Sale of Commercial Facilities within the ‘Harrington Place Technopolis’ Complex

The local subscription market also appears to be showing polarization. While the local sales market is generally in a wait-and-see mode, Cheongju City in Chungbuk is leading the market with high competition rates.

In fact, it is no exaggeration to say that the protagonist of local real estate in 2023 is 'Cheongju City.' According to an analysis of Korea Real Estate Agency's subscription home data by the real estate research firm Realtoday, Cheongju City in Chungbuk had a total of 4,987 units offered for general supply across 11 sites last year, with 172,080 first-priority applicants registering, recording an average competition rate of 34.51 to 1. The average first-priority subscription competition rate in non-metropolitan areas last year was 13.21 to 1, which is about three times lower than Cheongju City's rate.

Cheongju City's solid subscription performance is analyzed to be due to the abundant future value the city holds. Currently, the development of Cheongju Technopolis is actively underway, and expectations for the opening of Bukcheongju Station on the Chungbuk Line are also rising. Additionally, major corporations such as SK Hynix and LG Household & Health Care are located in Cheongju City, which also draws attention.

As a result, commercial facilities within complexes that have strong residential demand are reportedly being sold, attracting high interest from consumers. The main example is the commercial facilities within the 'Herrington Place Technopolis,' which successfully completed the supply of 602 apartment units. This complex recorded an average first-priority competition rate of 57.59 to 1 in May last year, proving its value.

The commercial facilities within 'Herrington Place Technopolis' are expected to absorb the demand from a new town-scale hinterland of over 10,000 households. According to Cheongju City, Cheongju Technopolis is being developed in the Gangseo 2-dong area of Heungdeok-gu, Cheongju City, covering a total area of approximately 3.79 million square meters, with a total project cost of 2.1584 trillion KRW. Currently, 'Cheongju Technopolis Prugio,' 'Cheongju Technopolis U-Mi Lin,' and 'Woobang IU Shell' have completed occupancy on the Cheongju Technopolis site, and various subsequent complexes such as 'Herrington Place Technopolis' and 'Shinyoung J-Well Prugio Technopolis' are also scheduled for occupancy in the future.

['Rendering of the commercial facility at "Harrington Place Technopolis" (Provided by Hyosung Heavy Industries)']

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'Herrington Place Technopolis' is being constructed in the Songjeol-dong area of Heungdeok-gu, Cheongju City, Chungbuk, consisting of five buildings ranging from two basement floors to 47 floors above ground, with 602 apartment units sized 84 to 94 square meters, 130 officetel units sized 84 square meters, totaling 732 households, and 67 neighborhood living facilities. It is located in the central area of Cheongju Technopolis and is designed with a maximum height of 47 floors, expected to become a landmark.

The commercial facilities within the complex are designed as a street-type layout approximately 300 meters in scale. All units are arranged facing the front to maximize visibility, naturally connected to pedestrian flow, offering excellent accessibility. Thanks to this structure, consumer dwell time is expected to increase, enhancing synergy effects between stores. Additionally, the interior design features a ceiling height of up to 7.5 meters to allow versatile use regardless of business type.

Essential daily-use businesses will also be attracted to serve commercial facility users. Stores such as stationery shops, fruit and vegetable stores, cafes, convenience stores, restaurants, hair salons, and academies will be established to meet essential demand, along with lifestyle and convenience businesses including banks, pharmacies, laundries, and butcher shops, creating a commercial district that attracts consumers.

Expectations for the establishment of Bukcheongju Station on the Chungbuk Line are also high. In fact, the government is expected to support the Cheonan-Cheongju Airport double-track railway project with hundreds of billions of won in national funds. In the 2024 government budget, local governments initially requested 20 billion KRW to promote the Cheonan-Cheongju Airport double-track railway project, but the allocated amount was 46.8 billion KRW, including construction costs. This is an unprecedented amount, double the requested sum. Bukcheongju Station is on the route passing through Seoul, Cheonan, Osong (KTX, SRT), and Cheongju Airport.

A Realtoday official stated, "Since Cheongju City has proven strong residential demand, the activation of commercial facilities is expected to naturally follow," adding, "With rising expectations for the opening of the Chungbuk Line, it would be wise to purchase promptly considering the future."

The promotional center for the commercial facilities within 'Herrington Place Technopolis' is currently operating.

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