Rare New Complex in the Area 'Changwon Megacity Xi & Weave'

- Newly Built Complexes Lead Housing Prices Even in Provincial Areas... Construction Costs Rise Due to Higher Raw Material Prices
- 'Changwon Mega City Xi & Weave,' a New Apartment Complex in an Area Dense with Old Houses

[Changwon Mega City Xi & Weave Daytime Perspective]

As the so-called ‘Eoljuksin (newly built no matter what)’ trend spreads in the housing sales market, newly built complexes are showing strong performance even in provincial areas. The significant decrease in nationwide apartment sales supply in the first half of this year, raising concerns about supply shortages, also appears to have greatly influenced the popularity of newly built complexes.

According to data from Real Estate R114, the supply of provincial apartment sales (excluding rentals) from January to June this year was 35,128 units, down about 21.75% compared to 44,891 units in the same period last year (January to June 2024). This decrease was greater than the nationwide decline of 20.92% during the same period.

The industry points to rising construction costs due to increased raw material prices as the main cause of the decrease in provincial sales supply. In particular, since construction costs have a greater impact than land costs when calculating sales prices in provincial areas, the rise in construction costs has made it more difficult to finalize sales schedules.

Given this situation, the popularity of newly built complexes in the provincial sales market is growing. According to Real Estate R114 data, the total transaction amount of provincial apartment sales in January and February this year by building age was △ under 5 years: 34.36% increase (255.2294 billion KRW) △ 6?10 years: -15.5% decrease (-402.5764 billion KRW) △ over 10 years: -25.46% decrease (-1.59365774 trillion KRW), with only the under 5 years newly built complexes showing an increase in total transaction amount.

Supported by this popularity, the price increase rate was higher the newer the building. As of February, the average sale price per 3.3㎡ of apartments under 5 years old in provincial areas was 14.95 million KRW, up 2.61% compared to the same period last year. In contrast, during the same period, apartments aged 6?10 years decreased by 0.44%, and those over 10 years decreased by 1.28%.

Meanwhile, a large-scale branded apartment complex with 2,638 units is attracting high interest in Jinhae-gu, Changwon-si, Gyeongnam, where new supply has been particularly scarce. The Doosan Construction consortium (Doosan Construction, GS Construction, Kumho Construction) opened the model house of ‘Changwon Mega City Xi & Weave’ on Friday the 21st and began full-scale sales.

The complex applies a 4Bay cross-ventilation structure to most units except for some, enhancing space utilization, and offers various storage spaces such as master bedroom dressing rooms, alpha rooms, and pantries depending on the housing type. Additionally, some units feature an innovative 5-room design including entrance and kitchen pantries, alpha rooms, and beta rooms, setting a new residential standard in the area.

Furthermore, in partnership with ‘Jongno M School,’ a leading comprehensive education company in Korea, premium luxury education services will be provided to residents’ children. In addition, Changwon Mega City Xi & Weave offers hotel-style residential services such as breakfast service and Kyobo Bookstore curation, which have not been seen in the area before.

Meanwhile, Changwon Mega City Xi & Weave, supplied through the Daeya Station redevelopment project in Yeoja-dong, Jinhae-gu, Changwon Special City, Gyeongsangnam-do, will be built on a scale of 2,638 units across 17 buildings from 4 basement floors to 37 floors above ground, with 2,041 units ranging from 54 to 102㎡ available for general sale.

The subscription schedule for the complex starts with special supply on Monday, March 31, followed by first priority subscription on Tuesday, April 1, and second priority subscription on Wednesday, April 2. The announcement of winners will be on Tuesday, April 8, and the official contract period will be from Monday, April 21 to Thursday, April 24, lasting four days. Financial benefits such as 60% interest-free interim payments and a fixed contract deposit of 10 million KRW for the first payment will be provided to buyers.

Residents of Changwon City or those living in Gyeongsangnam-do, Ulsan Metropolitan City, and Busan Metropolitan City who are 19 years or older, have held a subscription savings account for more than six months, and meet the deposit amount requirement can apply for first priority subscription regardless of home ownership. For second priority subscription, any applicant who has joined subscription savings, subscription installment savings, or comprehensive housing subscription savings can apply regardless of deposit amount. Additionally, the complex has no restrictions on re-winning or resale, and no obligation for actual residence applies.

The model house is located in Jungang-dong, Seongsan-gu, Changwon Special City, Gyeongsangnam-do, and the move-in is scheduled for December 2028.

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