"Creating 15-Minute Living Zones in Provinces"... Customized Apartments for 'N-Minute Cities' Flood the Market

Published 19 Apr.2023 14:20(KST)

In the local housing market, ‘N-minute city’ tailored apartments are gaining attention. An N-minute city refers to a neighborhood where essential daily conveniences can be accessed within 15 minutes. It is a broader concept that includes ‘Sleeper Zone’ apartments where residents can use facilities in slippers, and ‘Haksae-gwon’ complexes where students can walk to school or academies.

Especially as the government plans to institutionalize the creation of N-minute living zones in urban planning promoted by local governments to address regional imbalances, N-minute city tailored apartments are increasingly appearing in the local new housing market.

Busan Mayor Park Hyung-jun is explaining the 15-minute city plan at the "1st 15-Minute City Vision Tour Season 2" event on the 27th of last month. <br>[Photo by Busan City]

Busan Mayor Park Hyung-jun is explaining the 15-minute city plan at the "1st 15-Minute City Vision Tour Season 2" event on the 27th of last month.
[Photo by Busan City]

According to the construction and real estate industry on the 19th, the Ministry of Land, Infrastructure and Transport announced on January 5 that it will institutionalize the living zone plan, currently a sector plan within the urban master plan, as a living zone urban plan for N-minute cities. A bill has been proposed, and subordinate regulations are planned to be revised within the year.

Accordingly, local governments requiring urban management at the living zone level can adjust development directions within the zone, plans for building living infrastructure, and density and height management measures centered on the living zone when establishing urban master plans.

The N-minute city plan is expected to bring significant changes to real estate values located in urban centers. In particular, large-scale complex developments utilizing declining industrial complexes or old downtown areas are becoming possible, raising expectations for revitalization of the local real estate market.

As a result, the local housing market, which has been struggling due to the real estate market downturn caused by soaring interest rates, is showing signs of vitality, especially in areas expected to benefit from the N-minute city plan.

First, ‘Gunsan Hanra Vivaldi The Prime’ by HL D&I Hanra, located at 126 Jigok-dong, Gunsan-si, Jeonbuk, is attracting attention. This apartment complex consists of 7 buildings ranging from 2 basement floors to 29 floors above ground, with a total of 633 units: ▲305 units of 84㎡ Type A (exclusive area) ▲157 units of 84㎡ Type B ▲19 units of 111㎡ ▲26 units of 115㎡ ▲124 units of 136㎡ ▲2 units of 258㎡.

Right next to the project site are Gunsan Elementary School and Dongsan Middle School, enabling safe walking commutes. Additionally, ‘Eunpa Lake Park,’ designated as a national tourist attraction and spanning 2.57 million square meters, along with Eunpa Neighborhood Park and Jigong Park, are all located within a 1 km radius.

The Jigok-dong area where the complex is located is adjacent to Naun-dong and Susong-dong, making access to central commercial districts and living infrastructure convenient. Various amenities such as Gunsan Medical Center, Lotte Mart, CGV, and Gunsan Arts Center are also within 1.5 km.

Hyundai Engineering plans to supply ‘Hillstate Mojong Blanc Luce,’ an ‘Elementary School Proximity’ complex with Shinri Elementary School just a one-minute walk away, in B1 Block of Asan Mojong 2 District, Mojong-dong, Asan-si, Chungnam, in May. The complex will have 9 buildings ranging from 2 basement floors to a maximum of 29 floors above ground, with a total of 1,060 units sized 84 to 109㎡.

Jungheung Construction will supply a ‘Haksae-gwon’ complex this month in Donghwa District, Bongdam, Hwaseong-si, Gyeonggi-do, where all elementary, middle, and high schools are within walking distance. ‘Bongdam Jungheung S-Class Central Edu’ consists of 8 buildings with 3 basement floors and 25 floors above ground, totaling 806 units sized 72 to 101㎡.

Lotte Construction’s ‘Lotte Castle Infiniel’ in Munhyeon-dong, Busan, is located near schools and educational facilities. The complex will have 9 buildings ranging from 5 basement floors to 25 floors above ground, with a total of 715 units sized 36 to 84㎡. Among these, 303 units are for general sale.