- Domestic Construction Cost Index Continues to Rise... Construction Costs Have Increased for Five Consecutive Years Since 2021
- Mandatory Zero-Energy Building Standards Applied... Reasonably Priced New Developments Amid Concerns Over Rising Costs
As apartment construction costs continue to rise, there is growing interest in newly built apartments that offer reasonable sale prices. With the likelihood of further increases in construction costs due to mandatory zero-energy building standards, housing demanders are expected to become more active in their search for homes.
According to Statistics Korea, the domestic Construction Cost Index in May of this year was 131.01, up 0.81% compared to the previous year. This index estimates price fluctuations for detailed input resources such as materials, labor, and equipment, focusing on the direct construction costs involved in building projects. Notably, the Construction Cost Index has shown a steady upward trend each year, recording 110.11 in 2021, 124.60 in 2022, 127.39 in 2023, and 130.20 in 2024.
This upward trend in construction costs is expected to intensify going forward. This is because the mandatory design of zero-energy buildings, which has been in effect since the end of last month, is likely to further increase apartment construction costs. According to the Ministry of Land, Infrastructure and Transport, all private multi-family housing projects with 30 or more units that apply for project approval after June 30, 2024, are required to design to the level of Grade 5 zero-energy buildings. As a result, the construction industry estimates that construction costs will rise by about 3 million KRW per unit.
Real estate experts have advised, "There are simultaneous factors that inevitably drive up apartment sale prices, such as the mandatory zero-energy design, rising raw material prices, and increasing labor costs," adding, "It is wise to look for newly built apartments with reasonable prices before prices rise further."
- New apartments with reasonable prices and no mandatory zero-energy regulations... Excellent residential environment with superior transportation, education, and living infrastructure
Amid these circumstances, a new apartment complex offering reasonable sale prices is set to launch in the newly developed area of Jinhae, Changwon, Gyeongsangnam-do, attracting significant attention. 'Triven Changwon' is the project in question, and it is scheduled to be available for sale in July.
'Triven Changwon', constructed by Doosan Enerbility Co., Ltd., is located in the Jaeun-dong area of Jinhae-gu, Changwon Special City, Gyeongsangnam-do. The complex consists of six buildings, each with three basement levels and up to 27 above-ground floors, totaling 434 units with exclusive areas of 84 and 107 square meters. Specifically, there are 213 units of 84㎡A, 136 units of 84㎡B, 44 units of 107㎡A, and 41 units of 107㎡B.
This complex received project approval before June 30, 2024, and is therefore not subject to the Ministry of Land, Infrastructure and Transport's mandatory zero-energy building design regulations. As a result, the construction cost burden is significantly reduced, and the sale price is expected to be relatively reasonable compared to other developments.
'Triven Changwon' also stands out for its excellent living conditions. First, the educational environment is noteworthy. Pung-ho Elementary School is located directly in front of the complex. In addition, Dongjin Middle School, Dongjin Girls' Middle School, and Jinhae Jungbu High School (tentative name, in planning) are all within walking distance. The surrounding area also features the Jaeun-dong academy district and the Jinhae Culture Center and Library (scheduled to open in December 2025), making it ideal for creating a strong learning environment for children.
The transportation environment is another highlight. Convenient vehicle access is provided via the nearby Jinhae-daero. Jinhae-daero is also connected to National Route 2, which runs horizontally across the southern region. This allows for quick travel to other cities such as Busan, Jinju, Gwangyang, Suncheon, and Mokpo. Additionally, Jangbok-daero, located to the right of the complex, connects to the Seokdong Tunnel, making it easy to reach KTX Changwon Jungang Station.
The abundance of living infrastructure and pleasant natural surroundings is also drawing attention. 'Triven Changwon' is close to public and administrative institutions such as Jinhae District Office and Jinhae Public Health Center, as well as the Changwon District Court Southern Branch. Major retail facilities like Homeplus and Lotte Mart are also nearby for convenient shopping. Furthermore, the area is surrounded by natural attractions and parks such as Jinhae Dream Park, Pung-ho Park, the Botanic Museum, Jinhae Bay Ecological Forest, and Sojukdo Park, promising a comfortable and pleasant lifestyle.
- Future value highlighted by the development of Myeong-dong Marina Port... Distinctive design features enhance residential satisfaction
Future value driven by large-scale development projects is also anticipated. The area around 'Triven Changwon' is seeing the development of projects such as the 'Myeong-dong Marina Port', which is considered a key future growth engine for Jinhae, Changwon. This project aims to revitalize the local economy and expand tourism infrastructure, including marine leisure facilities. Once development is completed, the area, including the Busan-Jinhae Free Economic Zone, is expected to be transformed into a high-value-added economic special zone. Given the anticipated strong housing demand in the Jinhae area of Changwon, analysts predict that residential value will continue to rise.
The presence of multiple industrial complexes is another notable point. Around 'Triven Changwon', there are the Jinhae National Industrial Complex and the Jukgok General Industrial Complex, with the Changwon National Industrial Complex also nearby. With excellent proximity between workplaces and residences, high residential preference is expected, especially among industrial complex workers.
The complex also features distinctive and specialized design elements. 'Triven Changwon' is primarily oriented to the south, with a visual corridor connecting the complex to the sea, along which green spaces, water features, and ground-level parks provide a pleasant and safe pedestrian environment. Various storage and flexible spaces, such as entrance storage, pantries, large dressing rooms, and an alpha room (in the 84㎡A type), enhance space efficiency. The 84㎡ type features a C-shaped kitchen layout for convenient kitchen movement, while the 107㎡ type emphasizes spaciousness with an island kitchen. All units come with a built-in electric oven and bedroom wardrobe if the balcony expansion option is selected. Additionally, the 84㎡A type features a 4-bay design, and the 107㎡ type has a 5-bay design, both offering excellent ventilation and natural lighting.
The community and convenience facilities for residents are also impressive. 'Triven Changwon' will include amenities such as a water play area, water features, themed landscaping, a multi-purpose room, golf practice range, fitness center, climbing event zone, and study room. Outside the complex, a small stream will be created adjacent to the site. Furthermore, it will be the first in Changwon Special City to receive Grade 3 Intelligent Building certification, with plans to implement various resident convenience systems such as smart heating and cooling management, security systems, and user interfaces.
'Triven' is a new residential brand by Doosan Enerbility Co., Ltd. (formerly Doosan Heavy Industries & Construction), which also built the landmark 'Seoul Forest Trimage' in Seongsu-dong, Seongdong-gu, Seoul. 'Triven' combines 'TRI', representing individual, society, and earth, with 'Value & Newness', signifying the creation of new value for individuals, society, and the planet through sustainable homes.
The model home for 'Triven Changwon' is located in the Jungang-dong area of Seongsan-gu, Changwon Special City, Gyeongsangnam-do.
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