Housing Complexes Benefiting from the 'Incheon-Origin KTX Direct Connection Project'

With the Incheon-origin KTX direct connection project set to begin construction this year, real estate markets in the regions expected to benefit after its opening have started to stir again due to rising expectations for improved convenience. The project has been gaining momentum, with preliminary construction starting last December, drawing significant interest from potential buyers.

On April 13, the Ministry of Land, Infrastructure and Transport approved the implementation plan for the 'Incheon-origin KTX Direct Connection Project,' which will connect the Suin Line with the Gyeongbu High-Speed Railway for the Incheon and Gyeonggi-do areas of Ansan and Hwaseong. The project involves linking the Suin Line and the Gyeongbu High-Speed Railway and constructing or expanding three stations: Suin Line Songdo Station, Chojik Station, and Eocheon Station. The goal is to complete construction in 2024 and open in 2025. Upon opening, travel time from Incheon Songdo Station to Busan Station is expected to be about 2 hours and 20 minutes, and from Songdo Station to Mokpo Station about 2 hours and 10 minutes.

In particular, the convenience of travel is expected to improve significantly for Incheon residents, who until now had to travel to Seoul Station or Gwangmyeong Station to use the KTX, as they will soon be able to connect directly to the KTX within Incheon.

Industry experts anticipate that the real estate markets around the three stations highlighted by the Incheon-origin KTX opening will be stimulated. For example, when the KTX-Eum line connecting Cheongnyangni Station and Andong Station opened in January, the real estate value in Jeonnong-dong, Dongdaemun-gu, Seoul, where Cheongnyangni Station is located, surged significantly. According to Real Estate 114, the average apartment price in Jeonnong-dong rose by 27.1% in January compared to the previous year. This is about three times higher than the 9.2% increase recorded in January 2020.

Earlier, in December 2017, when the KTX Gyeonggang Line passing through Cheongnyangni Station opened, apartment prices in Jeonnong-dong rose by 11.1% the following month, marking the area's first double-digit increase. The opening also influenced the subscription market; for instance, the 'Cheongnyangni Station Lotte Castle SKY-L65' (scheduled for occupancy in July 2023), the first to be sold after the KTX opening, recorded a competition rate of 16.5 to 1 in the first-priority subscription. This is a significant difference compared to pre-opening sales such as 'Raemian Jeonnong Crecity' at 1.4 to 1 and 'Dongdaemun Lotte Castle Noblesse' at 5.1 to 1.

Among the areas near the stations expected to directly benefit from the Incheon-origin KTX direct connection project, the upward trend in Songdo-dong, Yeonsu-gu, where Songdo Station is located, stands out. In Songdo-dong, the average apartment price rose by 3.5% in January compared to December last year when construction began. Additionally, in the first quarter of this year, the average apartment sale price surpassed 20 million KRW per 3.3㎡ for the first time, reaching 20.12 million KRW.

Moreover, the KTX benefit at Songdo Station is also influencing Yonghyeon-dong, Michuhol-gu, just one station away. Yonghyeon-dong is also expected to benefit, with average apartment prices rising 3.4% in January compared to December last year. According to the Ministry of Land, Infrastructure and Transport's actual transaction data, the 'Incheon SK Skyview' (occupied since June 2016) in Yonghyeon-dong saw the actual transaction price for an 84㎡A unit increase from 585 million KRW (16th floor) in December last year to 670 million KRW (16th floor) in February this year, rising by 85 million KRW within two months after the KTX construction announcement.

An industry insider said, "The KTX benefit greatly improves accessibility to other regions, enhancing travel convenience and expanding living areas, which in turn influences population inflow and is closely related to the rise in housing market values. The Incheon-origin KTX direct connection project will resolve the inconvenience faced by residents in Incheon, Ansan, and Hwaseong, areas that have had difficulty accessing high-speed rail, by enabling direct KTX train operations. This is expected to revitalize the relatively underserved real estate markets in these regions."

The GS Construction consortium plans to launch the private-participation public sale apartment complex 'Yonghyeon Xi Crest' through a residential environment improvement project in Michuhol-gu, Incheon, in April. The complex will consist of 17 buildings ranging from two basement floors to 34 floors above ground, with units sized between 59 and 84㎡, totaling 2,277 households. Of these, 1,499 units will be available for general sale, excluding priority supply to local residents.

Yonghyeon Xi Crest is a station-area complex within walking distance of Inha University Station and Sungui Station on the Suin-Bundang Line. Since Songdo Station is just one stop further from Inha University Station, residents can benefit from the Incheon-origin KTX direct connection project. Additionally, the complex is close to major road networks such as Incheon-daero connected to the Gyeongin Expressway, the Second Gyeongin Expressway, and the Metropolitan Area Second Ring Expressway (between Incheon and Gimpo), providing excellent vehicle access to Seoul and the metropolitan area. Furthermore, the 'S-BRT project,' connecting the 9.4 km section from Inha University to Luwon City Intersection, is underway.

Within a 1.5 km radius of the complex are convenience and cultural facilities such as Homeplus (Inha and Sungui branches), Yonghyeon Market, Inha University Hospital, Incheon Veterans Hospital, community centers, Michuhol-gu Office, Dowon Indoor Gymnasium, and CGV, offering a convenient living environment. Additionally, Yongjeong Neighborhood Park and Subong Park are within walking distance, providing opportunities for leisure activities.