GS Construction Launches 'Songdo Xi Crystal Ocean' in Songdo International City with High Residential Comfort

Despite consecutive regulations, the real estate market in Songdo International City, Incheon, heated up significantly over the past year.

Thousands of people flocked to apply for new apartment subscriptions, resulting in high competition rates, and consequently, subscription scores have soared dramatically. Experts analyze this situation as a deepening phenomenon of owning a “smart single property,” with demand concentrated in Songdo, one of the popular areas in the Seoul metropolitan area.

According to the Korea Real Estate Board’s Subscription Home, “The Sharp Songdo Centennial,” which accepted applications in June, received about 27,000 subscription applications for 190 units, recording an average competition rate of 143.4 to 1, with the highest subscription score reaching 79 points.

As Songdo enters the final stages of development, the high scarcity of new housing supply attracted a large crowd. “Hillstate Lake Songdo Phase 3,” which accepted applications in June, closed its first-priority subscription with 28,000 subscription applications, achieving a competition rate of 44.74 to 1.

The average apartment sale price also surged sharply. According to KB Live On’s apartment price statistics per unit area, the average apartment price in Songdo-dong, Yeonsu-gu, Incheon, in August was 17.45 million KRW per 3.3㎡, about 3 million KRW higher than the same month last year (14.52 million KRW). This figure is also about 4 million KRW higher than the average sale price in Yeonsu-gu in August 2020 (13.13 million KRW).

Songdo is considered a blue-chip area in the metropolitan region due to its high residential comfort. With the housing market recently shifting toward actual residence due to regulations, demanders place high value on a pleasant environment. According to the “2025 Future Housing Trend Report” published by the Housing Industry Research Institute, comfort (35%) ranked first as a factor in choosing housing in the future. Moreover, new town demanders tend to select residential areas with a pleasant environment suitable for raising children, so experts predict Songdo’s value will continue to rise.

Additionally, the resumption of development in the Songdo International Business District (hereinafter IBD) and the creation of the Landmark City district are adding vitality to the Songdo real estate market. The IBD, located in districts 1 and 3, is considered the center of Songdo as it houses schools and convenience facilities, with additional new sales and office facilities being expanded. Furthermore, the Landmark City district is expected to significantly expand Songdo’s living area following the IBD, as it is evaluated as a premium residential location with high comfort and various views.

An industry insider said, “Songdo, developed as a new town with a pleasant residential environment and high preference, attracts many applicants whenever new complexes are supplied due to various development benefits. Despite being a speculative overheating district, interest in apartments supplied in Songdo is expected to continue because of its excellent location.”

Meanwhile, GS Construction’s newly launched “Songdo Xi Crystal Ocean” in Songdo International City has opened its cyber model house and started its sales schedule, drawing attention.

The complex will be located in Yeonsu-gu, Incheon, consisting of 9 buildings (7 apartment buildings and 2 terrace house buildings) ranging from basement level 1 to 42 floors above ground, with a total of 1,503 units. In response to the COVID-19 era and increased indoor living time such as telecommuting, the complex mainly consists of medium to large units (84?205㎡), which have become a housing trend.

Songdo Xi Crystal Ocean is situated in an eco-friendly location with excellent natural views within the Songdo Landmark district. Most unit types (except some lower-floor units) offer sea views, and the complex will feature landscaping four times the size of a soccer field. Additionally, the Landmark City Lakefront Park 1 (planned), a 4.2 km coastal promenade?the largest in Songdo?will be directly connected to the complex, expected to attract demanders’ interest.

Moreover, the sky bridge community (including the Sunset Lounge and Book Salon), designed for the first time in Songdo, will offer refreshing sea views. Nearby, the complex is surrounded by abundant natural environments such as the waterfront, Jack Nicklaus Golf Club, and Neighborhood Park No. 13, maximizing residential comfort.

The complex is a “Hakpum-a” apartment with elementary and middle school sites planned right in front, and a high school nearby. It also offers excellent educational environments in Songdo, considered an education special zone, with Chadwick Songdo International School, POSCO Autonomous Private High School, and Incheon Science and Arts Gifted School nearby.

A Songdo real estate official said, “Since GS Construction is directly handling the project from land acquisition to construction, expectations in the area are high,” adding, “Inquiries about the complex have been steadily coming in even before the sales started.”

Meanwhile, Songdo Xi Crystal Ocean will begin special supply on the 27th, followed by first-priority subscription on the 28th. The announcement of winners is scheduled for February 4, and official contracts will be conducted at the model house from February 22 to March 5. The expected move-in date is June 2024.