Table of Contents
Completion of Ministry of National Defense Approval… Full-scale Relocation of Okdong Military Base
Ulsan City is promoting the relocation of the 127th Brigade Headquarters of the 53rd Infantry Division located in Nam-gu Okdong. The Ministry of National Defense has completed consultations with the Central Land Expropriation Committee and relevant agencies regarding the Ulsan City '127th Brigade Headquarters relocation project' and has approved the project plan in accordance with Article 4 of the Military and Defense Facilities Act. This detail was announced in the government gazette on August 11. Such measures are expected to contribute to regional development.
This project will proceed through a donation of military facilities. Ulsan City plans to move the military base located in Okdong to Cheongnyang-eup, Ulju-gun, thereby utilizing the secured Okdong area for urban development. The Ministry of National Defense is expected to modernize military facilities, while Ulsan City aims to drive regional development and economic revitalization simultaneously.
Project Timeline
Ulsan City is expected to begin the compensation process for the land and buildings of the relocated military base in Cheongnyang-eup right after the project plan is approved.
Construction at the Cheongnyang-eup site will begin in the first half of 2025, and the base construction is expected to be completed by the end of 2028. Following this, the relocation of the Okdong military base will be completed in 2029, and the Okdong site development project will begin in earnest.
If the project proceeds smoothly, large-scale redevelopment and residential complex development at the Okdong site will be possible starting in 2029.
Expected Effects of Okdong Site Development
The location of the Okdong military base is in the central area of Okdong and Sinjeong-dong in Nam-gu, Ulsan, close to the Ulsan District Court. This area has a high preference among many people due to its excellent educational environment and pleasant residential conditions, and currently, redevelopment projects are actively underway.
After the military base relocates, the remaining land is likely to be used for large-scale apartment complexes, commercial and cultural facilities, parks, and green spaces, which is expected to increase the regional value. In particular, with the courthouse, educational institutions, and various convenience facilities already clustered in the area, the demand for new apartments is expected to be quite high.
Investment Perspective: Focus on Allocation Rights and Redevelopment
Once the development of the Okdong site begins, it is highly likely that surrounding redevelopment areas will be revitalized, and new allocations will take place.
In terms of allocation rights investment, the unique characteristics of the location, which combines excellent school districts, accessibility to the city center, and various infrastructures, will attract significant interest from both actual buyers and investors. Redevelopment investment will also provide opportunities for premium formation through coordinated development with existing areas.
Additionally, it is anticipated that commercial facilities will influx due to the military base relocation, and back-end demand will increase, thus enhancing the commercial area.
However, since the relocation and development schedules are long-term projects, a medium- to long-term investment perspective is necessary.
Conclusion
The relocation project of the military base in Okdong, Nam-gu, Ulsan, is an important development project that contributes to urban reconstruction and regional value enhancement beyond mere facility relocation.
The site development to be carried out after the relocation is completed in 2029 is expected to create fresh investment opportunities in the real estate market of Okdong and Sinjeong-dong, which are major residential preferences in Ulsan.
#UlsanNamgu, #OkdongMilitaryBaseRelocation, #53rdDivision127thBrigade, #UljuGunCheongnyangEup, #DonationOfMilitaryFacilities, #OkdongRedevelopment, #OkdongApartments, #UlsanRealEstate, #OkdongAllocationRights, #NamguRedevelopment, #UrbanDevelopment, #MinistryOfNationalDefenseApproval, #UlsanInvestment, #RedevelopmentInvestment, #AllocationRightsInvestment, #NamguNewApartments, #UlsanSchoolDistrict, #UlsanResidentialAreas, #RegionalEconomicRevitalization, #MetropolitanDevelopment, #MilitaryBaseRelocation, #CheongnyangEupDevelopment, #UlsanNewCity, #ApartmentAllocation, #UlsanInvestmentPromisingAreas, #LongTermInvestment, #NamguOkdong, #UlsanCityCenterDevelopment, #UlsanFuture
Frequently Asked Questions (FAQ)
Q. What is the Ulsan Nam-gu Okdong military base relocation project?
It is a development project to relocate the 127th Brigade Headquarters of the 53rd Division in Okdong, Nam-gu, Ulsan to Cheongnyang-eup, Ulju-gun.
This project is aimed at relocating the military base located in Okdong to Cheongnyang-eup, Ulju-gun, so that the Okdong site can be utilized for urban development. The Ministry of National Defense has approved the project plan in accordance with Article 4 of the Military and Defense Facilities Act, aiming to modernize the land and facilities while also revitalizing the local economy. The Okdong site is planned to be transformed into apartment complexes, commercial facilities, parks, etc. through redevelopment.
Q. What is the project timeline?
Construction at the Cheongnyang-eup site will begin in the first half of 2025, the military base development will be completed by the end of 2028, and the relocation of Okdong will wrap up and development will begin in 2029.
Ulsan City has initiated the compensation process due to the relocation of the military base, and construction at the Cheongnyang-eup military base will start in the first half of 2025. Once the development is completed by the end of 2028, the relocation of the Okdong military base is expected to finish by 2029, and large-scale redevelopment and residential complex development will commence at the Okdong site. If the project progresses smoothly, the residential environment and regional value of Okdong will significantly improve.
Q. What are the expected effects of the Okdong site development?
Large-scale redevelopment of the Okdong site is expected to enhance regional value and create a pleasant residential environment.
After the military base relocation, the areas of Okdong and Sinjeong-dong are set to be developed into apartment complexes, commercial and cultural facilities, parks, and green spaces. Proximity to courthouses and educational institutions offers an excellent educational environment and convenient infrastructure, leading to a high preference for residential living. Such developments will have a positive impact on the local real estate market, providing a pleasant and convenient living environment for residents and investors alike.
Q. What are the prospects for allocation rights and redevelopment investments?
Due to excellent location and infrastructure, both allocation rights and redevelopment investments offer promising opportunities.
The development of the Okdong site has garnered high interest from actual buyers and investors, thanks to its favorable school district and accessibility to the city center, combined with various infrastructures. The activation of surrounding redevelopment areas is expected to form premiums, and an influx of commercial facilities paired with increased back-end demand should also enhance the commercial area. However, as this is a long-term project, it is advisable to approach it with a medium- to long-term investment perspective.
Q. What is the impact of this military base relocation project on the local economy?
The relocation of the military base has a positive impact on urban reconfiguration and the revitalization of the local economy.
The Okdong military base relocation project goes beyond simple facility movement and drives regional value enhancement. Once the relocation is completed, site development will create new residential and commercial spaces, prompting population influx and stimulating economic activity. Additionally, the increase in redevelopment and new allocation opportunities will invigorate the local real estate market and contribute to the metropolitan development and economic growth of Ulsan overall.
