Suwon Emerging as a Distribution Battleground, 'Maegyo Station Pallucid' Gains Attention Amid Starfield Opening Benefits

by Jung Jin

Published 26 Mar.2024 14:50(KST)

[Maegyo Station Pallucid Perspective View]

Recently, with the opening of 'Starfield Suwon' in Suwon, Gyeonggi Province, expectations are rising that the surrounding real estate market will also experience a positive impact.

According to Shinsegae Property, more than 800,000 visitors have been recorded within the first ten days after the opening of Starfield Suwon. As the largest complex shopping mall in Suwon, it quickly became one of the city's landmarks, gaining fame for its specialized content targeting the MZ generation, including the Byeolmadang Library.

The areas where Starfield has opened have previously seen rapid increases in real estate value alongside various economic benefits, so a 'Starfield effect' is also anticipated in Suwon. For example, in Hanam, where the first Starfield opened, housing prices rose by about 46% within less than a year after the opening. Similarly, after the opening of Starfield Goyang, the actual transaction price of an apartment in the Samsong district increased by approximately 200 million KRW over two years.

Industry sources report that Suwon is also generating significant economic effects, including the employment of about 3,000 local residents, securing tax revenue, and a minimum two- to fourfold increase in sales at around 50 nearby stores following the opening of Starfield.

With the opening of Starfield, Suwon now hosts a 'three-way retail battle' including AK Plaza and Lotte Mall near Suwon Station. The once underdeveloped Suwon Station area grew into a core commercial district with the opening of AK Plaza and the launch of the Suin-Bundang Line. Now, with Starfield opening near Hwaseo Station just one stop away, integrated development of the old downtown area is expected.

Meanwhile, much attention is also focused on 'Maegyo Station Pallucid,' located around Maegyo Station. This complex, considered a solid new residential town with about 12,000 households, is gaining recognition as a desirable apartment area due to the opening of AK Plaza, Lotte Mall, and now Starfield nearby.

Beyond shopping convenience, Maegyo Station Pallucid boasts excellent transportation networks, offering easy access not only within the metropolitan area but nationwide. The complex is located right next to Maegyo Station on the Suin-Bundang Line, and just one stop away is Suwon Station, served by Line 1, the Suin-Bundang Line, the Gyeongbu Line, and KTX, with future stops planned for the GTX-C and F lines.

Additionally, the complex is close to educational facilities such as Gwonsun Elementary School within walking distance, as well as Suwon Middle and High Schools. It is also near lifestyle infrastructure including Suwoncheon Stream and Olympic Park, and major workplaces like Samsung Electronics Suwon Campus, Hwaseong/Giheung Campuses, and Gwanggyo Techno Valley.

Maegyo Station Pallucid is the last pre-sale complex in the Maegyo Station area, which is evolving into a new residential town with about 12,000 households. Compared to nearby complexes where 84㎡ units are listed at up to 1 billion KRW and 59㎡ units at up to 800 million KRW, Maegyo Station Pallucid offers 84㎡ units at up to 890 million KRW and 59㎡ units at up to 730 million KRW, demonstrating competitive pricing.

Moreover, Maegyo Station Pallucid has implemented customer-friendly contract terms, leading to rapid contract signings with strong responses. The initial 10% deposit has been reduced to 5%, with the first payment of 10 million KRW due upfront and the remaining deposit payable within one month. This arrangement considers buyers who may feel burdened by initial funding. Contract holders will pay 5% deposit, 60% interim payment, and 35% balance sequentially.

The conditions for interim loan interest have also been revised. For the 60% interim payment, which is paid post-construction, interest-free terms apply to the 4th, 5th, and 6th installments.

Additionally, ceiling-type system air conditioners will be provided in all units.

Meanwhile, the Maegyo Station Pallucid redevelopment project in Seryu-dong, Gwonseon-gu, Suwon, Gyeonggi Province, is being developed by a consortium of Samsung C&T Construction Division, SK Ecoplant, and Kolon Global. The complex will consist of 32 buildings ranging from two basement floors to a maximum of 15 floors above ground, totaling 2,178 households.