- GS Construction to Hold Public Competitive Bidding for 'Yeoju Station Xi Heritage' Commercial Space on the 18th
- Only 6 Commercial Units in 769-Unit Apartment Complex, Offering High Scarcity Value
[Perspective view of the commercial area within the 'Yeoju Yeojai Heritage' complex (Provided by GS Construction)]
The popularity of ‘Seulse-gwon real estate’ (properties located in areas accessible while wearing slippers) continues to soar, driven by rising income levels and the aftermath of COVID-19.
With the per capita Gross Domestic Product (GDP) surpassing $30,000 and ongoing avoidance of crowded spaces due to COVID-19, this trend has been sustained. The MZ generation, which places particular importance on work-life balance (WLB), has become a key demand group in the real estate market, further fueling this tendency.
Commercial spaces within apartment complexes with guaranteed resident demand (hereafter referred to as “complex commercial spaces”) are also gaining attention amid the popularity of Seulse-gwon real estate. According to the report “Real Estate Trends 2024” released earlier this year by the Korea Gallup Survey Institute, the top factors considered when choosing a home were transportation convenience (52%), proximity to workplace (47%), and accessibility to lifestyle and commercial facilities (40%).
Since the rise of online commercial districts after COVID-19, stores located at ambiguous distances have struggled. In contrast, commercial areas within apartment complexes are receiving renewed investment interest because they can be visited during commutes, school runs, or morning and evening walks.
Another advantage of complex commercial spaces is the potential for stable sales. According to the “2023 Domestic Business Closure Rate Analysis and Countermeasure Report” released by the Korea Consumer Certification Institute (KCCI) in September 2024, the five-year closure rate for startups in Korea was as high as 66.2%, meaning only 33.8% survived.
On the other hand, complex commercial spaces can secure residents as a fixed customer base, allowing for stable profits and higher survival chances. This is because they can be launched in businesses closely related to residents’ daily lives, such as laundromats, hair salons, and cafes, which are essential facilities for residents’ convenience.
In fact, the commercial space sales market has seen continuous sellouts of complex commercial spaces. For example, the complex commercial spaces at ‘Raemian One Bailey’ recently completed sales for all units. Additionally, in Hwaseong City last year, the complex commercial spaces at ‘Bongdam Xi Pride City’ and ‘Hillstate Bongdam Pride City’ in Bongdam-eup, Naeri District, sold out within one week and four days of contract opening, respectively. In Cheongju City, the complex commercial spaces at ‘Osong Station Paragon Central City 2 and 3’ sold out within three days of contract opening, and notably, in Daegu, which is experiencing a real estate downturn, all 47 units of the complex commercial spaces at ‘Dalseo SK View’ were contracted within one day of opening.
This is why attention is focused on the apartment commercial spaces ‘Yeoju Station Xi Heritage,’ which GS Construction is offering through a public competitive bidding process on the 18th. These commercial spaces are located within the apartment complex ‘Yeoju Station Xi Heritage,’ currently under construction by GS Construction in the Sejong Urban Development Project District, Gyodong, Yeoju City, Gyeonggi Province.
‘Yeoju Station Xi Heritage’ has only six commercial units, making them highly scarce. The entire apartment resident base (769 households) and approximately 3,000 households in nearby detached houses and apartments can be leveraged as a demand base. Additionally, with Sejong Elementary and Sejong Middle Schools nearby and development demand around Yeoju Station, there is high potential for growth as a central commercial area in this emerging residential town.
The units are designed with practical sizes preferred by small business owners, ranging from 40 to 46 square meters (exclusive area). They are also located adjacent to the main apartment entrance, offering excellent visibility and accessibility. The apartments themselves vary in size from 59 to 136 square meters, allowing for a solid demand base across various age groups.
The reasonable starting price in the low to mid 200 million KRW range is another advantage. Business owners can benefit from VAT refunds on the building portion of the commercial space, reducing the actual purchase cost. Regarding bidding eligibility for the ‘Yeoju Station Xi Heritage’ complex commercial spaces, anyone aged 19 or older residing in Korea (including overseas Koreans residing domestically) or corporations can participate in the bidding regardless of whether they have a subscription savings account.
The bid deposit is 10 million KRW per unit. Since on-site payment is not allowed, deposits must be transferred to a designated account under the bidder’s name between 10:00 AM on December 17 and 12:00 PM on December 18.
The supply of ‘Yeoju Station Xi Heritage’ complex commercial spaces will be conducted via a public competitive bidding process at the ‘Yeoju Station Xi Heritage’ sales office, with bid submissions accepted from 1:00 PM to 3:00 PM on December 18.
The successful bidder for each unit will be the highest bidder above the announced starting price. Winners will be announced at 4:00 PM on the day of bid submission, December 18, with contracts signed between 4:30 PM and 6:00 PM. The bid deposit will be applied as the down payment.
The down payment is set at 5% of the winning bid amount (with the bid deposit substituting for the down payment), and the intermediate payment is 5% of the winning bid amount due 30 days after the contract date. The remaining balance (90% of the winning bid amount) can be paid during the designated move-in period, minimizing the financial burden on the contract holder.
Move-in for the ‘Yeoju Station Xi Heritage’ apartments is scheduled for June 2027. The exact move-in date will be notified later. For more detailed information, please contact the ‘Yeoju Station Xi Heritage’ sales office near Yeoju Station on the Gyeonggang Line or visit the official website.
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