As a regional landmark, 'Suncheon Grand Park Xi' sees a surge in buyer inquiries
The real estate market is stirring as interest rates are further lowered. The decline in interest rates leads to increased demand for real estate, raising expectations that housing prices may rise. In particular, as more buyers seek to secure landmark properties before rates drop further, inquiries about ‘Suncheon Grand Park Xi,’ the first ‘Xi’ brand complex in Suncheon, are reportedly surging.
On the 28th, the Bank of Korea cut the base interest rate by an additional 0.25 percentage points, adjusting it from 3.25% to 3%. In the real estate market, a rate cut is the biggest boon. As the burden of loan interest decreases, more buyers step up to purchase homes, and increased demand soon leads to rising housing prices.
Past cases clearly illustrate this. According to the Korea Real Estate Board, in 2015, when the era of low interest rates below 1% began, apartment prices nationwide rose by about 4%, more than double the increase compared to the previous year when rates were higher.
This year, apartment prices are also showing signs of recovery. According to the Korea Real Estate Board’s apartment sales price index, nationwide apartment prices fell by 0.46% from January to May but rebounded with a 0.78% increase from June to October.
Industry experts say, “Interest rates are expected to continue falling, and even a 1% drop in loan interest significantly reduces monthly costs, causing the real estate market to stir. Especially, flagship apartments representing their regions attract more attention as they offer potential capital gains after occupancy.”
Accordingly, attention is focused on ‘Suncheon Grand Park Xi,’ the first ‘Xi’ brand complex in Suncheon. It is evaluated as a flagship property that dominates the region in every aspect, from location and product to brand.
The complex is located in the flat Suncheon Pungdeok District, with Suncheonman National Garden, the country’s first national garden, to the south; Palma Sports Park to the east; Ocheon Green Market to the west; and cultural facilities to the north, boasting an excellent residential environment comparable to any suburban housing district in the metropolitan area.
Especially, being near Suncheonman National Garden and benefiting from the national garden’s advantages is a strong point. Suncheonman National Garden is the first large-scale garden designated by the government, covering 926,992㎡ (about 280,000 pyeong), roughly twice the size of Seoul Forest. It is recognized as a tourist attraction both domestically and internationally, with over 2 million visitors recorded from January to September this year.
The future value of Suncheon Pungdeok District, equipped with infrastructure resembling a scaled-down new town, is also highly anticipated. The district where the complex is located is planned to include detached house sites and commercial facilities, with development expected to accelerate starting with Suncheon Grand Park Xi.
The product competitiveness also surpasses other regions. All units are primarily south-facing with 4-bay and 5-bay layouts to maximize natural light. Wide distances between buildings ensure residents’ privacy and unobstructed views. Pantry and dressing rooms are designed by unit type to efficiently utilize indoor space.
The community center ‘Club Xi-an’ within the complex features Suncheon’s first sky lounge, offering views of Suncheonman National Garden. ‘Club Xi-an’ will also include community facilities such as a small library with Kyobo Bookstore’s book curation service, a GDR golf practice range, sauna, and fitness club. Additionally, an open coffee station (OCS) with a cafeteria and lounge will allow residents to enjoy a leisurely daily life with tea and coffee.
Various events with special prizes rarely seen in other complexes are also planned. Every Saturday, visitors attending the model house onsite can win prizes such as Dyson vacuum cleaners, LG air purifiers, Cuckoo electric rice cookers, and Tefal air fryers. A roulette event with prizes is also prepared for visitors who consult on-site.
Meanwhile, Suncheon Grand Park Xi consists of units ranging from 84 to 206㎡, with inquiries particularly surging for the 130㎡ (approximately 50-pyeong) units. The complex will be built with a total of 997 households. The model house is located in Pungdeok-dong, Suncheon City (near Pungdeok Middle School), close to the project site.
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