Local Housing Market Draws Attention to ‘Hongseong Xi’ with Excellent Proximity to Work and Residence

Recently, amid the balloon effect of real estate regulations, attention has been focused on small and medium-sized cities in the provinces, and apartments located in industrial complexes with solid housing demand that allow for quick commuting are gaining attention as workplace-proximity complexes.

Apartments backed by industrial complexes have steady transactions because their main demand comes from office workers with a certain level of economic stability, making them highly liquid and positively influencing price appreciation. Additionally, as the value of workplace proximity increases due to factors like quality of life and work-life balance, the popularity of apartments that allow quick access to industrial complexes is rising even further.

In fact, in the local subscription market, complexes near industrial complexes showed high competition rates. In March, ‘The Sharp Centro,’ which was sold on Oncheon-daero in Asan-si, Chungnam, recorded an average competition rate of 53 to 1 in the first-priority subscription. It is analyzed that this complex gained popularity as a workplace-proximity complex because Sandisplay City 2 Industrial Complex, Asan Tangjeong Techno General Industrial Complex, and Tangjeong General Industrial Complex are being developed nearby.

Complexes with excellent workplace proximity also experience steep price increases. ‘Tangjeong Samsung Trapalace,’ located in Tangjeong-myeon, Asan-si, Chungnam, is a workplace-proximity complex that allows access to Asan Display City 1 General Industrial Complex within 5 minutes by car. According to KB Kookmin Bank Live Real Estate data, the average sale price of the 84㎡A type in this complex was 495 million KRW as of July 2021, showing a price increase of over 100 million KRW compared to one year earlier (365 million KRW). Expanding the comparison to two years ago (257.5 million KRW), it shows an almost twofold increase.

An industry insider said, “Young office workers, recognizing that commuting time is directly linked to quality of life, have increased demand to move closer to their workplaces. As demand concentrates, transportation networks and convenience facilities have been rapidly expanded based on abundant underlying demand, leading workplace-proximity complexes to be evaluated as having excellent residential conditions. Especially in provincial areas, since industrial complexes play a central role in the local economy, office workers flock to complexes near industrial complexes, driving price increases and sometimes elevating them to flagship apartments within the region.”

Meanwhile, GS Construction is preparing to supply Hongseong Xi in Hongseong-gun, Chungcheongnam-do, which is expected to be reborn as a workplace-proximity location through development projects, raising expectations.

Hongseong Xi consists of 6 buildings from basement level 1 to ground level 27, totaling 483 households, with exclusive areas of 84㎡ and 128㎡. The number of units by exclusive area is △84㎡A 119 households △84㎡B 200 households △84㎡C 158 households △128㎡ (duplex penthouse) 6 households.

The access road connecting the Naepo Advanced Industrial Complex nearby to Hongseong Station, located right next to the complex, is scheduled for completion in February 2022. Once the road opens, it is expected to take about 5 minutes by car from Hongseong Station to the industrial complex.

The location at the center of Hongseong Station area development also draws attention. The Hongseong Station area urban development project, currently underway next to the complex, is a project to develop residential, commercial, and office facility sites over an area of 154,483㎡ near Hongseong Station. Once completed, this area is expected to become a new transportation and logistics hub, revitalizing the local economy and improving the residential environment.

Near Hongseong Xi, excellent educational environments are available within walking distance, including Hongnam Elementary School, Hongseong Middle School, Hongju High School, Hongseong Library, and academies, attracting the interest of parents. Moreover, Hongseong Xi is located near various convenience facilities such as Lotte Mart, CGV, Hongseong Medical Center, and Hongseong Traditional Market, as well as administrative facilities including Hongseong County Office, Daejeon District Court, and Hongseong Tax Office, all easily accessible by car.

Hongseong-gun, Chungnam, is a non-regulated real estate area, and subscription conditions are not strict. As long as the subscription savings account has been held for more than 6 months and the deposit criteria for each housing type are met, anyone can apply as a first priority regardless of household head status or homeownership. There are no restrictions on re-winning or resale, so resale is possible immediately after contract, and the loan-to-value ratio (LTV) can be applied up to 70%.

A GS Construction sales official said, “Recently, as work-life balance has become a major concern, workplace proximity greatly influences residential preference. Hongseong Xi is expected to be developed as a complex where commuting conditions improve through various development projects, and with educational facilities nearby, it will be a place where parents can raise their children with peace of mind, leading to continuous inquiries from buyers.”

Meanwhile, to assist customers unfamiliar with subscriptions, the Hongseong Xi subscription consultation office operates by reservation and is located in Hongseong-gun, Chungnam.

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