Urban Convergence Zone Project Gains Momentum... Rising Interest in 'Down 2 District Umi Lin Urban Park'

- Research Project Launched for Comprehensive Urban Convergence Zone Development Plan... Full-Scale Promotion of Development Projects Begins
- Down Innovation Convergence District Gains Attention as Beneficiary Residential Area... Ongoing Surge of Interest

The government is set to actively promote the development of urban convergence zones in five major metropolitan cities across the country, including Ulsan. As expectations rise in the designated areas, attention in Ulsan is once again focusing on the 'Down 2 District.'

On April 22, the Ministry of Land, Infrastructure and Transport held a kick-off meeting at the Korea Research Institute for Human Settlements for the research project on establishing a comprehensive development plan for urban convergence zones, officially launching the process of formulating strategies for systematic development.

The urban convergence zone project is modeled after the Pangyo Techno Valley and aims to create complex spaces that integrate industry, residential, and cultural functions within the downtown areas of major regional cities, establishing hubs to drive corporate investment and youth job creation. In November last year, the Ministry designated urban convergence zones in the downtowns of Ulsan, Busan, Daegu, Gwangju, and Daejeon, and approved the basic plans. In Ulsan, the KTX Station Area Convergence District (1.62 million square meters) and the Down Innovation Convergence District (300,000 square meters) are being developed separately.

Of these, the Down 2 District is expected to benefit from its proximity to the Down Innovation Convergence District. The Down Innovation Convergence District will be linked to the Ujeong Innovation City and Ulsan Technopark, with plans to build an innovation industry cluster in the old downtown. It will also be developed as an innovation and demonstration research center and an R&D complex, with two national research institutes to be attracted as leading institutions to encourage related companies to move in.

Following this announcement, there has been a renewed influx of interest from prospective buyers in the Down 2 District.

In particular, 'Down 2 District Umi Lin Urban Park (Phase 2),' which is currently accepting contracts on a first-come, first-served basis, is reportedly seeing a rapid increase in contract rates as interest from this demand group continues.

An official from the Down 2 District Umi Lin Urban Park sales team stated, "There is strong positive feedback due to expectations for increased value as a residential area supporting the Down Innovation Convergence District, as well as the fact that the complex is located in a central area within the district. In addition, satisfaction with Umi Lin's differentiated design is high, and actual contracts are proceeding smoothly."

In fact, Down 2 District Umi Lin Urban Park is located in a central area within the Down 2 District, offering excellent residential conditions. In front of the complex, plans include a historic park and neighborhood living facilities (site), while a new kindergarten and elementary school (scheduled to open in 2028 after passing the mid-term investment review), as well as sites for middle and high schools, are nearby.

The complex also boasts Umi Lin's distinctive design, with a particularly notable high-end community composition.

Facilities rarely seen in Ulsan, such as a sky lounge and guest house, will be introduced, along with a variety of sports amenities including a multipurpose indoor gymnasium, indoor table tennis room, fitness club, GX room, screen golf practice range, and indoor golf practice range. Additionally, the complex will feature an indoor playground, separate reading rooms for men and women, and a book cafe.

Meanwhile, Down 2 District Umi Lin Urban Park will be built on Block B-4 of the Down 2 District, with 11 buildings ranging from 2 basement levels to 25 above-ground floors, totaling 731 units. All units will feature a single exclusive area of 84 square meters, which is highly preferred by buyers. As an apartment subject to the price ceiling system, it offers strong price competitiveness, and initial financial burden is reduced through conditions such as a fixed first contract payment of 10 million won.

First-come, first-served contracts for Down 2 District Umi Lin Urban Park are currently being conducted at the model house located in the Jung-gu Jongga-ro area of Ulsan Metropolitan City.