Rising Demand for New Apartments in Geoje... "Centreville Asterium Geoje" Launches Sales in July

Due to a prolonged gap in new housing supply and the aging of existing homes, pent-up demand for new apartments in Geoje City, South Gyeongsang Province, has been intensifying. In July, a large-scale brand apartment complex will be introduced to the market. Dongbu Construction plans to launch sales of "Centreville Asterium Geoje," a development comprising a total of 1,307 units in the Sangdong-dong area of Geoje, marking the company’s full-scale entry into the market.

According to Real Estate R114, 71.7% of all apartment complexes in Geoje are over 10 years old. In particular, among mid-to-large units with exclusive areas ranging from 99 to 112 square meters, the figure rises to 80.9%. This trend indicates that demand for moving into newly built, larger-sized units is steadily accumulating.

However, new supply has not sufficiently met this demand. Since the supply of approximately 1,466 units in 2023, no new apartments have been provided in 2024 or 2025, resulting in a continued supply gap.

Following this extended supply drought, the Geoje pre-sale market is scheduled to see the new launch of "Centreville Asterium Geoje" in 2026, offering a total of 1,307 units. With the resumption of large-scale brand complexes—over 1,000 units—for the first time in several years, the local housing market is experiencing a notable shift.

An industry insider commented, "In Geoje, where the number of new units has been limited for years, the rarity of new apartments alone serves as a strong incentive for end-users to move residences. In particular, the emergence of a branded complex with more than 1,000 units will be seen as an excellent alternative for those living in aging homes."

As employment continues to rise with the boom in shipbuilding orders, there has been increasing demand for housing stability. Meanwhile, the lack of new apartment supply in recent years is expected to fuel unprecedented enthusiasm for moving into new homes.

"Centreville Asterium Geoje," presented by Dongbu Construction, is set for full-scale launch in July. The complex is located in the Sangdong-dong area of Geoje and comprises 10 buildings ranging from three basement levels to 29 stories above ground, with exclusive areas of 84 square meters and 99 square meters.

The development is approximately 5 kilometers from Samsung Heavy Industries Geoje Shipyard and about 7.5 kilometers from Hanwha Ocean, with both workplaces accessible by car in roughly 10 minutes, highlighting its proximity to major employment centers.

Residents will also have access to the infrastructure of Gohyeon-dong, the city’s central district. Major amenities such as Homeplus, Gohyeon Market, Geoje Agricultural and Marine Products Distribution Center, Geobong Baek Hospital, and Geoje City Hall can all be reached within approximately 10 minutes by car. In addition, the north side of the complex features access to the Gyerongsan mountain trail, offering a pleasant natural environment.

The transportation environment is convenient, with major roads such as Geoje Jungang-ro, Gyerong-ro, the national bypass road, and Geoje Dongseo-ro nearby, making travel throughout Geoje and beyond easy. The Gohyeon Elementary School bus stop along Gyerong-ro is about 300 meters on foot, and the Gohyeon Bus Terminal is approximately 2.5 kilometers away, providing good public transportation access.

The educational environment is also a key advantage, as Gohyeon Elementary School is located directly in front of the complex, allowing young children to walk to school. Gohyeon Middle School and Geoje Sangmun Middle and High Schools are also nearby. The academy district of Gohyeon-dong, about 2 kilometers away, is easily accessible, and the (tentatively named) Geoje Central Library is scheduled for completion in 2030 near the complex.

The model home for "Centreville Asterium Geoje" will be set up in Gohyeon-dong, Geoje City, South Gyeongsang Province.

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