[Asia Economy Reporter Yoo In-ho] The government is planning to supply 5,000 housing units within the second quarter of this year in the Suwon, Yongin, and Seongnam areas (collectively known as Suyongseong), where it is currently considering designating as regulated areas due to recent housing price surges.
Attention is focused on how the sharp increase in new housing supply in the Suyongseong area will affect housing prices.
According to real estate market analysis firm Real Estate Info on the 14th, a total of 4,867 units are planned for general sale in the Suyongseong area this spring (March to May). This is similar to the same period last year and represents the largest supply in the past five years.
By region, Seongnam will see the largest supply with 2,326 units. Last year, Seongnam also had the highest number among the three areas with about 4,800 units. This is attributed to active redevelopment projects in the old city areas, resulting in a large volume of new housing supply.
Looking at major housing complexes in this area, GS Construction is offering Seongnam Godeung Ja-i, consisting of 364 apartments and 363 officetels, in Godeung-dong, Godeung District, Seongnam City. Daewoo Construction and GS Construction are redeveloping Seongnam’s Sinheung 2 District to build about 4,700 units, with plans to offer around 1,900 units for general sale in April.
In Suwon, 1,861 units will be supplied during the same period. In Suwon as well, redevelopment projects in old city areas and development of former sites have increased the planned supply. Daewoo Construction plans to offer 665 units of Prugio apartments in Block 2 of Daeyupyeong District, the former KT&G tobacco manufacturing site in Jeongja-dong, Suwon. Ssangyong Construction plans to supply 930 units of Ssangyong The Platinum Omokcheon Station apartments in Omokcheon-dong, of which 721 units will be for general sale.
In Yongin, 680 units will be supplied. Daewoo Construction is offering 680 units of Giheung Prugio Forepis, located within Yeongdeok Park in Yeongdeok-dong, Yongin.
Kwon Il, head of the research team at Real Estate Info, said, “With the recent noticeable rise in apartment prices, the government is closely monitoring these three areas,” adding, “This means measures such as designating regulated areas could be implemented.” He further noted, “However, since many locations have excellent transportation and convenience, even if additional regulations are imposed, the marketability of the properties is expected to be recognized.”
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