Medium to Large Apartments 'Ilgwang Norway Forest Ocean Foret' Scheduled for Supply

Despite the real estate market downturn, mid-to-large-sized apartments have maintained their value. In fact, mid-to-large-sized apartments experienced a relatively smaller price decline compared to small-sized apartments, and some complexes even saw transactions at record-high prices.

According to Real Estate 114 Labs, last year, small-sized apartments nationwide with exclusive areas of 60㎡ or less and small-to-mid-sized apartments with exclusive areas between 60㎡ and 85㎡ fell in price by 6.31% and 4.08%, respectively. In contrast, mid-to-large-sized apartments (exclusive area over 85㎡) only dropped by 2.91%, showing relatively stronger price defense during the same period.

Some mid-to-large-sized apartments were traded at record prices. According to the Ministry of Land, Infrastructure and Transport’s actual transaction prices, in January, the 'W' complex in Yongho-dong, Nam-gu, Busan, saw a 180㎡ unit sold for 3.65 billion KRW. This is significant as it set a new record price despite the sluggish market sentiment.

Given this situation, upgrading from small-to-mid-sized to mid-to-large-sized apartments is becoming increasingly difficult.

According to Real Estate R114, the average price gap between small-to-mid-sized (60~85㎡) and mid-to-large-sized (over 85㎡) apartments nationwide widened from 377.19 million KRW in Q1 2021 to 440.6 million KRW as of Q1 this year. In other words, buyers looking to upgrade from small-to-mid-sized to mid-to-large-sized apartments now need over 400 million KRW in cash.

Regarding this, a real estate expert stated, “Mid-to-large-sized apartments, which have been in short supply, have remained robust as demand for larger homes surged after COVID-19. Especially due to the price decline in small-to-mid-sized apartments, the cost to upgrade to mid-to-large-sized apartments has increased significantly, leading buyers to show interest in mid-to-large-sized units offered in the subscription market.”

Meanwhile, a new apartment complex with mid-to-large-sized units is set to be introduced in Gijang-gun, Busan.

Yurim E&C plans to supply ‘Ilgwang Norway Forest Ocean Foret’ in the Icheon-ri area of Ilgwang-eup, Gijang-gun, Busan Metropolitan City, in April. This complex, consisting of 1,294 units with exclusive areas ranging from 84 to 112㎡, features exceptional spatial design and specialized floor plans not found in small-sized apartments, attracting attention.

‘Ilgwang Norway Forest Ocean Foret’ is designed with a south-facing layout, featuring slab-type and side-open designs to enhance openness, ventilation, and natural lighting. It also secures sunlight rights and minimizes interference through wide distances between buildings. The exterior design includes a curtain wall look and a private resort-style gate, applying a high-end resort-like architectural concept.

The interior floor plans maximize space utilization through various specialized designs. For example, the 84㎡A and 84㎡C units, which adopt a cross-ventilation slab-type structure, allow the kitchen option to replace the alpha room with a spacious kitchen and pantry. The mid-to-large-sized units of 106㎡ and 112㎡ feature a connected kitchen and living room layout, providing a broad sense of openness. Additionally, the side-open 84㎡B and 112㎡B units allow the alpha room to be replaced with either an expanded living room or a dining room, depending on the selected options.

Notably, each unit includes a private storage room, and some low-floor units feature terrace-specialized designs, enabling residents to utilize the space according to their lifestyle needs.

The Ilgwang New Town area, where the complex is located, has predominantly seen small-to-mid-sized apartment supply, making mid-to-large-sized apartments highly scarce and valued. Due to the steep price increase centered on mid-to-large-sized apartments, ‘Ilgwang Norway Forest Ocean Foret’ is expected to attract significant interest.

In fact, a 104㎡ unit in Vista Dongwon 2nd Phase in Ilgwang New Town was sold for 872.5 million KRW in February this year, rising by 425 million KRW from the original sale price of 470 million KRW. In contrast, a 59㎡ unit in Ilgwang Hanshin The Hue Central Foret 2nd Phase was sold for 330 million KRW in February, increasing by only about 48.6 million KRW from the original sale price of 281.4 million KRW.

Meanwhile, Yurim E&C plans to design ‘Ilgwang Norway Forest Ocean Foret’ as a large-scale complex with a resort atmosphere harmonizing with the beautiful natural surroundings. The complex will feature approximately 33,000㎡ of landscaping and about 4,300㎡ of community facilities, offering residents a vacation-like daily life.

Notably, Samsung C&T’s landscaping team is responsible for the design and construction of the apartment’s landscaping. Various specialized spaces will be arranged, including the Caribbean Bay Water Ground and Safari World Play Ground themed after Everland, as well as sports game clubs and mini-golf clubs. Additionally, a large pond (artificial lake) reflecting the blue sky and six themed forests filled with exotic trees will be created.

The community facility unique to Yurim Norway Forest, called ‘Nordic House,’ is also highly anticipated. Nordic House is divided into lounge, family, sports, and study zones. The lounge zone includes a large atrium with a four-season green greenhouse concept, a Nordic-style caf? lounge & tea house, and a multi-club. The family zone features a Forest Kids Caf? (large kids caf?), guest house, sauna, and coin laundry. The sports zone includes a fitness club, GX room, and golf lounge. The study zone will house a book caf?, open reading room, kids library, and study rooms.

The model house for ‘Ilgwang Norway Forest Ocean Foret’ is located in Suyeong-dong, Suyeong-gu, Busan Metropolitan City, and is scheduled to open in April.

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