- Old Downtown Residential Town Transformed with a "New Look" through Large-Scale Redevelopment and Reconstruction Projects
- New Apartment Areas in Shin Jugeo Town Lead Local Market Prices and Gain Popularity in the Sales Market
The popularity of new apartments in new residential towns is rising, centered around aging old downtown areas. This is because infrastructure such as transportation, education, and commercial convenience facilities in the old downtown is already well-established, boasting a pleasant living environment. In particular, complexes sold during the early stages of development in these areas may offer the potential for significant capital gains later, as the future value of the region has not yet been fully reflected.
In fact, these complexes often become leading properties in their regions after completion, receiving high evaluations for their pleasant living environment and convenient living conditions, demonstrating excellent future value.
For example, there is 'Boramae SK View,' which was sold through a redevelopment project in Shingil New Town, Yeongdeungpo-gu, Seoul. According to Real Estate R114 data, the average sale price per 3.3㎡ for the 59㎡A type unit in the complex was 46.983 million KRW as of December last year. This price leads the local market, being about 10 million KRW higher per 3.3㎡ than the average apartment sale price in Shingil-dong for the same month (37.11 million KRW).
The atmosphere in provincial cities was no different. A representative example is ‘Daeshin Lotte Castle,’ redeveloped from Seodaesin 1 District in Seodaesin-dong 3-ga, the old downtown of Seo-gu, Busan. In December last year, the average sale price per 3.3㎡ for a 102㎡ unit in this apartment was 16.84 million KRW, which was about twice the average apartment sale price in Seo-gu, Busan (8.89 million KRW).
Given this situation, market interest in new residential towns continues. Recently, Seowon-gu, Cheongju-si, Chungcheongbuk-do, is a new residential town preparing for development on the scale of a new town. This is because redevelopment and reconstruction projects are actively underway in Cheongju’s old downtown, creating a large-scale apartment town.
In fact, redevelopment projects are planned in five districts around Sajik-dong and Mochung-dong in Cheongju-si. These projects are expected to include about 14,000 households. Among them, 2,330 households (1,675 for general sale) are scheduled for sale in the first quarter of this year. Especially, first-tier construction companies such as Hyundai Engineering & Construction and GS Engineering & Construction are scheduled to build in this area, attracting strong interest from buyers.
Regarding this phenomenon, an industry insider said, “Demand for old downtown areas reborn through large-scale redevelopment and reconstruction projects is steadily increasing nationwide,” adding, “The market is solidly supported by a mix of existing resident demand, future value, and living conditions, so the popularity of these areas is expected to continue.”
Meanwhile, complexes scheduled for sale in new residential towns nationwide are drawing market attention.
Hyundai Engineering & Construction and Kumho Construction plan to sell ‘Hillstate Eoullim Cheongju Sajik’ in Sajik-dong, Seowon-gu, Cheongju-si, Chungbuk, in February. The complex will consist of 26 buildings, ranging from 3 basement floors to a maximum of 35 floors above ground, with units sized between 39 and 114㎡, totaling 2,330 households, of which 1,675 will be for general sale. As an apartment complex to be built in Cheongju’s old downtown, where about 14,000 households are planned, it is expected to form a representative new residential town in Cheongju, attracting significant interest from buyers even before sale. Within a 1 km radius, residents can access various convenience facilities such as Homeplus Cheongju Seongan Branch, Cheongju City Hall (planned), Cheongju Medical Center, and Cheongju Sports Complex. Additionally, it offers convenient access to Seongan-gil, Cheongju’s representative commercial district.
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