An apartment complex with 3,216 units to be built on the site of a former textile factory in downtown Gwangju is going on sale. With The Hyundai Gwangju, a hotel, and office and cultural facilities being built next to the complex, and as the area around Gwangju military airport has been designated a candidate site for a national semiconductor industrial complex, about 21,000 people flocked to the model home over three days.
The key is price. With the presale price for the 84㎡ exclusive-use unit reaching up to 870 million won, whether development expectations can outweigh the price burden in the local presale market is expected to be decided in the first subscription.
On the 8th, lines of visitors waiting to enter formed in front of the model home for All New Champions City Phase 1 in Im-dong, Buk District, Gwangju. According to the developer, about 21,000 people visited over three days after it opened on the 4th. Even on weekdays, about 2,000 people a day are visiting, it said. The age range of visitors was diverse, from newlyweds in their 30s to those in their 60s and older.
A person in their 30s surnamed A, who came from Unam-dong, Buk District, Gwangju, said, "There are high expectations that a large mixed-use shopping mall will be built in Gwangju," and added, "If even a semiconductor industrial complex is created, it will affect housing demand in the area."
Champions City is a project to develop the former Jeonbang and Ilshin Spinning factory site, about 298,000㎡, into a mixed-use complex combining residential, commercial, office, and cultural facilities. Phases 1 and 2 together will include 4,315 residential units, The Hyundai Gwangju, a hotel, a culture park, and office facilities.
The Hyundai Gwangju has a total floor area of 272,955㎡, about 1.4 times larger than The Hyundai Seoul. Construction is underway with completion targeted for May 2029. On the nearby Gwangcheon Bus Terminal site, Shinsegae is pushing a 3 trillion won mixed-use project to build a department store and hotel, a performance hall, and residential and office facilities.
Recently, about 8.26 million㎡ around Gwangju military airport was designated a candidate site for a national semiconductor industrial complex in the Honam region. However, with follow-up procedures remaining, such as the transfer of the military airport, approval of the industrial complex, and establishment of infrastructure, it remains to be seen whether the development plan will immediately translate into demand for dwellings.
Champions City Phase 1 will consist of 12 buildings with three basement levels to as high as 49 floors above ground, totaling 3,216 units. Exclusive-use areas range from 84㎡ to 214㎡, with 2,534 units of 84㎡ accounting for about 79% of the total. WOOMI Construction Co. and Shinyoung C&D are building it, with move-ins scheduled for Nov. 2030.
The average presale price is about 23.5 million won per 3.3㎡. The 84㎡ exclusive-use units are priced from 708 million won to 870 million won. Some say the price is not easy for general buyers to afford in Gwangju. As of the end of Jul., unsold dwellings in Gwangju stood at 1,109 units, down 11% from a month earlier, but uncertainty in the provincial presale market remains.
Kang Myeong-seong, director of the Champions City planning team, said, "Price resistance among visitors to the model home was not as strong as expected," and added, "We see there is pent-up demand for mixed-use development." However, whether the number of visitors to the model home will actually lead to subscriptions or contracts will have to be confirmed by the subscription results.
Inside the dwellings, an LDK layout opens the living room, kitchen, and dining room in three directions. Some large unit types include a pocket terrace with a ceiling height of 5.4 meters. The complex also plans community facilities of about 11,800㎡, including a 25-meter indoor swimming pool, a golf practice range, an indoor gymnasium, a sky lounge, and a guesthouse.
Special supply will take place on the 14th. First-priority subscriptions will be accepted on the 15th and second-priority on the 16th, with winners to be announced on the 22nd.