- Growing Interest in Brand-New Apartments in the Heart of the Old Downtown
- Cheongju Seowon-gu Sees Intense Demand for New Supply Amid Shortage of Recently Built Units
The "Eoljuksin" (a Korean term meaning "preferring new construction even if it is freezing") trend has emerged as a guarantee of success in the real estate market. This is because technological advancements, such as the rapid development of specialized designs each year, have made the satisfaction of living in newly built apartments incomparable to that of older ones.
Furthermore, in areas where the supply of new properties is insufficient, the expectation of increased future value and scarcity is much higher, as reflected in the saying "new construction in a field of old buildings."
The preference for new construction is also evident in actual apartment price fluctuations. According to a survey by Real Estate R114, while apartment prices nationwide for units 1 to 5 years old increased by 4.88% last year, those 6 to 10 years old rose by only 0.66%, and those over 10 years old increased by just 0.58%. Even during the sharp housing price surge in 2021, the price growth index for new apartments less than five years old was significantly higher than that of older complexes.
An industry insider stated, "There are numerous advantages that can only be enjoyed in new apartments, such as floor plans, community facilities, landscaping, parking spaces, and specialized designs." He added, "Especially in areas with many old complexes, there is strong demand for upgrading to new apartments, so both end-users and investors would benefit from paying attention to and securing new supply in areas dominated by older buildings."
In Cheongju, where there is abundant demand waiting for new apartments, Daewoo E&C and GS E&C plan to launch sales of "Cheongju Centum Prugio Xi" in July. The complex will consist of 29 floors above ground and 2 basement levels, with 1,538 out of a total of 2,271 units available for general sale.
In Cheongju, the proportion of new and nearly new apartments (completed within five years) is only 5.3% to 9.4% of the local apartment stock, while there are about 110,000 units over 20 years old, making new construction particularly scarce in the area.
The Sajik-dong area (Seowon-gu, Cheongju), where the project will be located, is the largest urban regeneration district in Cheongju, with redevelopment projects underway in Sajik 1~4 Districts, Samo 1·2 Districts, Mochung 1 District, and others, totaling around 14,000 units.
In particular, Sajik 1 District is at the most advanced stage of redevelopment, concentrating demand from those waiting for new apartments and is expected to command a significant premium.
The complex will offer a variety of unit sizes, including 59㎡, 84㎡, 99㎡, 114㎡, and 145㎡, with the popular 84㎡ layout as the centerpiece. The design incorporates features to maximize residential satisfaction, such as a south-facing orientation and a 4-bay flat structure. High-end community facilities will include an indoor gym, indoor golf, screen golf, sauna, and sky lounge. Additionally, as Cheongju is a non-regulated area, there are no restrictions on subscription eligibility or resale, which is advantageous for buyers.
The area boasts convenient transportation, with major roads such as Sajik-daero, Jikji-daero, Saun-ro, Sangdang-ro, the Gyeongbu Expressway, and Jungbu Expressway forming an extensive transportation network. Once the planned Chungcheong Metropolitan Railway is completed, accessibility to Seoul and the greater metropolitan area is expected to improve significantly.
Nearby amenities include Homeplus, CGV, the Arts Center, Art Hall, Cheongju Medical Center, the planned Cheongju City Hall, Musimcheon, Uncheon Park, and Cheongju Sports Complex.
A sales representative stated, "This is a large-scale complex built by Daewoo E&C and GS E&C, two of Korea's leading first-tier brands," adding, "It will become a blue-chip apartment in Cheongju's old downtown, with differentiated product quality and brand premium."
The model home for Cheongju Centum Prugio Xi is scheduled to open in July.
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