Old Town Residents Say 'We Envy This Place'... Nearly 60% of Residents in Their 20s to 40s Here [Report]

On the 24th, Samsung Electronics Pyeongtaek Campus was bustling with people going to work and the continuous flow of commuter buses. Photo by Dongju Yoon

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In the afternoon on April 24, in front of Jongdeok Elementary School in Godeok International New City, Pyeongtaek, Gyeonggi Province, children with backpacks streamed out of the school at dismissal time, and the area was crowded with parents in their 30s and 40s waiting to pick them up.

In front of nearby shopping centers, young residents with strollers and academy vehicles were also noticeable.

Since the first residents moved in back in 2019, as the living environment has stabilized, Godeok International New City has transformed into a residential area for young families.

The scene of the central shopping district in Godeok International New City, Pyeongtaek City, Gyeonggi Province, on the 24th. Photo by Dongju Yoon

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With the semiconductor industry experiencing a super boom, the real estate markets near semiconductor plants, such as Pyeongtaek and Dongtan, are also becoming active again. Although there were concerns for a time about oversupply and unsold properties, the atmosphere has changed recently as more people have moved in and transactions have rebounded.

The owner of Real Estate Agency A in Godeok-dong, Godeok International New City, said, "Since Samsung Electronics is located nearby, this area directly benefits," adding, "As Samsung Electronics, its partner companies, and tens of thousands of construction-related workers continue to move in, both rental and purchase demand are reviving."

He also remarked, "Residents of aging apartments that are 20 to 30 years old in Pyeongtaek’s old downtown even consider moving to the new developments in Godeok International New City as a dream come true."

Construction vehicles and commuting cars are busy around Samsung Electronics’ Pyeongtaek Campus on the resumed Line 4 (P4) and Line 5 (P5). Photo by Dongju Yoon

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Located just a 10-minute drive from Godeok International New City, Samsung Electronics has resumed investment in Line 4 (P4) at the Pyeongtaek Campus, and construction is also underway on Line 5 (P5). As semiconductor production facilities expand, housing demand is increasing not only among Samsung Electronics employees but also among partner company staff and workers in construction, facility management, and technical roles.

The owner of Real Estate Agency B in Godeok-dong, Godeok International New City, said, "The fact that these are new developments, combined with the influence of Samsung Electronics and the expectation that the semiconductor industry will remain strong for some time, are all contributing factors."

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Recently, housing indicators in Pyeongtaek have started to rebound. The number of unsold units in the area dropped from 6,438 in January last year to 2,612 in February this year, a reduction of more than half in one year. The number of apartment transactions increased by about 50%, from 418 in August last year to 627 in January this year, over a span of six months.

'Godeok International New City Kumho Eoullim' recorded 35 transactions in the first quarter, up 75% from the previous quarter, while 'Godeok International New City Le Florin' also saw transactions increase by 57%, from 22 to 33 during the same period. The fact that the area is not designated as a regulated or speculative zone is also stimulating demand, as the requirements for subscription and loans are relatively lower.

The living infrastructure is also being rapidly filled in. The area is adjacent to Seojeong-ri Station, which serves the express line of Subway Line 1, and Pyeongtaek Jije Station, where the GTX-A route extension is being promoted, is just a 15-minute drive away. Once the GTX-A line is extended, it will be possible to reach the Gangnam area in just over 30 minutes.

View of Godeok International New Town from Hosu Park on the 24th. Photo by Dongju Yoon

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Pyeongtaek Art Center officially opened in January this year, and construction of the new Pyeongtaek City Hall and City Council complex began last December, with completion targeted for 2028. The Annie Wright School Pyeongtaek Campus, a private American school, is also scheduled to open in 2030.

Another positive development is the relocation of the U.S. military Alpha Ammunition Depot, which was located in the center of Godeok International New City and had been holding back development; the move was completed last month. With the ammunition depot gone, it is now possible to begin the phase 3-3 project, which had been restricted as a military facility protection zone. Pyeongtaek City plans to develop the vacated land into a large cultural park.

The population of Godeok-dong increased by more than 10,000 (12,017 people, or 22.4%) from 53,678 in January last year to 65,695 in February this year. As of February this year, 58.5% of the population is in their 20s to 40s. As a new city with an industrial complex, young professionals and families with children are moving in together.

New developments continue to be launched. BS Hanyang and Jeil Construction are offering a total of 1,126 units in 'Sujain Punggyeongchae Phase 1 and 2' in the third phase development area of Godeok International New City. Because it is close to the phase 1 residential area, residents can use the Seojeong-ri Station commercial district and the existing living infrastructure from the beginning of occupancy.

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Dongtan 2 New Town has also drawn attention thanks to the presence of semiconductor companies nearby. After its initial opening to residents in 2012, Dongtan 2 New Town stagnated due to a lack of infrastructure, but as high-income young generations moved in for proximity to their workplaces and transportation networks improved, asset values have risen.

The owner of Real Estate Agency C in Yeoul-dong, Dongtan 2 New Town, said, "For the first few years, the neighborhood was neglected due to a lack of public transportation connections to Seoul, but after the SRT in 2016 and the opening of the GTX-A metropolitan express railway in 2024, demand from SK hynix and Samsung Electronics employees significantly increased."

A view of Dongtan Station Simbeom Unam First Ville in Hwaseong, Gyeonggi Province, on the 24th. This complex is one of the representative complexes in Dongtan 2 New Town, called 'Upohan' (Unam First Ville, Posco The Shop, Hanwha Dream Green), following Dongtan Station Lotte Castle, which is adjacent to Dongtan Station. Around the complex, there are shuttle bus stops for Samsung Electronics and SK hynix, making it a place with steady demand from semiconductor workers. Photo by Choi Seoyoon

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The owner of Real Estate Agency D, located near 'Dongtan Station Simbeom Unam First Ville,' where there are shuttle bus stops for Samsung Electronics and SK hynix, said, "SK hynix employees usually schedule their payment dates and buy homes around the time they receive their bonuses. Both Samsung Electronics and SK hynix employees have clear income and financial plans, so they tend to make purchase decisions quickly."

High-rise apartments line the central street area of Godeok International New City in Pyeongtaek, Gyeonggi Province, on the 24th. Photo by Dongju Yoon

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However, sales prices remain a variable. Recently, in Godeok International New City, there have been cases where the sales price exceeds the market price of other newly built properties in the area due to rising construction and financing costs.

The owner of a real estate agency near Paragon Apartments in Godeok International New City said, "The sales price for new apartments being launched in Godeok New City is around 540 million won for an 84-square-meter unit, while a similar-sized apartment nearby was sold for 508 million won this month, making it difficult to stimulate buying interest."

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