- Regional Landmark Parks, Green Spaces Boost Nearby Apartment Premiums by Billions
- Surging Interest in Suncheon’s First Xi Sale Right in Front of Suncheonman National Garden
As demand for pleasant living environments increases, competition for ‘forest proximity’ in the real estate market is intensifying. In particular, complexes located near large-scale parks or green spaces that represent their regions not only lead market prices but also pioneer residential culture, drawing high interest from buyers for new sales.
In Busan, apartment prices near Busan Citizens Park, known as the city’s lungs and heart, are leading the market. For example, the ‘R Brand (2022 occupancy)’ complex located in Busanjin-gu is a non-station area more than 1.5 km away from Bujeon Station on Busan Subway Line 1, but it is highly preferred locally as it offers the advantage of enjoying Busan Citizens Park within 400 meters as if it were a backyard.
According to Hogangnono data, the apartment price per 3.3㎡ in this complex is 21.14 million KRW, more than double the 10.23 million KRW average in Busanjin-gu. Notably, it is traded at a higher price than the ‘E Brand (2022 occupancy)’ complex, located within 400 meters of Bujeon Station, which has a price of 19.12 million KRW per pyeong. The premium of being able to enjoy Busan Citizens Park like a backyard shows a higher value than the advantage of being near a subway station.
Premiums worth hundreds of millions of KRW have also formed on occupancy rights for complexes that have completed sales. According to the brokerage industry, the occupancy right for an 84㎡ unit in ‘Olympic Park Foreon’ supplied in Gangdong-gu, Seoul, was traded for 2.1 billion KRW on the 21st of this month, forming an 800 million KRW premium over the sale price. According to the Ministry of Land, Infrastructure and Transport’s actual transaction data, three occupancy rights were traded for over 2 billion KRW just between January and March this year. The location, which allows walking access to the iconic Olympic Park in Seoul, has emerged as a landmark favored by all age groups, driving occupancy right prices sharply upward.
Industry experts say, “Complexes located near representative parks, forests, rivers, or lakes of a region go beyond the simple concepts of ‘park proximity’ or ‘forest proximity’ and emerge as landmarks that offer artistic comfort, leading residential culture. Especially, complexes where residents can enjoy such natural environments as if they were their own backyard tend to see significant value appreciation after occupancy, allowing expectations of high capital gains and thus attracting strong interest in new sales.”
Meanwhile, the first ‘Xi’ brand complex in the region that allows residents to enjoy the Suncheonman National Garden, designated as a national garden, like their own backyard is set to be launched in June, drawing attention. The project is ‘Suncheon Grand Park Xi,’ constructed by GS Engineering & Construction. A total of 997 households are scheduled for sale in June, with general sales offering medium to large units ranging from 84 to 206㎡, notable for their spacious layouts.
Suncheonman National Garden, Korea’s first national garden, spans 926,992㎡, about twice the size of Seoul Forest, and is a large-scale garden created and operated by the state under relevant laws. It opened on April 1 this year, attracting continuous visits from tourists. The garden features traditional gardens representing various countries’ cultures and traditions, and its themed gardens showcase diverse trees that captivate visitors. This year, to mark a new leap as a garden culture industry city, it is introducing content such as a spaceship-shaped sculpture, artists’ works, and animation characters. Additionally, the Ocheon Green Plaza, the core of Suncheon’s plaza culture, covering about 70,000 pyeong (approximately 230,000㎡), is also accessible right in front.
In line with being the region’s first Xi, great care has been taken in product composition. For the first time in Suncheon, a sky lounge has been created, offering panoramic views of Suncheonman National Garden. ‘Club Xi-an’ will include community facilities such as a small library with Kyobo Bookstore’s book curation service, a GDR golf practice range, sauna, and fitness club. Furthermore, an open coffee station (OCS) with a cafeteria and lounge will allow residents to enjoy a leisurely daily life with tea and coffee.
In addition, commercial facilities linked to detached houses and neighborhood parks are planned, providing mini new-town-level residential infrastructure. The project also plans to attract a complex tourism center connected to the national garden and develop 40% of the city as eco-friendly ecological facilities, which is drawing attention.
The surrounding infrastructure is solid. In terms of transportation, KTX and SRT Suncheon Station are nearby, and located in the southern area of Suncheon, it offers easy access to National Routes 2 and 17, facilitating convenient travel to Gwangyang and Yeosu. Homeplus, E-Mart, and Megabox are within walking distance, and educational infrastructure such as Pungdeok Elementary and Pungdeok Middle Schools is excellent.
Meanwhile, the Suncheon Grand Park Xi model house is scheduled to open in June in Pungdeok-dong, Suncheon-si, Jeollanam-do (opposite Homeplus). Customers who register their interest on the official website can participate in a lottery event offering various prizes such as gift certificates for Starbucks and Baskin Robbins, as well as two admission tickets to Suncheonman National Garden. Additionally, after opening, visitors to the model house will have a chance to win a Chanel luxury bag through a lottery event.
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