing'

Nonsan, Sejong, and Chungju Approval Notices Scheduled This Month
Economic Revitalization Brings Real Estate Boom to Regions

As the development project of the national industrial complexes (national complexes) in the Chungcheong region (Nonsan-si, Chungnam; Sejong Special Self-Governing City; Chungju-si, Chungbuk, etc.) gains momentum, real estate in the area is becoming active.

According to local governments in Nonsan, Sejong, and Chungju on the 18th, the approval (designation) notice for the national complexes is expected to be issued within this month. This comes exactly five years after the Ministry of Land, Infrastructure and Transport announced the designation of the national complexes as 'candidate sites' in August 2018.

Aerial view of Nonsan Defense National Industrial Complex (panorama). [Photo by Nonsan City]

First, Nonsan, where the defense national complex is being developed, has completed the permit procedures and only the final review remains. It will be established on about 870,000㎡ in the Yeonmu-eup Dongsan and Jukbon-ri areas, focusing on power support system industries that produce equipment and supplies used by the military, excluding weapons. Nonsan is home to defense-related institutions such as the Korea National Defense University, Army Training Center, and Army Aviation School, and has successfully attracted the Defense Future Technology Research Center under the Defense Science Research Institute, which is expected to strengthen its role as the 'Defense Capital.'

The Sejong Smart National Complex is also scheduled for approval notice this month. It is planned to be developed as a materials and components industry cluster linked with smart city, autonomous driving, and bio-healthcare in the Yeonseo-myeon area (about 2.75 million㎡). The Chungju Bio-Health National Industrial Complex (about 2.24 million㎡), adjacent to Chungju Enterprise City, is also expected to receive final approval this month. It will attract industries such as biopharmaceuticals, medical, precision, and optical devices.

As the full-scale development of these Chungcheong region national complexes becomes visible, housing prices in the area are also rising sharply. According to KB Real Estate's weekly housing price trends, as of the 15th of this week, apartment sale prices in Nonsan rose by 0.12% compared to the previous week, marking 11 consecutive weeks of increase. Last week, prices also rose by 0.09%. Chungju also showed a high increase of 0.13%. Sejong had been rising for 16 consecutive weeks from the second week of June until last week but showed stability this week.

Research team leader Kwon Il from Real Estate Info said, “Since it takes several years until the national complex project is finalized, it is important to pay attention to places where the actual project is on track rather than just planned or designated candidate sites. Like railway openings, real estate values can rise at each stage of project progress, so early acquisition can help increase asset value.”

Meanwhile, new apartment supplies continue in these areas where the national complexes are being actively developed. In Nonsan, Daewoo Construction will launch the sale of ‘Nonsan Prugio The First’ this month. It consists of 433 households with exclusive areas of 84㎡ and 103㎡.

In Sejong, a consortium led by Yangwoo Construction plans to sell 690 households in the 5-1 Living Zone. Additionally, 217 households in the 4-2 Living Zone and 186 households in the 6-3 Living Zone are scheduled for sale.

Although not in the Chungcheong region, in Yeongju, Gyeongbuk, where the Advanced Bearing National Complex is being established, GS Construction plans to introduce the region’s first Xi apartment, ‘Yeongju Xi Signature,’ in November. It consists of 763 households with exclusive areas ranging from 84㎡ to 117㎡. The Yeongju national complex received final approval last August and is scheduled for completion in 2027.