Increased Foot Traffic with Daily Life Recovery... Expectations for Commercial District Revival

Attention on 'The Hound Bandalseom' in Sihwa MTV

Interior view of The Hound Bandalseom general accommodation facility. / Photo by Bandalseom City Co., Ltd. and HA Development Co., Ltd.

[Asia Economy Reporter Hwang Seoyul] As the government fully lifts social distancing measures, water parks and other recreational facilities are reopening one after another, bringing joy to nearby commercial districts.

According to the industry on the 4th, since the lifting of operating hour restrictions and allowing food consumption in theaters and sports facilities from the 18th of last month, gradual steps toward normalcy have continued, raising expectations for a recovery in the commercial market due to increased foot traffic.

In fact, the May Business Survey Index (BSI) for small business owners rose by 10.8 points from the previous month to 101, marking the highest level in 4 years and 1 month since April 2018. The Small-scale Commercial Lease Price Index for the first quarter of this year, released by the Korea Real Estate Board, also showed a slight upward trend.

In the sales industry, following the lifting of social distancing measures, the opening of water play facilities at major tourist destinations is expected to have a trickle-down effect on surrounding commercial areas.

In Gangwon-do, which attracts many tourists in the summer, water play facilities such as Jeongseon High1, Phoenix Pyeongchang, and Hongcheon Water Park Ocean World are opening. Wave Park within Siwha MTV (Multi Techno Valley) in Gyeonggi-do, close to Seoul, has also reopened.

Siwha MTV is expected to establish a marine and leisure triangular belt along with Daebudo, connected by the Siwha Lake waterway restoration project, and Songsan Green City, where the Shinsegae Group is developing Hwaseong International Theme Park.

Notably, Siwha MTV will also feature complex commercial buildings, which are lacking in Daebudo and Songsan Green City, drawing attention. A representative example is ‘The Hound Bandalseom,’ twin buildings with a total floor area of 14,015㎡, consisting of three basement floors and 12 above-ground floors.

Floors 1 to 6 above ground will be used for neighborhood living, entertainment, and sports facilities, while floors 7 to 12 will house 68 general lodging rooms. Key stores such as a screen golf course and clubs will each operate on one floor. The promotional center is currently operating near Seonbu Station on the West Coast Line.

An industry official said, "Siwha MTV, Daebudo, and Songsan Green City are close to Seoul and have good transportation accessibility," adding, "Although the commercial zone ratio in Siwha MTV is lower than that of existing new towns, it is higher than that of Daebudo and Songsan Green City, making its future value noteworthy."

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