- SK and AWS Invest 7 Trillion Won to Build South Korea's Largest AI Data Center in Ulsan Mipo Industrial Complex
- Busan-Ulsan-Yangsan Metropolitan Railway and Gokcheon Urban Development Project Boost Ulsan Real Estate Market
SK Group, in collaboration with Amazon Web Services (AWS), is set to establish South Korea's first and largest artificial intelligence (AI)-dedicated data center in Ulsan, drawing attention to potential ripple effects in the real estate market.
With SK Telecom and AWS attracting a total investment of 7 trillion won for the AI data center in Ulsan, the city is rapidly emerging as South Korea's AI industry hub. Located in the Ulsan Mipo National Industrial Complex, this AI data center will be the largest in the country, accommodating 60,000 GPUs with a capacity of 103MW. There are plans to expand it to gigawatt (GW) levels in the future, aiming to develop it into the largest AI hub in the Asia-Pacific region.
The government has announced plans to use this AI data center as a starting point for building a nationwide AI high-speed infrastructure, and Ulsan has been recognized for its strategic location as the first site. The conditions for power supply are also ideal, with SK Gas's LNG and LPG dual power plant and the potential use of cold energy.
Once the data center is fully operational, it is expected to generate an economic impact of approximately 25 trillion won and create about 78,000 jobs through the influx of related personnel and increased investment from domestic and international AI companies.
In addition, the transportation network has received a boost with the preliminary feasibility study passed for the Busan-Ulsan-Yangsan metropolitan railway project, which will connect Ulsan, Busan, and Yangsan. With simultaneous positive developments in both industry and transportation, expectations for the Ulsan real estate market are rising even further.
At the heart of this development zone, the upcoming 'Ulsan Hoiyagang River Riverstate' is a large-scale private rental apartment complex with 1,990 units (planned), ranging from two basement levels to 29 above-ground floors. The complex offers mid-sized units of 59㎡ and 84㎡, attracting attention as a product suitable for both residential living and investment.
Notably, as a long-term general private rental housing project, anyone over the age of 19 can apply without a subscription savings account. After 10 years of stable residence, tenants have the option to convert to ownership through a sale conversion. During the rental period, there are no acquisition, holding, or transfer taxes, and mandatory enrollment in HUG's rental deposit guarantee insurance ensures safety.
The location conditions are also excellent. The Hoiyagang River flows along the eastern side of the complex, providing a pleasant residential environment. Nearby amenities such as the Ungchon Sports Complex, Ungchon Administrative Welfare Center and Health Center, and Gokcheon Public Market offer a convenient and comfortable lifestyle. Educational facilities in the vicinity include Ungchon Elementary School, Ungchon Middle School, and Ulsan Beauty Arts High School. The complex also boasts excellent access to the Okdong academy district, providing an advantageous environment for children's education. The Okdong academy district can be reached in under 10 minutes via shuttle bus, further enhancing the educational environment.
Transportation accessibility is outstanding. Through the Donghae Expressway's Munsu IC and Ulju JC, the complex connects directly to the Ulsan-Hamyang Expressway, and with the full opening of National Road No. 7, residents can reach Ulsan, Yangsan, and Busan within 30 minutes. The Busan-Yangsan-Ulsan metropolitan railway, scheduled to open in 2029, is expected to further strengthen proximity to workplaces and public transportation convenience.
'Ulsan Hoiyagang River Riverstate' is being developed within a large-scale urban development site in Ulsan, targeting a total of approximately 3,300 housing units and accommodating about 8,000 residents. It is expected to contribute to the expansion of urban infrastructure, the creation of a pleasant residential environment, and the revitalization of the local economy.
The complex also offers the advantage of proximity to workplaces. It is close to Yongdang General Industrial Complex, GW General Industrial Complex, Namchang Industrial Complex, and the Petrochemical Complex. Through the Gokcheon District urban development project, Ulsan and Ulju County plan to expand the Ungchon area as a preferred residential area for industrial complex workers. This is expected to further strengthen housing demand alongside the expansion of the urban residential belt.
Meanwhile, the promotional center for 'Ulsan Hoiyagang River Riverstate' is located near Samsan-dong, Nam-gu, Ulsan.
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