The prices of new apartments in Michuhol-gu, Incheon continue to soar. Due to the insufficient supply of new apartments and the expectations for improved living environments from large-scale developments, along with the appeal of undervaluation merits, new apartments are setting record high prices.
According to the Ministry of Land, Infrastructure and Transport's apartment transaction data, the ‘Hillstate Hakik’ in Hakik-dong, Michuhol-gu, Incheon, with an exclusive area of 84㎡, was traded at 664.28 million KRW last month (March), rising by 25.48 million KRW from the previous high of 638.8 million KRW recorded in February. Also, the ‘Incheon SK Skyview’ in Yonghyeon-dong, Michuhol-gu, saw its price peak rise with a contract signed at 680 million KRW in February for an 84㎡ unit.
Prices of existing apartments are also on the rise. According to Real Estate 114 data, the apartment price increase rate in Michuhol-gu, Incheon, was 2.09% last month (March), the highest among Incheon’s autonomous districts, continuing an upward trend for 19 consecutive months since September 2019.
Given this situation, expectations are rising for complexes about to be contracted. The ‘City OCELE 3rd Complex’ launched last month in Michuhol-gu, Incheon, is seeing heightened anticipation among buyers ahead of contracts.
For City OCELE 3rd Complex, the first-priority subscription for the local area held on March 23 attracted 7,136 applicants for 567 units (excluding special supply), recording an average competition rate of 12.59 to 1. Notably, the exclusive 136㎡ penthouse had 122 applicants for 2 units, showing a competition rate of 61 to 1.
City OCELE 3rd Complex consists of 8 buildings (including 2 officetel buildings) ranging from 4 basement floors to a maximum of 46 floors above ground, with 977 apartment units sized 75~136㎡ and 902 officetel units sized 27~84㎡, totaling 1,879 units. A 7,420㎡ cinema will be located on basement floors 2 to 1, and a 33,882㎡ commercial facility will be developed from basement 1 to the 3rd floor within the complex.
The complex boasts excellent transportation conditions as it is located in the immediate vicinity of the planned Hakik Station on the Suin-Bundang Line, which currently passes through without stopping. Especially, Songdo Station, just one stop away from Hakik Station, is scheduled to be developed into the ‘KTX Songdo Station Complex Transfer Center’ through the ‘Incheon KTX Direct Connection Project’ (expected completion by the end of 2024), enabling rapid travel to regional cities such as Busan and Mokpo. Additionally, Songdo Station will be connected to the Wolpan Line (planned) and the Gyeonggang Line, allowing use of the ‘East-West Railway’ linking Incheon Songdo to Gangneung by 2025.
The complex is also surrounded by a well-connected road network. The Neunghae IC of the 2nd Gyeongin Expressway is about 1 km from the complex, and there are abundant wide-area road networks nearby, including the Metropolitan Area 2nd Ring Expressway (between Incheon and Gimpo), Incheon Bridge, Incheon-daero connecting to Gyeongin Expressway, and Aam-daero connecting to the 3rd Gyeongin Expressway, making travel to other regions by car convenient.
Moreover, the large-scale commercial facilities (33,882㎡) and cinema (7,420㎡) within the complex, along with the planned central commercial site (approximately 71,659㎡) and the Incheon Museum Park (planned) facing the complex, provide easy access to convenience and cultural life.
The residential complex is designed mainly with south-facing (southeast, southwest) layouts and a 4-Bay slab-type central design to enhance lighting and ventilation. Inside, features such as dressing rooms, powder rooms, pantries (in some types), alpha rooms (in some types), and various selectable options increase space utilization. Additionally, underground storage is provided for residents to easily store seasonal items.
The community center, located in the central underground area of the complex, will include fitness facilities, a GX room, golf practice range, residents’ caf?, small library, daycare center, sauna & shower rooms, and notably, a multipurpose gymnasium equipped with a climbing zone, allowing residents to enjoy exercise regardless of the season.
City OCELE 3rd Complex consists of 8 buildings (including 2 officetel buildings) ranging from 4 basement floors to a maximum of 46 floors above ground, with 977 apartment units sized 75~136㎡ and 902 officetel units sized 27~84㎡, totaling 1,879 units. By exclusive area, apartments include 124 units of 75㎡A, 83 units of 75㎡B, 299 units of 84㎡A, 231 units of 84㎡B, 68 units of 84㎡C, 170 units of 101㎡, and 2 penthouse units of 136㎡. Residential officetels are composed of 246 units of 27㎡, 164 units of 52㎡, 246 units of 66㎡, and 246 units of 84㎡, offering a variety of floor plans including some small apartment alternatives.
Apartment official contracts will be held for 9 days from April 12 (Monday) to April 20 (Tuesday). Move-in is scheduled for December 2024.
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