Successive Transportation Boons... Rapid Rise as a Transportation Hub in Western Gyeonggi Region

Recently, the western region of Gyeonggi Province, which has been experiencing a series of transportation improvements, is gaining attention as it seeks to transform its image into a transportation hub. As accessibility to Seoul's Gangnam area and other parts of Seoul improves, demand-side perceptions of the western region have significantly reduced psychological distance.

Notably, transportation developments are planned in cities such as Suwon, Hwaseong, and Ansan in Gyeonggi Province, attracting the interest of potential residents. First, the Ministry of Land, Infrastructure and Transport announced in December last year that the contractor for the Suwon-origin KTX direct connection project was selected and construction has begun. This project aims to connect the Gyeongbu Line and the metropolitan high-speed railway, with completion targeted for 2024. As a result, western areas like Suwon and Ansan are expected to become metropolitan transportation hubs.

The Incheon-origin KTX direct connection project involves linking the existing Suin Line and Ansan Line to the Gyeongbu High-Speed Railway (total length 6.2 km). Stations will be installed at three locations: Songdo Station (Suin Line), Choji Station (Ansan Line), and Eocheon Station (Suin Line). After opening, it will be possible to travel from the western Gyeonggi and Incheon areas to Busan and other destinations via KTX without going through Seoul. Once the project is completed by the end of 2024, the travel time from Songdo to Busan is expected to be 2 hours and 40 minutes.

In particular, Eocheon Station in Hwaseong, Gyeonggi Province, has been selected as a stop for the Incheon-origin KTX, making it a double station area served by both the Suin Line and KTX, which is expected to spur regional development due to population inflow.

Additionally, the second metropolitan area ring expressway is currently underway. Construction began in sections from 2005, and all sections started construction last year. The Yangpyeong to Hwado section is scheduled to open in 2022, and the Yangpyeong to Icheon section aims for completion in 2026. The second metropolitan area ring expressway is a 263.4 km circular route starting from Bongdam in Hwaseong, passing through Songsan, Incheon, Gimpo, Paju, Namyangpyeong, Dongtan, and returning to Bongdam. It is expected to dramatically improve accessibility by connecting major areas such as Gimpo, Paju, Dongtan, and Hwaseong in Gyeonggi Province with Incheon in a loop.

Consequently, according to Real Estate 114, apartment transaction volumes in Suwon City reached 22,672 units last year, a 27.9% increase compared to the previous year. Hwaseong City recorded 17,682 units, up 75.5%, and Ansan City had 11,022 units, up 68.0%. Notably, Hwaseong City's average apartment prices rose by 35.3% compared to a year earlier, surpassing the Gyeonggi Province average increase of 25.3%.

An industry insider said, "The western Gyeonggi region, which is 'hot' due to railway developments, still has relatively low entry barriers compared to the southeastern region where housing prices have risen sharply, so quick-moving buyers are rushing to secure properties. There is a growing trend of demand for both resale and new sales in areas expected to benefit such as Suwon, Hwaseong, and Ansan, as buyers look toward future value."

GS Construction (Block 1) and Hyundai Construction (Block 2) plan to launch sales of 'Bongdam Pride City' on multi-family housing sites in Hwaseong City, Gyeonggi Province, this May. Bongdam Pride City will be developed as a large complex consisting of two blocks, with 28 buildings ranging from 4 basement floors to a maximum of 35 floors above ground, totaling 4,034 units with exclusive areas ranging from 59 to 105 square meters.

The complex is well connected to various transportation networks. Nearby are the Bibong?Maesong urban expressway, the second metropolitan area ring expressway (Songsan?Bongdam (planned)?Dongtan), the Seohaean Expressway, and the Suwon?Gwangmyeong Expressway, making travel to other regions by car convenient. In particular, Maebong-ro, adjacent to the Naeri district, allows direct access to Bongdam 2 district, and a new road between Naeri and Sanggiri (Provincial Road 322) on the south side of Naeri district is under consideration, which is expected to further improve transportation conditions.

Additionally, Eocheon Station on the Suin-Bundang Line is located about 3 km from the complex, providing direct access to Incheon, Suwon, Bundang, and Seoul. Especially, Eocheon Station on the Suin-Bundang Line is planned to be developed as a KTX transfer station through the Incheon-origin KTX direct connection project (scheduled for completion in 2024), enabling rapid travel to various regions such as Busan and Mokpo.

The Bongdam Pride City model house is scheduled to open in May. Sales promotion centers are operating in Hwaseong City and Suwon City. Move-in is planned for July 2024.