You Should Secure a New Apartment at 'Changwon Mega City Xi & We’ve'

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As private apartment sale prices nationwide continue to rise, complexes with price competitiveness have emerged as the biggest focus in the sales market. In particular, there is an intensified concentration on complexes where the sale prices are set at a 'reasonable' level that minimizes the financial burden on buyers.

In fact, as raw material costs continue to increase, construction costs have also been on the rise. According to the Korea Construction Industry Research Institute's 'Construction Market Trends' data, which indicates price fluctuations of materials, labor, and equipment used in construction, the provisional construction cost index as of January this year was 130.99, the highest figure since the index began in January 2000. Following this upward trend, the Ministry of Land, Infrastructure and Transport's standard construction cost also rose by 1.61%, from the previous announced price (September last year, KRW 2,106,000 per ㎡) to KRW 2,140,000 per ㎡.

In this context, nationwide sale prices are also following an upward curve. According to the Housing & Urban Guarantee Corporation (HUG), the average private apartment sale price nationwide in January this year was KRW 18.97 million per 3.3㎡, an 8.84% increase compared to the same month last year (January 2024, KRW 17.43 million).

With no signs of the rising sale prices slowing down, buyers are moving to secure their homes with the perception that 'today's sale price is the cheapest.' Especially, recent environmental factors that reduce financial burdens for buyers are also influencing this trend.

Amid this, the Doosan Construction consortium plans to launch 'Changwon Mega City Xi & We’ve' through the Daeyagu Station redevelopment project in Yeojwa-dong, Jinhae-gu, Changwon, in March. The complex will consist of 17 buildings ranging from 4 basement floors to 37 above-ground floors, totaling 2,638 households, of which 2,038 units with exclusive areas of 54 to 102㎡ will be offered for general sale.

The sale prices are also described as reasonable. According to the Ministry of Land, Infrastructure and Transport's actual transaction data, an 84㎡ unit in 'Gyeonghwa-dong Doosan We’ve' (occupied since February 2017), located within 1.5 km radius of the complex, was traded at KRW 525 million in June last year, while the same size unit in 'Yongji The Sharp Lake Park' in Seongsan-gu, sharing the same living area, was traded at KRW 1.005 billion in February this year.

In contrast, the same size units in Changwon Mega City Xi & We’ve are expected to be supplied in the KRW 400 million range, making them reasonable compared to surrounding market prices. Especially considering that both of the previous complexes are small-scale with fewer than 1,000 households and have been occupied for 9 years, the price competitiveness is even more pronounced.

The complex also holds future value with transportation network developments. Once the Yanggok Intersection improvement project around the complex is completed as planned by the end of 2026, it will be possible to quickly travel within Changwon city in about 10 minutes, and the planned Changwon Urban Railway Line 2 Jinhae Station is also scheduled.

Within the complex, educational specialized company Jongno M School will open stores, and community facilities will offer services such as Kyobo Bookstore's book curation and breakfast service, allowing residents to engage in various activities including education and leisure within the complex.

Meanwhile, the Changwon Mega City Xi & We’ve model house will be located in Jungang-dong, Seongsan-gu, Changwon Special City, Gyeongsangnam-do, with occupancy scheduled for December 2028.

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