Growing Anticipation for Newly Built Large Complex Apartments in Gyeonsodong, Gangneung After Move-In

[Photo: View of Anmok Beach near an apartment in Gangneung]

Although there has been an upward shift in the real estate market centered around Seoul and the metropolitan area, the market has somewhat stalled due to the global economic recession and government loan regulations, despite the recent announcement of interest rate cuts.

However, even in this atmosphere, the selection based on product quality, location, brand, and reasonable price continues, resulting in complexes where "the places that are meant to succeed do succeed." A representative example is Ocean City I-Park in the Gyeonso area of Gangneung, Gangwon Province, where the popularity of the remaining units has recently increased and the contract rate has risen. This contrasting situation has become a subject of surprise and envy in the industry and local real estate circles.

The reason is the complex’s proximity to the beach?only about 130 meters from Anmok and Songjeong Beaches?its rarity, and the brand of a first-tier construction company, which stimulates consumers' desire to purchase. Additionally, it is rare to have a large-scale branded apartment complex with 794 units right in front of the beach, and future new projects are expected to be difficult due to challenges in obtaining permits such as zoning changes and reduced business feasibility. This has likely increased interest and popularity even more.

Recently, transactions of pre-sale rights for Gangneung’s Ocean City I-Park have been ongoing. According to the Ministry of Land, Infrastructure and Transport’s actual transaction prices, in August, a 75.25㎡ unit on the 8th floor was traded at 538.7 million KRW, about 30 million KRW higher than the pre-sale price, and in October, an 84.96㎡ unit on the 4th floor was traded at 568 million KRW, about 44 million KRW higher than the pre-sale price.

Near Ocean City I-Park is the Gangneung Coffee Street, accessible on foot. From the 24th to the 27th, the Gangneung Coffee Festival was held along the 1.2 km stretch from Anmok to Songjeong Beach, featuring diverse programs where visitors could enjoy the scents of the sea, pine trees, and coffee along the beach and pine tree walking paths. Approximately 440,000 tourists attended the festival, which has become a representative event of Gangneung and contributes to revitalizing the local economy.

With the sea and beach nearby and many hot spots, tourists and locals visit every year. The newly built Ocean City I-Park located in Gyeonsodong by the beach also raises expectations for the city’s transformation and development after move-in, with various development plans for surrounding hotels, condos, and commercial facilities.

A company representative stated, “With the ongoing rise in land and construction costs in the current market, pre-sale prices are expected to increase further. Considering the future premium value, brand pride, and value appreciation, consumer interest in Ocean City I-Park is expected to grow even more.”