‘Hanam Line’ Double-Track Subway Fully Opening on the 27th in Sinjang District
"30 Minutes to Jamsil... Increased Urban Accessibility Attracts Real Demand"
[Hanam=Asia Economy Reporter Ryu Tae-min] "Once the extension line opens, Jamsil will be just 30 minutes away. The transportation and residential environment are better than most outskirts of Seoul, so its popularity is bound to increase." (Representative of A Real Estate Agency in Sinjang-dong, Hanam-si, Gyeonggi Province)
On the afternoon of the 24th, it took the reporter just over an hour to reach the central commercial area of Sinjang District in Hanam-si, Gyeonggi Province, by city bus from Seoul Jamsil Station. Lee Soo-min (39), a resident who has lived here for five years, said, "Until now, the subway had not been opened, so it was very inconvenient to go to central Seoul areas like Gangnam."
Residents in the Sinjang District area visited that day welcomed the full opening of the Seoul Subway Line 5 extension section, the ‘Hanam Line,’ scheduled for the 27th of this month. Using the subway will reduce travel time to Jamsil Station to about 30 minutes, and commuting to the Gangnam Station area will be possible within 50 minutes.
Phase 2 Opening Includes Gangil Station Stop... Improved Transportation Convenience
The Hanam Line double-track railway is a project jointly promoted by Seoul City and Gyeonggi Province since 2013, with a total project cost of 981 billion KRW. The line extends from Sangil-dong Station, the previous terminus of Line 5, to Hanam Geomdansan Station to improve transportation convenience for local residents.
The Hanam Line double-track railway began operating the first phase section on August 8 last year, and the second phase line has now been additionally extended. Gangil Station, which was included in the first phase section, will open simultaneously with the second phase.
84㎡ Complex Near Station Surpasses 1 Billion KRW... Jumped 200 Million KRW in Half a Year
Recently, this optimism has been fully reflected in housing prices. The sale prices of new apartments near the newly established Hanam City Hall Station and Hanam Geomdansan Station have risen sharply, with some complexes surpassing apartment prices in the outskirts of Seoul. According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, an 84.99㎡ (exclusive area) unit in Hanam Union City Eilin's Garden was traded for 1.067 billion KRW last month, marking the first time a small-to-medium apartment in the area exceeded 1 billion KRW. This complex is located within 500 meters of the new Hanam Geomdansan Station.
Similarly, an 84.94㎡ unit in Hanam The Sharp Central View near Hanam City Hall Station was traded for 1.01 billion KRW last month, setting a new record. Considering that it was traded in the high 700 million KRW range as recently as August last year, the price has risen by more than 200 million KRW in half a year. The 84.96㎡ unit in Hanam Pungsan I-Park Complex 1 also showed a price increase of 150 to 200 million KRW during the same period, approaching the 1 billion KRW mark.
Nearby Complexes Also Near 1 Billion KRW... Positive Impact from Line 3 Extension to Hanam City Hall Station
Prices of older apartments in the area are also rising. For example, an 84.83㎡ unit in Daemyeong Riverside Town, built in 2007, was traded for 900 million KRW in January, up by about 150 to 200 million KRW compared to six months ago. Changwoo Dream Hill Sinan’s 84.96㎡ unit also recorded a new high, trading for 800 million KRW last month.
A representative from B Real Estate in the area said, "Many end-users are flocking due to the news of the Line 5 extension opening," adding, "If the Line 3 extension project to Hanam City Hall Station is confirmed, the future value is expected to increase even more."
Ham Young-jin, head of the Zigbang Big Data Lab, explained, "In the case of Sinjang District, the series of transportation benefits have increased accessibility to the city center, making it popular," adding, "Not only have Misa and Pungsan districts been developed nearby, but the entry of the Gyo-san New Town is also planned, so asset values are expected to rise further."
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