Saemangeum Development Corporation will supply 45 plots of single-family housing land in the Saemangeum 'Smart Waterfront City' next month. Following a successful first sale last year, which sold out within a month, the corporation aims to accelerate the development of residential conditions in the waterfront city through this second offering.
The corporation plans to invest 826 billion won in the establishment of foreign educational institutions, with the goal of opening by 2030. Additionally, in line with Hyundai Motor Group's investment plans, the corporation will begin supplying apartment land starting in 2027. There are also plans to attract a complex resort that includes accommodation, shopping, and MICE (Meetings, Incentives, Conferences, and Exhibitions) functions, along with the introduction of AI-based public transportation and medical services, to develop the area into a 'residential and tourist city' supported by an industrial complex.
Na Kyung-kyun, president of Saemangeum Development Corporation, stated during a press conference with the Ministry of Land, Infrastructure and Transport's press corps in Sejong City on August 18, "Last year, all 69 plots in the waterfront city were sold within a month of the announcement. We are preparing for the second sale in September."
The upcoming supply will consist of 45 plots located in areas 1, 16, and 17 of the waterfront city, covering a total of 23,505 square meters. This includes 35 plots of residential-only land measuring 18,763 square meters and 10 plots of mixed-use land measuring 4,742 square meters, where both housing and commercial buildings can be constructed.
Unlike last year's lottery-based distribution of residential-only plots, this year's 45 plots are expected to be offered through competitive bidding.
The corporation submitted a supply plan approval request to the Saemangeum Development Agency at the end of last month and has commissioned an appraisal. Once the permits and appraisal are completed, the exact supply prices and schedule will be finalized and announced.
Last year's supply prices for residential-only plots were set between 1.92 million and 2.04 million won per 3.3 square meters, totaling 11.93 billion won, with an average price of about 1.94 million won per 3.3 square meters. The land for neighborhood facilities was awarded through competitive bidding at approximately 2.42 million won per 3.3 square meters.
Jang Jae-hyung, head of the sales planning team at Saemangeum Development Corporation, noted, "Interest in the market has increased following Hyundai Motor Group's investment announcement. Since all plots will be offered through competitive bidding this year, we expect the starting bid price to be about 10% higher than last year."
Through this second sale, the corporation aims to solidify the waterfront city's position in the market and will actively work on establishing essential residential infrastructure, including education, medical, and transportation facilities. As Hyundai Motor Group's Saemangeum project materializes, the corporation will push for the substantial supply of apartment and commercial land starting in 2027.
Hyundai Motor Group has reportedly communicated to the corporation the need to quickly establish residential conditions, including housing facilities, in line with its investment project. The corporation currently has a dedicated department for apartment housing and is discussing future supply plans with the Saemangeum Development Agency.
One of the corporation's key projects in developing residential infrastructure is attracting foreign educational institutions. The plan aims to create an educational environment for the children of foreign company employees and those returning from overseas work, enhancing the competitiveness of attracting businesses.
The corporation has secured 826 billion won for the construction of foreign educational institutions and is in discussions with overseas school corporations to achieve the goal of opening by 2030.
Na stated, "There are several overseas school corporations showing interest, and we have secured the construction cost of 826 billion won. Given the current situation, opening by 2030 is entirely feasible, and we will ensure we meet this goal."
Additionally, the corporation plans to collaborate with local governments and universities to establish transportation and medical infrastructure. In the transportation sector, discussions are underway with Gimje City to enhance public transportation convenience using AI and information communication technology. The corporation is also accelerating the introduction of medical services in partnership with Wonkwang University and others.
The corporation is also considering the development of a complex resort to enhance the tourism and cultural functions of the waterfront city. The plan includes securing approximately 150,000 pyeong of leading complex development land within the waterfront city to attract tourism facilities that combine accommodation, shopping, and MICE.
Na emphasized, "The complex resort is essential as an anchor facility to drive the tourism and leisure functions of the Saemangeum project. We are discussing the feasibility of the project with domestic and international companies." He added, "Saemangeum should become a vibrant city that thrives not only in advanced industries but also in culture, arts, tourism, leisure, and sports. We will accelerate the creation of a city where businesses and people can settle together through this second sale."
* This article has been translated by AI.
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