Focus on Commercial Facilities Located in Complex Commercial Districts Combining Different Customer Segments

- Commercial facilities located in mixed commercial areas combining residential complexes, offices, and various commercial districts gain popularity
- Attention on ‘Incheon Geomdan Seoyoung Honor City Plus’ by Seoyoung Construction Plus Co., Ltd. within the Geomdan Station area (tentative) featuring a mixed commercial zone

In January, a prime commercial and office facility located in Geomdan New Town, Seo-gu, Incheon, which is backed by large-scale residential demand and office demand from courts and prosecutors' offices, is attracting attention as it prepares for sale. The project, 'Incheon Geomdan Seoyoung Honor City Plus,' is introduced by Seoyoung Construction Plus Co., Ltd.

'Incheon Geomdan Seoyoung Honor City Plus' is gaining attention for being located in the Geomdan Station area (tentative name), a complex commercial district. When investing in commercial facilities, it is important to check whether there is abundant underlying demand, but simply having abundant demand does not guarantee successful commercial facility investment results. This is because consumer spending patterns differ by commercial district.

For example, commercial districts with office workers as the underlying demand tend to have good sales during lunchtime but experience significantly lower sales in the evening after workers leave and on weekends. Additionally, university-area commercial districts see a sharp decline in sales after the semester ends, making it practically difficult to utilize the area for more than half the year.

Moreover, commercial districts backed by residential complexes tend to have relatively easy sales during weekday evenings and weekends but are less likely to expect sales during weekday lunchtimes. Furthermore, commercial districts backed by famous domestic parks or tourist attractions also see a natural decline in winter sales due to decreased tourists caused by cold weather.

For these reasons, commercial facilities located in complex commercial districts that combine two or more different types of commercial areas that can complement each other's weaknesses are gaining great popularity.

For instance, the commercial area within the 'Dongtan Lake Jayeon & Prugio' complex in Dongtan 2 New Town, which was sold in March, recorded a highest bid rate of 168% and was sold out within a day of bidding, as it is located in a complex commercial district with large-scale residential complexes and lake park visitor demand.

Similarly, 'Hills Avenue Yeouido,' a commercial facility in Yeouido, Yeongdeungpo-gu, Seoul, which started sales in June, completed contracts for all units on the day of launch and is located in a complex commercial district combining office and residential demand.

Meanwhile, 'Incheon Geomdan Seoyoung Honor City Plus,' which has large-scale residential and office demand, will be developed with 136 commercial units from basement level 4 to ground level 11, and 107 section offices. For the commercial facilities, fixed demand from 107 office units located on the upper floors of the same building can be expected, as well as fixed demand from complexes such as 'Geomdan New Town Umi-rin The Signature' and 'Geomdan Kumho Eoulim Central' within a 1 km radius that have completed sales. With approximately 110,000 residents in the first phase pilot complex of Geomdan New Town and about 70,000 residents in the nearby Gimpo Pungmu and Wondang districts as underlying demand, stable sales can be anticipated.

Additionally, the Incheon District Court Northern Branch and Incheon District Prosecutors' Office Northern Branch, which Geomdan New Town secured in March last year, and the expected legal town formed around them are located about an 8-minute walk from the project site, providing substantial office demand.

Furthermore, 'Incheon Geomdan Seoyoung Honor City Plus' is situated in the 'Next Complex' station area development project, which is becoming the center of the self-sufficient new town, Geomdan New Town. The 'Next Complex' is planned to be a differentiated urban space vertically integrating cultural, commercial, office, and residential functions, expected to attract significant demand not only from Geomdan New Town but also from nearby Wondang district. In September last year, Incheon Urban Corporation selected the Lotte Construction consortium as the preferred negotiator, with plans to start construction within two years, leading to expectations that the area around Incheon Geomdan Seoyoung Honor City Plus will become the central commercial district within Geomdan New Town.

Based on these advantages, Seoyoung Construction Plus Co., Ltd.'s previously supplied 'Incheon Geomdan Seoyoung Honor City 1st and 2nd phases' in Geomdan New Town also enjoyed great popularity. The 1st and 2nd phases of Incheon Geomdan Seoyoung Honor City attracted much interest from Incheon and other regions at the time of the model house opening, based on the initial premium of commercial facilities supplied for the first time in the golden commercial district of Geomdan New Town.

A sales official stated, "Currently, commercial facilities sold in complex commercial districts combining different characteristics continue to be successful, and interest in 'Incheon Geomdan Seoyoung Honor City Plus,' which encompasses large-scale residential and office complexes, is high. Especially, being located in the 'Next Complex' station area development project, which is becoming the core of Geomdan New Town, we expect demand from visitors to this area as well, and anticipate a successful sale."

In addition, the commercial facilities of Incheon Geomdan Seoyoung Honor City Plus are located about a one-minute walk from Geomdan Station (tentative name) on Incheon Subway Line 1, designed as a three-sided open type facing the main road and pedestrian pathways of Geomdan New Town, securing excellent accessibility and population flow.

Moreover, the offices developed alongside the commercial facilities are noteworthy. The offices offer various layouts, from SOHO offices for 1-2 people to section offices combining work and lifestyle, and terrace-type specialized offices. Located in a station area with good connectivity and accessibility to surrounding office complexes, they are attracting interest from both actual users and investors.

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