Despite the downturn in the income-generating real estate market, in-house shopping malls within residential complexes are performing relatively well and attracting attention.
For example, in July last year, Hyundai Engineering & Construction sold out all units of 'Hillstate Avenue Hwanho Park' in Pohang, North Gyeongsang Province, in a short period, recording a high competition rate of up to 12.7 to 1. This shopping mall is located within the 'Hillstate Hwanho Park' apartment complex, which consists of 2,944 units. In addition, in March this year, GS E&C supplied the 'Gangseo Xi Eco Delta' (856 units) in-house shopping mall in Busan Eco Delta City, which also sold out completely.
Why are investors flocking to in-house shopping malls within residential complexes? This is because these malls are developed together with residential facilities, ensuring a fixed demand from residents. Furthermore, based on this solid demand, commercial activity is quickly activated, allowing for stable income generation.
A real estate industry official stated, "With the recent trend of interest rate cuts, investors are concentrating on in-house shopping malls within residential complexes that offer the prospect of stable monthly rental income." The official added, "In particular, malls that secure not only fixed demand from residents but also abundant secondary demand from large-scale residential complexes in the surrounding area are attracting significant attention."
The in-house shopping mall within 'Haerington Place Gamsam 3rd Phase,' supplied by Hyosung Heavy Industries in Dalseo-gu, Daegu, is also drawing strong investor interest due to its robust fixed demand as well as solid secondary demand from the surrounding area.
This shopping mall, located in the Gamsam-dong area of Dalseo-gu, Daegu, is being developed together with the 48-story residential facility 'Haerington Place Gamsam 3rd Phase,' securing a fixed demand from 566 households. In addition, it is directly connected to a large neighboring complex consisting of 17 buildings and 2,160 units, and it is estimated to have a secondary demand of approximately 30,000 households within a 1 km radius, making it well-positioned to quickly establish a vibrant commercial district in the future.
The area surrounding the complex includes Janggi-dong Food Alley, Duryu Park, and Janggi Park, as well as a range of educational infrastructure such as Jangdong Elementary School, Bonri Elementary School, and Janggi Elementary School. Proximity to Seongseo General Industrial Complex and Daegu Publishing Industrial Complex is also expected to attract demand from office workers.
Within walking distance are Daejeon Station and Yongsan Station on Subway Line 2, which is advantageous for securing floating population. The presence of a bus stop directly in front of the complex is another benefit. The complex is adjacent to Waryong-ro, which runs through the center of Daegu, and is located on the main road of Janggiro, offering excellent visibility and accessibility for the shopping mall.
Various development projects are also planned for the area surrounding the complex. Notably, the relocation of Daegu City Hall is expected to be a major positive factor. When the new city hall is relocated, an influx of population is anticipated, which is expected to further develop the commercial district. The project aims to begin construction at the end of 2026 and be completed by 2030, with basic design work scheduled for the second half of this year and detailed design work set to begin next year. In addition, further developments such as the West Daegu Station Complex Transfer Center (planned) and urban regeneration projects in the Daejeon area are also expected to proceed.
The in-house shopping mall within 'Haerington Place Gamsam 3rd Phase' will have a total floor area of approximately 4,370 square meters, comprising 46 units on the first and second floors above ground. It will feature a street-type layout to enhance visitor attraction. Furthermore, the mall is planned to offer a differentiated mix of businesses, reflecting trends from daily convenience to themed complex types, raising expectations for a vibrant commercial district active 365 days a year.
It is also noteworthy that this is a newly constructed road-front shopping mall connected to the newly developed Daejeon Station mixed-use commercial district. As the area is transforming into a mixed-use commercial district, the ability to start a business without paying a premium is a clear advantage, making it easier to secure leasing demand.
The sales promotion center for the in-house shopping mall within 'Haerington Place Gamsam 3rd Phase' is located in Bonri-dong, Dalseo-gu, Daegu.
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