"Our House Faces Grand Park"...Popularity of Complexes Near Large Parks Rising

As the importance of residential environments increases, complexes adjacent to large parks are gaining popularity in the real estate market. Complexes near large parks offer opportunities for residential life, cultural activities, and leisure, and since commercial districts develop around these parks creating infrastructure, they provide excellent residential convenience, leading to significant price increases. Furthermore, with recent issues such as COVID-19 and fine dust worsening, the popularity of complexes near large parks is expected to rise.

According to the Korea Forest Service, urban forests located in city centers have functions such as climate mitigation, noise reduction, air purification, and providing rest and emotional well-being. Urban forests reduce the average midday summer temperature by 3 to 7℃ and increase humidity by 9 to 23%, offering a natural climate control function that enhances living environments. Additionally, planting along roadsides and living spaces reduces noise and purifies the air through photosynthesis.

As demand for nature-friendly green life complexes rises, the price increase of complexes adjacent to large parks has become prominent. According to KB Real Estate data, the average sale price of an 84㎡ unit in ‘Songdo Art One Prugio’ located in Songdo-dong, Yeonsu-gu, Incheon Metropolitan City (occupied since August 2015) rose by 155 million KRW (from 615 million KRW to 770 million KRW) over the past year (December 2019 to December 2020). This complex is located right in front of Songdo Central Park, which covers approximately 370,000㎡. Songdo Central Park features major facilities such as water taxis, a botanical garden, and terrace gardens.

Complexes adjacent to large parks are also achieving high competition rates and closing first priority subscriptions in the housing market. According to the Korea Real Estate Board’s subscription website, ‘Godeok Artes Misozium’ in Sangil-dong, Gangdong-gu, Seoul (scheduled for occupancy in February 2022) recorded an average first priority competition rate of 537 to 1, with 13,964 applicants for 26 units (excluding special supply) during the subscription in October last year. This complex is located right in front of several parks including Myeongil Neighborhood Park, Gildong Park, and Gildong Natural Ecology Park.

‘Seogwanggyo Park Switzen,’ which received first priority subscriptions in June last year (scheduled for occupancy in May 2023), attracted 7,771 applicants for 226 units (excluding special supply), achieving a competition rate of 34 to 1 and successfully closing first priority subscriptions. This complex is near Yeonam Park, Suwon World Cup Stadium Sculpture Park, and Tongsobawi Park.

GS Construction’s ‘Pyeongtaek Jije Station Xi,’ launching in Pyeongtaek-si, Gyeonggi-do this February, is also attracting attention from buyers as a large park is planned in front of the complex. The Yeongsin Urban Development District, where the complex is located, will be developed over approximately 560,000㎡ and will include infrastructure such as parks, schools, kindergartens, and parking lots. The park is planned to cover about 22,700㎡, and green spaces will make up about 60,000㎡, making it a nature-friendly complex.

As a result, residents of Pyeongtaek Jije Station Xi will be able to move to Pyeongtaek Jije Station via well-maintained walking paths through the planned neighborhood park and green spaces.

The Pyeongtaek Jije Station Xi model house is scheduled to open in Pyeongtaek-si, Gyeonggi-do in February.