“Investment worth trillions of won” ramps up ... year-end launch rush in Busan, Pyeongtaek and Incheon

[Financial News] As large-scale development projects in Busan, Pyeongtaek and Incheon get underway in earnest, attention is turning to new apartment supply in nearby areas. With port redevelopment projects worth trillions of won, expanded semiconductor production facilities and new-town development in the works, sales launches for major apartment complexes are expected to follow one another before year-end.
According to the housing industry on the 20th, new apartment launches are planned for the fourth quarter in areas where the Busan North Port redevelopment, the expansion of Samsung Electronics’ Pyeongtaek Campus and the development of Incheon’s Gyeyang New Town are underway.
In Busan, the North Port redevelopment project is underway, transforming an aging port into a mixed-use urban center with marine tourism, business and commercial functions, much like HafenCity in Hamburg, Germany, and Minato Mirai 21 in Yokohama, Japan. It is the first port redevelopment project in South Korea, with around 20 trillion won to be invested in three phases.
Alongside this, the expansion of public and business facilities is also underway around North Port. Related projects include the relocation of HMM’s headquarters and construction of a new headquarters, as well as a new building for the Ministry of Oceans and Fisheries and the Busan Maritime and International Commercial Court.
Meanwhile, Hoban Construction plans to launch sales for Hoban Summit Choryang in November in the area around lot 659, Choryang 3-dong, Dong-gu, Busan. The Choryang 3 District redevelopment project will create 432 homes across five buildings, with three basement levels and up to 24 floors above ground. Units for general sale will have exclusive floor areas of 59, 70 and 84 square meters.
The complex is within walking distance of Choryang Station on Busan Metro Line 1 and Busan Station. Nearby amenities include Dongil Jungang Elementary School, Busan Middle School, Busan High School and Choryang Traditional Market. Transportation projects, including the Busan Port Line and the Busan-type express rail system (BuTX), are also underway.
In Pyeongtaek, Gyeonggi Province, Samsung Electronics is expanding its semiconductor production facilities. Since starting operations at P1, its first production line, in 2017, the Pyeongtaek Campus has gradually expanded its production facilities and has become a major semiconductor hub in South Korea.
Construction of P5 Fab 1 is currently underway, and an additional P5 Fab 2 is also planned. P5, the fifth semiconductor plant to be built at the Pyeongtaek Campus, is expected to require an investment of 60 trillion won.
In Pyeongtaek-si, Hanwha Corporation’s E&C Division plans to offer Hanwha Forena Jije Station in the area around lot 725, Segyo-dong, Pyeongtaek-si. The complex will comprise 1,098 homes with exclusive floor areas of 84 and 116 square meters, across 12 buildings with two basement levels and up to 27 floors above ground.
The complex is located in the Jije Station neighborhood, close to Samsung Electronics’ Pyeongtaek Campus. Pyeongtaek Jije Station, served by Seoul Metropolitan Subway Line 1 and high-speed rail, is nearby, along with educational and everyday amenities such as Jije Elementary School and an E-Mart.
In Incheon, development is underway on Gyeyang New Town, one of the third-generation new towns. The project will build around 18,000 homes, along with industrial and business facilities, on approximately 3.35 million square meters in the Gyulhyeon, Dongyang and Bakchon-dong areas of Gyeyang District. Its planned population is around 44,000. The total project cost is given as 3.5273 trillion won.
Bando Construction plans to launch sales this month for Gyeyang New Town Kaive Ubora. The first privately sold residential complex to be introduced in Gyeyang New Town, it will comprise 1,110 homes across 16 buildings in blocks AC3 and AC4, with two basement levels and up to 15 floors above ground.
Block AC3 will have 614 homes and block AC4 will have 496, with exclusive floor areas of 84, 92 and 93 square meters. The complex will also include Sigan (Time), Bando Construction’s branded commercial facility. Companies including Korean Air, SK Innovation and SK hynix are scheduled to move into the neighboring Daejang District in Bucheon.
[email protected] Choi A-young Reporter