At 6:30 a.m. on the 21st, in front of an apartment complex in Wirye-dong, Songpa-gu, Seoul. As the morning rush crowd began to gather, a long line quickly formed. A short while later, a shuttle bus bearing the SK hynix logo arrived, and about 20 people boarded in turn. Two more shuttle buses followed. After stopping by a few nearby complexes, they headed to the Icheon campus in Gyeonggi. Around the same time, commuter buses for Samsung SDI and LG affiliates were also coming and going on nearby roads.
A, 32, who commutes daily by shuttle bus to the LG Energy Solution Ochang Energy Plant in Cheongju, North Chungcheong, said, "Driving long distances back and forth by car or transferring on public transportation is realistically difficult," adding, "When employees look for housing, the first thing they check is how close it is to a shuttle stop."
◇ "Shuttle stops over subway stations"… changing criteria for choosing a home
Residential areas along the routes of large companies' shuttle buses heading to industrial complexes on the outskirts of the capital region are emerging as new preferred locations. A term has even appeared: "shuttle zone" ("shuttle" + "station area"), meaning places where it is easy to catch a shuttle bus, like living near a subway station. As staffing at production bases in the provinces increases, commuting convenience has emerged as a variable that drives home prices and demand for jeonse and monthly rentals.
As large companies increase commuter buses at key hubs in the capital region to secure staff for regional business sites, the "shuttle zone" effect is becoming more pronounced. Bundang-gu in Seongnam, Suji-gu in Yongin, Misa in Hanam, and Wirye in Seoul are prime examples.
Complexes along shuttle routes to and from Samsung Electronics' Pyeongtaek campus and SK hynix's Icheon campus are especially popular. Online communities call these areas "Samjeon zone" and "Nix zone," respectively. It is easy to find posts sharing the exact shuttle stop locations, headways, and even seat competition.
B, an SK hynix employee in their late 30s whom we met on the morning commute on the 21st, moved to Wirye-dong last year. B said, "With my child about to enter elementary school, I looked for a place with even slightly better living infrastructure," adding, "I searched areas centered on where the company shuttle stops and chose Wirye."
◇ "I'll pay the balance when the bonus comes in"… real estate is also heating up
Buoyed by the semiconductor supercycle, the likelihood that employees of Samsung Electronics and SK hynix will receive average performance bonuses of hundreds of millions of won per person is growing, and the real estate market in shuttle zones is also heating up. There is considerable demand to use large bonuses as funds to purchase homes. (☞ "Hiding college degrees to apply as high-school grads"… the "jaw-dropping" bonuses spur the 'Hynix civil-service exam' craze)
A licensed real estate agent who runs a brokerage in Suji-gu, Yongin, said, "The people who most often ask how many minutes it takes on foot to the shuttle stop are Samsung Electronics and SK hynix employees," adding, "There was even a buyer who put down a down payment at the start of the year and said they would pay the balance when the performance bonus is paid."
In some complexes, there is even talk of bringing in large companies' shuttle bus stops. The expectation is that an inflow of office workers would increase end-user demand and help home prices.
A person in the real estate industry said, "In the past, proximity to subway stations and school districts determined home prices, but recently, large companies' shuttle routes have also taken root as a factor," adding, "Value is rising not where the good jobs are, but where you can commute to good jobs."
◇ The "shuttle zone" effect on local commercial districts varies
However, among local commercial districts, some felt the shuttle zone effect and others did not. According to the Gyeonggi-do Agency for Traditional Market Promotion, as of the third quarter of last year, the average sales per store across six major developed commercial districts in Yongin was 46.25 million won, higher than the Gyeonggi average of 42.17 million won. In contrast, the developed commercial districts in Hwaseong (33 million won) and Hanam (24.17 million won) fell short of the average.
A self-employed restaurateur surnamed Kim, 42, who runs a Japanese restaurant near Misa Station in Hanam, said, "On Friday or weekend evenings, most tables are full," but added, "On weekdays there are slow times, so sales haven't increased noticeably compared to a year ago."