"Zero Unsold Units"... Hanwha 'Forena' Settles in Housing Market One Year After Launch

Foretna Busan Choeup Complex Panorama

[Asia Economy Reporter Onyu Lim] Hanwha Construction's premium residential brand FORENA, launched in August last year, is setting various records, including zero unsold units. Despite being a new brand, it is evaluated to have quickly established itself as a premium brand in the housing market.

◆ Six consecutive sold-out complexes, zero unsold units in FORENA complexes = Since launching the FORENA brand in August last year, Hanwha Construction has completely sold out all six complexes it offered. Additionally, all complexes sold or rebranded under the FORENA name (including those under construction and occupied complexes) have achieved zero unsold units.

Newly sold apartments such as FORENA Jeonju Eco City, FORENA Luwon City, and FORENA Busan Deokcheon have shown record-breaking subscription competition rates, becoming the most preferred and landmark complexes in their respective regions. FORENA Jeonju Eco City recorded the highest subscription competition rate in the region's history, and FORENA Busan Deokcheon rewrote the highest subscription competition rate in Busan in two years.

◆ Immediate sell-out after rebranding, sold out even in unsold management areas = The brand power of Hanwha FORENA was proven even in Geoje City, which was known for a long-term slump in the real estate market. Geoje Jangpyeong Kkumegreen, first sold by Hanwha Construction in October 2018 and left unsold for about 1 year and 6 months, was completely sold out after changing its complex name to FORENA Geoje Jangpyeong.

Hanwha Construction also sold out FORENA Cheonan Dujeong in just three months in Cheonan, which was an unsold management area last year. A Hanwha Construction official said, "This was also due to the launch advertising of the FORENA brand and the rapid increase in contract rates as word of mouth spread about the premium brand."

◆ Expected to reach 20,000 FORENA units by this year = So far, Hanwha Construction has sold a total of six complexes under the FORENA brand, totaling 6,346 units. Notably, there are more cases of existing complexes that have completed sales changing their brand to FORENA than the number of units newly sold under the FORENA brand.

Hanwha Construction applied the FORENA name to eight existing complexes with 5,520 units last year. Also, this year, the brand of three existing complexes with 3,113 units was changed, bringing the total number of units rebranded to FORENA to 8,633. A Hanwha Construction official said, "The popularity of the FORENA brand is high, and requests for brand changes continue, so the number of existing complexes changing their brand will keep increasing."

Including about 15,000 FORENA units supplied so far, as well as the supply volume and brand-changed units planned for the second half of the year, the total number of FORENA complexes nationwide is expected to exceed about 20,000 units by the end of this year.

◆ Development of FORENA Signature Diffuser... Strengthening luxury image = Differentiated moves from existing apartment brands are also attracting attention. In May, Hanwha Construction launched the ‘FORENA Signature Diffuser,’ a scent unique to FORENA. This product aims to enhance customer brand experience and strengthen the luxury image by moving away from similar marketing strategies of existing apartment brands.

Furthermore, Hanwha Construction plans to sequentially unveil new FORENA products prepared over the past two years to further reinforce the changed brand identity.

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