Popularity of Apartments Near International Schools Gaining Indirect Benefits from the Abolition Policy of Autonomous and Specialized High Schools

- Soaring Popularity of 'International School Districts' Due to Closure of Autonomous Private High Schools, Sharp Price Increases
- Apartments Near Chadwick International School in Songdo "Prices Have Easily Risen by 100 Million Won"
- 'Godeok New Town Jeil Punggyeongchae 2nd Edu' Scheduled for July Supply Gains Popularity by Securing Spot Next to International School

The government’s policy to abolish autonomous private high schools and specialized high schools is benefiting apartments near international schools. As existing educational institutions such as specialized high schools and autonomous private high schools transition to general high schools, parents seeking the differentiated educational environment of international schools are flocking, driving up popularity.

In November last year, the government announced the “Plan to Resolve High School Hierarchy and Strengthen General High School Educational Capacity,” which includes the full implementation of the high school credit system from 2025 and the conversion of autonomous private high schools, foreign language high schools, and international high schools into general high schools. In February, the Enforcement Decree of the Elementary and Secondary Education Act passed the Cabinet meeting, and in June this year, Daewon International Middle School and Younghoon International Middle School failed the re-designation evaluation by the Seoul Metropolitan Office of Education, bringing the abolition of international middle schools into public discussion.

As international schools emerge as alternatives to autonomous private and specialized high schools, apartments adjacent to international schools have seen steep price increases this year. Songdo International City is a prime example. Major apartments in the international business district where Chadwick International School is located have seen premiums reaching hundreds of millions of won.

According to the Ministry of Land, Infrastructure and Transport’s actual transaction price system, Songdo The Sharp 14th Complex Harbor View (292 households, occupied since April 2011), with an exclusive area of 84㎡ adjacent to Chadwick International School, was traded at a maximum of 450 million KRW in November last year but rose to 595 million KRW in May this year. The Sharp Green Walk Phase 2 (665 households, occupied since August 2014), also with an exclusive area of 84㎡, increased from 558 million KRW to 660 million KRW during the same period.

Competition for subscription is fierce. The Sharp Central Park Phase 3 in Songdo (351 households), supplied in September last year, recorded a competition rate of 206 to 1. Two complexes supplied at the same time, The Sharp Prime View (F20-1, F25-1) in Songdo (662 households and 164 households), recorded competition rates of 115 to 1 and 104 to 1, respectively. In June this year, The Sharp Songdo Centennial (F19-1, 342 households) closed first priority with a competition rate of 143 to 1. These complexes allow commuting to Chadwick International School and are close to the site of Songdo’s second international school, attracting significant demand.

Real estate expert Mr. A explained, “Locations adjacent to quality educational environments such as international schools have abundant latent demand, resulting in strong downward price rigidity. They have great potential for price increases during booms and minimal declines during recessions, making them representative safe assets.”

Amid soaring popularity of apartments near international schools, ‘Godeok New Town Jeil Punggyeongchae 2nd Edu’ is scheduled for sale this month. The A41 block where the complex will be supplied is located such that crossing just one intersection leads directly to the planned Edu Town, where international schools and other school districts will be located, allowing easy commuting.

The ‘Godeok New Town Edu Town’ to be developed in front of the complex is an education-specialized zone of approximately 167,000㎡. It plans to establish kindergartens, elementary, middle, and high schools, including international schools. This is the second new town Edu Town introduced by Gyeonggi Urban Innovation Corporation, which successfully developed the Edu Town in Gwanggyo New Town. It is considered a core project of the second phase of Godeok New Town development.

Foreign universities are also planned to be established in Godeok New Town in the future. An international exchange complex covering about 1,074,000㎡ in the Yulpo-ri area of Godeok-myeon, north of Edu Town, is planned to attract foreign universities ranked within the top 200 worldwide. Along with foreign universities, exclusive detached and multi-family housing for foreigners, theme parks, and international exchange centers will be built. Additionally, an elementary school is planned right next to the complex, making it a ‘Chopuma’ apartment (an apartment within walking distance to an elementary school), expected to be the most preferred among nearby apartments by consumers.

‘Godeok New Town Jeil Punggyeongchae 2nd Edu,’ located in the international school school zone, is equipped with lifestyle infrastructure befitting its premium educational environment. A BRT station will be established near the complex, and nearby facilities such as the ‘Pyeongtaek Arts Center’ and libraries are planned. Hambaksan Neighborhood Park (approximately 670,000㎡) will also be developed. Proximity to major workplaces such as Samsung Electronics Godeok Industrial Complex, known as the world’s largest semiconductor manufacturing plant, Pyeongtaek Brain City (planned), and Godeok New Town Administrative Town (planned) is expected to generate strong demand for live-work convenience.

‘Godeok New Town Jeil Punggyeongchae 2nd Edu’ will be developed with 9 buildings from basement level 1 to ground level 25, totaling 877 households. It consists of one type of 75㎡ with 138 households and three types of 84㎡ totaling 739 households. ‘Godeok New Town Jeil Punggyeongchae 2nd Edu’ will open its model house this month and begin full-scale sales. The model house is located at 623-4 Jukbaek-dong, Pyeongtaek City.