Champions City: A New Luxury Residential Hub in Gwangju

"Currently, the wealthiest area in Gwangju is Bongsun-dong. However, I believe that will change to 'Gwangju's Gangnam' in the future," said a 70-year-old taxi driver, identified as A, during a visit to Champions City in Imdong, North Gwangju, on September 8. Construction is underway to transform the site of former textile factories into a large-scale residential complex featuring high-rise apartments, The Hyundai Gwangju, and various commercial and cultural facilities. There is growing anticipation that the Imdong area, long viewed as an industrial zone, will evolve into a new residential hub in Gwangju.
 

Champions City is a mixed-use development project on the former Jeonbang and Ilshin textile factory sites. It plans to create a total of 4,315 residential units, along with The Hyundai Gwangju, hotels, and parks. The first phase of sales includes 3,216 units across 12 buildings, ranging from three basement levels to a maximum of 49 stories.

According to the sales team, over 21,000 people visited the Champions City model home in its first three days after opening on September 4. Approximately 2,000 visitors are reported daily, even on weekdays.

The model home features designs that aim to differentiate it from existing apartments in Gwangju. The showcased living room is surrounded by windows on three sides, enhancing openness. The units start from 84 square meters, with no small housing types offered, and penthouses are located on the top floors of each building. About 79% of the units, or 2,534, are 84 square meters, indicating a balanced approach rather than a focus solely on larger units.

Notably, some larger units feature a 5.4-meter high 'wide terrace,' designed as an indoor garden space that can be utilized for various purposes, unlike typical protruding balconies.
  The community within the complex will also be extensive, covering about 11,800 square meters and including a swimming pool, sauna, breakfast service, and a hotel-style lobby lounge.

The development concept is based on the idea of a '15-minute city,' where essential facilities are within close proximity. The project aims to integrate residential, commercial, and cultural functions into a single living area, rather than merely providing apartments. A sales representative stated, "We approached this as building a city, not just homes."

Residents are hopeful about the changes in the long-stagnant Imdong area. A noted, "This area is close to the terminal, and with a shopping mall and a baseball stadium nearby, the location is excellent. Given the vast expanse of the former factory site and the long-standing stagnation of the surroundings, once development accelerates, the local atmosphere will change significantly."

Local real estate agencies have also reported a shift in interest, with inquiries from outside the region increasing for Imdong, which previously had low residential appeal. Jeong Joo-hyun, a representative of a local real estate agency, remarked, "Typically, we receive very few inquiries from other regions, but this time, we have seen a significant increase in questions about resale restrictions, non-priority and first-come-first-served supply options, and how to acquire so-called 'royal properties.' We've even received a couple of inquiries from Seoul."

Despite the optimism surrounding the development in Imdong, the biggest hurdle for Champions City is its pricing. The Gwangju housing market has been experiencing a prolonged downturn since 2022, and the average sale price for the first phase of Champions City is set at 2.35 million won per square meter. For the 84-square-meter units, prices range from 707 million to 870 million won, with larger units commanding even higher prices.

The price difference is not significant compared to popular complexes in Bongsun-dong, Gwangju's premier affluent area. Last month, the 84-square-meter units at Bongsun Jeil Pungkyungchae Elite Park sold for 860 million to 870 million won, while Bongsun Hanok Adellium 3 sold for 970 million won. The highest sale price for Champions City’s 84-square-meter units is already approaching the actual transaction prices of major complexes in Bongsun-dong.

Typically, during housing market downturns, developers opt to offer smaller, more affordable units to broaden the buyer base. However, Champions City has taken the opposite approach by excluding smaller units. A sales representative emphasized, "We did not include the popular 25-pyeong units to create a landmark representing Gwangju."

This strategy reflects a belief that there is a demand for high-end and larger housing options that prioritize product quality over price. The sales team noted that since April of last year, they have conducted pre-sales consultations with about 2,000 potential customers, revealing a diverse interest across age groups from their 20s to 60s. There has also been interest in larger units exceeding 85 square meters and penthouses.
  The key question remains whether this pre-sale interest will translate into actual purchasing power. With 3,216 units available in the first phase and prices starting from 700 million to 800 million won, the ability of the local market to absorb such a large volume will be a critical factor.

Yoo Hwa-jung, a representative of a local real estate agency, stated, "The combination of a large department store and a major complex, along with the formation of a new residential environment not previously seen in Gwangju, is a significant advantage. However, the high sale prices are the biggest concern."

Nonetheless, there are expectations that the development of The Hyundai Gwangju and new large complexes, along with nearby Gwangcheon-dong developments, will enhance the residential appeal of Imdong in the medium to long term. While it may be challenging for Imdong to surpass the established reputation of Bongsun-dong, which has long been associated with strong educational districts, there is potential for it to grow into a new residential axis. Jeong added, "I believe Gwangcheon and Imdong will not surpass Bongsun-dong immediately, as Bongsun-dong has the advantage of its educational district. However, once the redevelopment of Gwangcheon-dong is completed, there is a possibility that within ten years, the Gwangcheon and Imdong areas could become one of the leading regions in Gwangju."