Osan Riding the Updraft, New Sales Launch Starting Next Month

- Osan continues real estate boom with rising apartment prices, rapidly emerging as a hidden gem in the Seoul metropolitan area
- Lotte Construction announces November sale of ‘Osan Lotte Castle Sky Park’ in Osan Wondong area, attracting attention

Riding the upward trend, real estate in Osan City will kick off the sales market starting next month. Recently, Osan City has rapidly emerged as a hidden gem in the Seoul metropolitan area due to rising housing prices and development prospects, drawing significant attention to the sales market.

In fact, Osan City's real estate market has shown a steady upward trend this year. First, apartment prices have risen sharply. According to KB Real Estate Live On price statistics, the average sale price per 3.3㎡ in Osan City was 7.4 million KRW in January and increased by 19.3% to 8.83 million KRW in September.

Additionally, move-in complexes are being traded with premiums worth several hundred million KRW. According to the Ministry of Land, Infrastructure and Transport's actual transaction prices, the 84㎡ type of ‘Seodongtan Station The Sharp Park City’ located in Oesam Midong was traded at 560 million KRW in August, which is more than 140 million KRW higher than the January transaction price of 419 million KRW. Similarly, the 84㎡ type of ‘Osan City Xi Phase 1’ Complex 1 in Busandong was traded at 450 million KRW in September, also more than 140 million KRW higher than the January price of 310 million KRW.

The industry analyzes that this upward trend in Osan City real estate will continue for the time being, as various development prospects continue to improve residential conditions.

Indeed, Osan City has recently announced various development projects one after another, raising expectations for improved residential environments. First, the Unamdeul Complex Development Project is underway with a goal to start construction in 2022. This project is a planned urban development integrating residential, commercial, and advanced industrial facilities to expand self-sufficiency functions and revitalize the region. Osan City plans to transform the old downtown area of the eastern Osan region into a new landmark area through this project.

Transportation development news is also coming from various places. The Pilbong Tunnel connecting Dongtan 2 New Town and Osan Segyo District is under construction with a target opening in December 2021. Additionally, large-scale transportation networks such as the demolition and underground construction of the Dongbu-daero Wondong Overpass and the ‘Dongtan Tram’ connecting Osan Station, Dongtan Station, and Hwaseong Banwol are actively being promoted.

Moreover, due to the surge in jeonse (long-term lease) prices, demanders who have started to purchase their own homes have begun to pay attention to Osan City, which had been somewhat undervalued, further contributing to the steady vitality of Osan City real estate.

A real estate official in Osan City said, “Since the implementation of the new lease law, jeonse prices have continued to soar, increasing anxiety among demanders, who are now showing more interest in Osan City as a home purchase area due to its relatively affordable prices. In particular, since home ownership is possible in Osan City at the jeonse price level of the adjacent Dongtan New Town, inquiries and moves by non-homeowners in Dongtan New Town have been steadily occurring, so there will be continued interest in the sales market resuming next month.”

- Lotte Construction to launch Osan’s first Lotte Castle complex in Wondong area next month

Meanwhile, the Osan City sales market this year is expected to attract much attention with the announcement of the first Lotte Castle brand apartment in the Osan area.

Lotte Construction plans to sell ‘Osan Lotte Castle Sky Park’ in November at 712-1 Wondong, Osan City. It is a mammoth-scale complex with 18 buildings, ranging from 3 basement floors to a maximum of 23 floors, with a total of 2,339 units and exclusive areas ranging from 65 to 173㎡P.

As the first Lotte Castle brand apartment developed in Osan City, differentiated specialized designs of the top-tier Lotte Castle brand, unseen in the region so far, will be introduced to maximize residential convenience for residents. In particular, attention is drawn to the plan to create a large-scale specialized community of about 11,000㎡, the largest in the region. The community will include Osan’s first indoor swimming pool within the complex, as well as an indoor golf club, fitness center, guest house, kids caf?, kids gym, children’s library, multi-court, and multipurpose hall.

The complex applies a south-facing layout for all units and a 4Bay slab-type structure to maximize lighting, sunlight rights, and ventilation. Additionally, kitchen pantries, alpha rooms, master bedroom dressing rooms, and entrance storage are introduced to enhance storage space and space utilization.

Meanwhile, ‘Osan Lotte Castle Sky Park’ by Lotte Construction boasts a location that combines Osan’s pristine natural environment, convenient transportation, and excellent educational environment.

Located in a baesanimsu (mountain at the back, water in front) setting, Mt. Madeung is situated to the east, and a waterside park is planned right in front of the complex, creating a forest and park-friendly apartment. Within a 2.5 km radius of the site are Osan Station on Subway Line 1 and Osan Transfer Center, and Wondang Elementary School is right in front of the complex, allowing for walking school commutes. In addition, convenience facilities and public offices such as Lotte Mart, CGV, Osan Korean Hospital, Osan Sports Complex, Osan City Hall, and the police station are nearby for easy access.

The model house for Osan Lotte Castle Sky Park will be located at 176-1 Wondong, Osan City, and is scheduled to open in November.

This content was produced with the assistance of AI translation services.