Complexes being sold in self-sufficient cities continue to be popular. Self-sufficient cities, where abundant jobs coexist with residential, commercial, and convenience facilities, see a significant increase in real estate value because of strong local housing demand as well as inflow of external demand.
A self-sufficient city is a mixed-use city capable of self-sufficiency centered on industries or functions, with a foundation of abundant jobs. From the real estate market perspective, all workers employed in such industrial complexes represent housing demand, which greatly increases the value of nearby real estate and attracts much interest in new sales.
For example, Dongtan New Town in Gyeonggi Province, which hosts large-scale industrial complexes related to automobiles, IT, and pharmaceuticals such as Hanmi Pharmaceutical Research Center, Hyundai Transys, and Asin Pharmaceutical, is a representative self-sufficient city in the metropolitan area. High-income workers employed in these industrial complexes steadily move in, increasing housing demand and revitalizing the real estate market.
In last year’s sales market, ‘Dongtan Lake Park Nature & e-Pyeonhansesang,’ supplied in Dongtan New Town in October, attracted 15,609 applicants for 42 units excluding special supply, recording an average competition rate of 246.74 to 1, and achieved 100% sell-out in a short period during contracts.
Also, ‘Hoban Summit Godeok New Town Phase 3,’ supplied in Godeok New Town, Gyeonggi Province, where Samsung Electronics Pyeongtaek Campus and Godeok International Advanced Industrial Complex are located, saw 13,996 subscription accounts for 170 units (excluding special supply), showing an excellent average competition rate of 82.33 to 1.
A real estate official said, “Residential facilities supplied in self-sufficient cities encompass all workers employed in industrial and business complexes as a hinterland demand, and as jobs increase, high-income earners move in, making newly supplied complexes as well as post-occupancy liquidity excellent. Also, residential facilities in self-sufficient cities equipped with residential, commercial, natural, and administrative facilities see a significant rise in real estate value depending on residential satisfaction, which is advantageous in terms of capital gains.”
Meanwhile, Songdo 11 District in Incheon Songdo International City, known as ‘Compressed Songdo,’ is emerging as a self-sufficient city, attracting much attention for new sales. In particular, ‘Songdo Xi Punggyeongchae Granoble,’ constructed by GS Construction and Cheil Construction Co., Ltd. as the first supply in Songdo 11 District, is a hot topic among buyers.
‘Songdo Xi Punggyeongchae Granoble’ is a project integrating five complexes: 1st complex (RC11), 2nd complex (RC10), 3rd complex (RM4), 4th complex (RM5), and 5th complex (RM6), making it the largest scale in Songdo 11 District. It is a large complex with 23 buildings (21 apartment buildings and 2 officetel buildings) ranging from 2 basement floors to a maximum of 47 floors above ground, totaling 3,270 units. It consists of 2,728 apartments with exclusive areas of 84 to 208㎡ and 542 officetel units with exclusive areas of 39㎡.
The 1st and 2nd complexes (RC) are apartment buildings from basement 1 to 29 floors above ground, while the 3rd to 5th complexes (RM) are mixed-use complexes with apartments and officetels from basement 2 to a maximum of 47 floors above ground. By complex, the 1st complex (RC11) has 469 apartment units, the 2nd complex (RC10) has 548 apartment units, the 3rd complex (RM4) has 597 apartment units and 271 officetel units, the 4th complex (RM5) has 504 apartment units, and the 5th complex (RM6) has 610 apartment units and 271 officetel units.
As a landmark of the self-sufficient city Songdo 11 District, ‘Songdo Xi Punggyeongchae Granoble’ offers abundant hinterland demand from industrial complexes as well as convenience, nature, and administrative facilities. To the south of the complex, Samsung Biologics has started building its 2nd bio campus with four factories at a cost of 7.5 trillion KRW, and Lotte Biologics is also planned to be established. To the north, Yonsei Science Park (Yonsei University International Campus Phase 2) is under active development.
Living infrastructure is also abundant. Songdo Severance Hospital, with 800 beds (construction started in December 2022, scheduled to open in December 2026), is within walking distance. Large shopping facilities such as Homeplus, Hyundai Premium Outlet (Songdo branch), and Triple Street are conveniently accessible. A large commercial facility will be built at the center of the complex, and a large-scale central commercial facility in Songdo 11 District is also within walking distance. As a residential environment, it is located on the waterfront, the core of green infrastructure in Songdo 11 District, providing a pleasant living environment, and some units are expected to have permanent waterfront views.
Transportation benefits include planned GTX-B line and the Metropolitan Area 2nd Ring Expressway. The complex can also use Incheon Line 1’s Technopark Station and Campus Town Station. It is convenient to access Aam-daero, which connects to the 2nd Gyeongin Expressway, 3rd Gyeongin Expressway, and Yeongdong Expressway via Incheon New Port Boulevard and Songdo Bio Boulevard, and the planned Metropolitan Area 2nd Ring Expressway is expected to be accessible nearby in the future.
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