Model House for “Gyeyang New Town Kaive Ubora & Time” Draws Crowds, Backed by Demand from 18,000 Households

Visitors at the model house review Gyeyang New Town's development plan and area map... Commercial district linked to homes, schools and parks
Planned population of 43,869; commercial land accounts for 0.91%... Demand from Gyeyang AX Park also factored in

Visitors continued to flock to the model house for “Time,” a commercial facility recently introduced by Bando Construction, to assess its future value. Using the area map and consultation desks, they carefully examined the facility’s location within Gyeyang New Town and how its commercial district would take shape.

Many visitors looked beyond the mix of businesses planned for each floor, considering what facilities would open nearby and how people would move through the area. In particular, they checked where Blocks AC3 and AC4 are located within the overall Gyeyang New Town development plan and compared their layout with nearby apartment complexes, educational facilities and parks.

“Time” is the first lifestyle mall in Gyeyang New Town, being developed by Bando Construction alongside “Gyeyang New Town Kaive Ubora.” The commercial facility will occupy the lower floors of a residential complex and is planned to bring together education, medical services, food and beverage businesses, and everyday convenience services, based on the daily routes connecting parks, schools and homes.

Gyeyang New Town covers approximately 3.35 million square meters and is planned to provide approximately 18,000 homes, with an estimated residential population of more than 43,000. Schools, parks and Gyeyang AX Park will be developed alongside residential facilities to create a self-sufficient city with homes, jobs and everyday amenities. With approximately 18,000 homes set to be built in stages, commercial facilities will also play an important role in supporting residents’ daily needs, including dining, shopping, education and medical care.

Commercial land accounts for 0.91% of the total development area, below the average of 1.63% for major residential development districts.

A visitor in his 40s, identified only as A, who examined the commercial facility’s location at the model house, said, “When looking at shops in a new town, I first consider how many apartments are planned nearby and where the commercial facilities will be located. Gyeyang New Town caught my attention because of its large residential scale and low share of land allocated for commercial facilities, so I’m looking closely at how its commercial district will take shape.”

Blocks AC3 and AC4, where “Time” will be located, sit at the intersection of residential areas, educational facilities and parks. “Gyeyang New Town Kaive Ubora,” which is being developed alongside the commercial facility, is a residential-commercial complex with two basement levels and 15 floors above ground. It will offer homes with exclusive floor areas of 84, 92 and 93 square meters, with 614 units in Block AC3 and 496 in Block AC4. The two blocks’ residents are expected to generate nearby demand for the commercial facility. “Time,” the commercial facility within the complex, will comprise a total of 203 units: 112 in Block AC3 and 91 in Block AC4.

The locations of schools and parks are also worth noting. A kindergarten, elementary school and middle school are planned near Blocks AC3 and AC4. The area is expected to become part of the daily routes used by students and parents traveling to and from school and other educational facilities.

“Gyeyang Byeori” Cultural Park (planned) and neighborhood parks are planned in front of the complex. The commercial facility will be connected to pedestrian areas so that residents who visit the parks for walks and exercise can also use cafes, restaurants and everyday convenience services.

A visitor in his 50s, identified only as B, who was reviewing information about the commercial facility, said, “Even if shops are inside an apartment complex, I think it’s important that they’re located somewhere residents in the surrounding area can use as well. I looked at how people might move around in their daily lives, given the connections to schools, parks and other residential complexes.”

Plans to expand Gyeyang New Town’s self-sufficient functions are another factor supporting demand from the surrounding area. Gyeyang AX Park, focused on advanced industries and office facilities, is planned for the northern part of the new town. Once these industrial and office facilities are developed, they could generate new demand for everyday services and work-related needs from employees and visitors, in addition to the residential population.

Bando Construction has planned the business mix at “Time” with this demand structure in mind. In Block AC3, the planned mix centers on a premium study mall focused on educational facilities. In Block AC4, it centers on a premium medical mall focused on clinics and hospitals, and health management facilities.

A key feature is the combination of cafes, restaurants and everyday convenience services with businesses that have clear reasons for visits, such as education and medical care. The concept is to link different types of consumer activity, allowing visitors who regularly use educational facilities or clinics and hospitals to also dine and shop.

The focus on essential services such as medical care and education, alongside retail-oriented shops, is seen as reflecting the latest trends in commercial facilities.

Bando Construction has previously developed branded commercial facilities such as Dongtan Karim Avenue and Sejong Papierre. Drawing on that experience, “Time” in Gyeyang New Town is being developed as a commercial space tailored to the area’s characteristics, where large residential neighborhoods, schools, parks, and planned industrial and office facilities are interconnected.

To help activate the commercial facility in its early stages, Bando Construction is planning to directly operate some of the units. By taking part in operations rather than simply supplying the commercial space, it aims to foster activity in the commercial district, setting the project apart from conventional retail properties sold to individual buyers.

Support measures to enhance leasing stability are also planned. The company is considering applying a master lease arrangement to some units, guaranteeing a fixed return for a specified period. It also plans to offer a program to help attract tenants to units sold to individual buyers, along with interest support on contract deposits to help buyers cover their opportunity costs.

The model house for Bando Construction’s “Gyeyang New Town Kaive Ubora & Time” is located in Dodang-dong, Wonmi-gu, Bucheon, Gyeonggi Province.

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