“Mini New Town-Level Residential Town is Coming”… Spotlight on Mangpo District

Large-Scale Brand Town Formation in Southeast Suwon Centered on Mangpo District
Development of Living Infrastructure Including Transportation, Education, and Convenience... Transforming Suwon into a New Residential Hub

The Mangpo District in Mangpo, Suwon-si, Gyeonggi-do is worth noting. As a mini new town-scale brand town is being developed in this area, it is transforming into a new residential hub. With the completion of the Mangpo District nearing, the complexes to be sold in the future are expected to benefit from fully established living infrastructure after move-in, increasing interest among prospective buyers.

The Mangpo District, supplied through an urban development project in the Mangpo-dong area of Yeongtong-gu, is planned in six zones. Zone 1 began with 'Central Heights' (549 households) in July 2010, followed by 'Geudaega Premier' (602 households), 'Geudaega Central Park' (270 households), and 'Hanyang Sujain Edu Park' (530 households) consecutively moving in. Zone 2 saw the completion of 'Yeongtong SK View' (710 households), and Zone 3 'Hillstate Yeongtong' (2,140 households).

In Zone 4, 'Yeongtong I-Park Castle 1 & 2 Complexes' (2,945 households) have already moved in, while 'Yeongtong I-Park Castle 3 Complex' (664 households) and 'Yeongtong I-Park Castle 4 & 5 Complexes' (2,364 households) are awaiting sale. Zone 5 was unveiled in March with 'Yeongtong Xi' (653 households).

A local real estate agent commented, “With over 14,000 households within Mangpo District and the adjacent Shindong District (Raemian Yeongtong Mark One 1 & 2 Complexes, 1,330 households), a large-scale residential complex of more than 15,000 households is forming in this area, making it a new representative residential area of Suwon. As living infrastructure is rapidly being established along with the scale, it is highly preferred mainly by actual users.”

Buyer interest is reflected in subscription results. Despite being sold shortly after Yeongtong-gu was designated as a regulated area under the 2.20 measures, 'Yeongtong Xi' (653 households) supplied in Mangpo Zone 5 in March achieved excellent subscription results. According to data from the Korea Real Estate Agency’s subscription homepage, this complex recorded an average competition rate of 15.99 to 1, with 5,981 applicants for 374 households (excluding special supply) in the first priority subscription.

Housing prices continue to rise. According to Real Estate 114 data, the average sale price per 3.3㎡ in Mangpo-dong, Yeongtong-gu, where Mangpo District is located, was 14.57 million KRW as of May. This is a 23.47% increase compared to one year ago (May 2019, 11.8 million KRW) and exceeds Yeongtong-gu’s price increase rate of 19.6%. For example, 'Yeongtong I-Park Castle 1 Complex' in Yeongtong-gu, Suwon (moved in March 2019) saw its average sale price per 3.3㎡ rise by 19.54% (from 17.96 million KRW to 21.47 million KRW) during the same period.

A real estate expert explained, “Due to the overall high preference for new buildings in the housing market, Mangpo District, where new apartments are concentrated within Yeongtong-gu, is gaining great popularity. Many buyers perceive it as a new town because it is systematically developed through an urban development project, not just supplying apartments.”

In fact, Mangpo District houses elementary, middle, and high schools such as Daeseon Elementary, Mangpo Elementary, Jamwon Elementary, Mangpo Middle, Jamwon Middle, and Mangpo High, and is adjacent to one of Suwon’s leading academy districts in Mangpo-dong, providing an excellent educational environment. Additionally, neighborhood parks are established throughout the area, offering a pleasant residential life, and transportation and convenience facilities such as Mangpo Station on the Bundang Line, E-Mart Traders (Suwon Shindong branch), and the planned Mangpo Complex Sports Center are well equipped.

The concentration of large construction company brand apartments, which are rarely found in new towns, is another factor expected to create synergy. Generally, new towns or public housing sites are often constructed by mid-sized construction companies rather than large ones. However, Mangpo District, developed through an urban development project, combines a scale comparable to new towns with brand premiums, establishing itself as a rare large brand town in Suwon.

Accordingly, attention is focused on the new complex to be sold in July in Mangpo Zone 4. 'Yeongtong I-Park Castle 3 Complex,' introduced by HDC Hyundai Development Company and Lotte Construction on Block 3, consists of 9 buildings ranging from 2 basement floors to 19 above-ground floors, with a total of 664 households and exclusive areas of 59 to 189㎡. A sales official stated, “Yeongtong I-Park Castle 3 Complex is located at the center of Mangpo District, offering an optimal location for convenient residential life,” adding, “Having already proven its marketability through Complexes 1 and 2, inquiries from buyers are already pouring in.”