The selling price of Brain City, a large residential complex being developed in Pyeongtaek, has dropped to the mid-400 million won range based on the national standard unit of 84 square meters. The selling price, which was close to 550 million won in December of last year, has decreased by more than 50 million won in less than six months, falling below 500 million won.
Brain City is a place where sales of large complexes have been underway since the second half of 2023. More than 1,000 households continue to be sold, with completion and occupancy concentrated in 2027 and 2028. Some experts have voiced concerns about unsold units due to excess supply, noting that this area has the highest supply in Gyeonggi Province.
According to the construction industry on the 22nd, the developer 'Brain City 10PFV Corporation' announced the recruitment for sales of 'Pyeongtaek Brain City 10BL AnNature Mirae Do' on the 16th, with special supply starting from the 26th. This complex, supplied in the General Industrial Complex Joint 10BL housing site in Brain City, Pyeongtaek, is a large complex of 1,413 households being constructed by Gangsan Construction and Mirae Do Construction, with occupancy expected in July 2028.
Brain City is a large-scale residential district where advanced industrial complexes, research and development centers, universities, residential, and commercial facilities will be located across approximately 4.82 million square meters (about 1.45 million pyeong) in Doil-dong and Jang-an-dong, Pyeongtaek. Pyeongtaek's plan is to make this area a hub for the fourth industrial revolution in the metropolitan area, estimating a resident population of 43,559. According to urban planning standards, that equates to about 17,433 households when calculated at 2.5 persons per household. Plans are in place to fill 12 housing sites with 10 apartment complexes and 2 mixed-use buildings. Currently, 9 apartment complexes and 1 mixed-use building have been sold or announced for sale, with one remaining for each.
The selling price of 'Pyeongtaek Brain City 10BL AnNature Mirae Do,' which is the 10th sale among the Brain City apartment complexes, is set at 470 million to 480 million won based on a gross area of 84 square meters. The 84A type on the 4th floor with a gross area of 84.99 square meters is priced at 477 million 740 thousand won, and the 3rd floor is priced at 405 million 750 thousand won. Units on the 6th floor and above are priced at 489 million 600 thousand won.
In Pyeongtaek Brain City, the selling price for an apartment of the same size was close to 550 million won in December of last year. 'Brain City Prugio,' which announced its sales on December 6 of last year, sold a unit with a gross area of 84.97 square meters at 544 million 440 thousand won (for floors above 5). Compared to AnNature Mirae Do, the selling price has dropped by 54 million 800 thousand won (10.06%) in less than six months.
Among the major complexes that have been sold in this region since the second half of 2023, there are none with a selling price above 400 million won based on 84 square meters. 'Brain City Daegwang Rojeviang Moa Elga,' which was sold in July 2023, was sold for 526 million won, and 'Pyeongtaek Brain City Chungheung S-Class,' which was sold in December 2023, was sold for 527 million won. 'Pyeongtaek Brain City Hanshin The Hue,' sold in November last year for 517 million won, 'Pyeongtaek Brain City Prugio,' sold in December last year for 544 million won, and 'Pyeongtaek Brain City Sujinin,' sold for 508 million won, have all maintained prices above 500 million won. With each sale ranging from 1,000 to nearly 2,000 households, prices have gradually trended downward.
Concerns are also being raised about the accumulation of unsold units. According to Statistics Korea, the number of unsold units in Pyeongtaek stood at 5,281 as of the end of March. This is more than double the number from a year ago, which was 2,360 units in March 2024.
Park Ji-min, head of the Wol-Yong Subscription Research Institute, noted, "Pyeongtaek Brain City, along with Hayang District and Gaejae District, is notably an area accumulating unsold units. We have supplied too many units in the last two years, and because it's public land, there are restrictions on resale, leading to almost no investment demand."
Park Hap-soo, an adjunct professor at Konkuk University's Graduate School of Real Estate, stated, "Brain City, designed as a residential area for employees of cooperating companies behind the Samsung Electronics semiconductor plant in the Godeok New Town, has seen a drop in housing demand as the semiconductor industry has slowed down." Professor Park added, "The only area in Gyeonggi Province likely to see excess supply in the next two to three years is Brain City and other major districts in Pyeongtaek, where demand is outstripped by supply."