'Uiwang Baegun Valley Medical and Senior Complex' Launches Presale [fn Market Watch]

[Financial News] A medical and senior-living complex being developed in Baegun Valley, Uiwang, Gyeonggi Province, has been put up for sale even before construction begins. The project is the first large-scale medical complex in South Korea to combine a general hospital and senior residences within a single development. The developer plans to secure buyers before completion, aiming to raise funds while stabilizing the project.
According to investment banking industry sources on the 7th, Savills Korea has been appointed to manage the presale of senior residences and other facilities within the Uiwang Baegun Valley Medical and Senior Complex. The assets for sale include one senior welfare housing building, four officetel buildings, neighborhood commercial facilities, and parking and business research facilities. The 250-bed Uiwang Haemili Hospital, a provisional name, is excluded from the sale. Sarangui Hospital, the largest shareholder of Haemili Project Financing Vehicle (PFV), plans to operate the hospital directly as a medical corporation in the future.
Haemili PFV, the project developer, plans to raise funds and reduce development risk by securing buyers before the buildings are completed. With real estate project financing conditions yet to fully recover, the strategy is understood to focus on presales rather than post-completion sales to reduce exposure.
The approval process is effectively complete. Uiwang Haemili Hospital has obtained approval from the Ministry of Health and Welfare (MOHW) for 250 beds, passed Gyeonggi Province’s review for the establishment of a medical institution, and received a building permit from Uiwang-si. It will be developed as a general hospital with 19 departments and emergency medical services. Since Uiwang-si has not previously had a general hospital and residents have had to use medical institutions in nearby Anyang and Suwon in emergencies, the hospital is expected to serve as an anchor facility addressing the region’s medical care gap. Construction of the entire complex is scheduled to begin in November, with completion targeted for early 2030.
The operating structure will remain in place after the sale. Uiwang Haemili Hospital and Haemili will participate as responsible tenants and operate and manage the senior residences. The basic responsible lease term is five years. Unlike offices or logistics centers, senior housing is an operating asset whose returns depend on operational capabilities. The responsible-tenant structure is therefore considered an investment attraction because it reduces the buyer’s initial rental-income volatility.
Service competitiveness is another differentiating factor. Hotel Lotte will introduce concierge and dining services exclusively for seniors. Through its premium senior brand VL, Hotel Lotte has operated 24-hour concierge and housekeeping services, as well as nutrition-tailored meal plans. Rather than purchasing assets directly, it has recently been expanding its business through outsourced operations centered on its brand and operating expertise. Samsung C&T’s AI senior-living solution, Evering, will also be applied. Samsung C&T’s Construction Group previously signed a memorandum of understanding with Haemili and Haemili PFV to establish AI-based daily-living support and health-monitoring systems. Both the senior welfare housing and officetels will operate as senior residences, offering one-stop medical services linked to the general hospital.
A Savills Korea official said,
[email protected] Kang Gu-gwi Reporter