Residential Facilities Drastically Changed After Military Base Departure... Nearby Apartment Prices Rise

As military base relocation projects within urban areas are being actively promoted, the real estate market in these regions is stirring. This is because facilities needed by residents, including residential and convenience facilities, are being established, significantly changing the local environment.

According to KB Real Estate Prices on the 14th, the average apartment price in Yongsan-gu, Seoul, where the relocation of the US military base in Korea is accelerating development, was 1,990.02 million KRW, making it the third most expensive housing market in Seoul after Gangnam-gu (2,513 million KRW) and Seocho-gu (2,373.11 million KRW). It is about 300 million KRW lower than Songpa-gu (1,719.46 million KRW).

On the site where the Army 35th Division, formerly located in Songcheon-dong, Deokjin-gu, Jeonju, relocated, apartments have begun to be occupied in earnest. The average apartment price in Songcheon-dong, which was around 150 million KRW in 2017, rose to 260 million KRW in 2020 and 360 million KRW in 2021. There are about 12,000 households of apartments and other multi-family housing here, with brand apartments such as POSCO E&C The Sharp starting to move in from 2017 to the present.

‘Jungdong Unicity’ in Jungdong, Uichang-gu, Changwon-si, Gyeongnam, is also an emerging residential area created by the relocation of the Army 39th Division. Starting with apartment occupancy in 2019, officetels and commercial facilities have been established, and Starfield Changwon is scheduled to open in 2025. Due to excellent living conditions, apartments within Unicity are traded at the highest prices in Changwon-si.

Uijeongbu-si, with a population of 460,000 in northern Gyeonggi Province, is also facing significant changes as the development of US military base sites is being promoted in various locations following the relocation of US military bases. Among the eight US military base sites in Uijeongbu-si, seven have been returned except for Camp Stanley.

Among these, Camp Sears has housed 17 institutions since 2018, including the Northern Gyeonggi Provincial Police Agency, Northern Gyeonggi Disaster and Fire Headquarters, Korea Petroleum Management Institute, and National Health Insurance Corporation. Additionally, Camp Essayon has seen partial development with the Northern Office of Gyeonggi Provincial Office of Education and Uijeongbu Eulji University Hospital established.

Other base sites are also accelerating development. Among them, Camp Guardia, which had been undeveloped for over 10 years, will include multi-family housing, parks, public offices, and parking lots. POSCO E&C will launch the sale of 1,401 units of ‘The Sharp Uijeongbu Station Link City’ in October. These are luxury apartments with up to 48 floors and medium to large sizes ranging from 84 to 165㎡. Since Uijeongbu Station is within walking distance, once the GTX-C line opens, it will be possible to reach Gangnam, Seoul, within 20 minutes.

Additionally, the Camp Sears site is planned to be developed into a future job experience theme park, and Camp Red Cloud is set for the creation of a design cluster cultural park.

The site of the relocated 306 Supplementary Unit in Yonghyeon-dong is also being developed. This is an urban development project through private investment, with a POSCO E&C consortium participating to develop it into a complex space including cultural, sports facilities, and multi-family housing.

A real estate industry official said, “Development in Uijeongbu-si had been slow due to the numerous military bases and related facilities scattered throughout the area, but their relocation is expected to bring significant changes across the city.” He added, “Furthermore, with the GTX-C line starting construction within the year and opening in 2028, it will be possible to reach Gangnam, Seoul, within 20 minutes, which will increase demand in the real estate market compared to before.”

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