The government’s successive announcements of real estate policies focused on the housing market have raised the threshold for securing a home even higher. As housing difficulties have emerged as a social issue, apartment prices in Seoul and the metropolitan area have soared vertically.
In this context, small apartments are set to be newly supplied in Jongno-gu, where the supply shortage has recently intensified, for the first time in seven years, attracting significant attention. The highlight is the small apartment “Sinseoldong Station Avenue Cheonggye I,” which offers the possibility of purchasing a home at prices lower than market value.
Sinseoldong Station Avenue Cheonggye I, with Sookmyung Comprehensive Construction Co., Ltd. and JL Construction Co., Ltd. responsible for development and construction respectively, is located in Jongno-gu, Seoul. It consists of 99 apartment units, 40 officetel units, and 28 neighborhood living facilities, spanning from three basement floors to 16 above-ground floors.
The complex features apartments on floors 7 to 16 with four types of units ranging from 21㎡ to 39㎡ of usable area, including 1-room, 1.5-room, and 2-room layouts, broadening the selection for potential residents. Additionally, officetels occupy floors 3 to 6, and neighborhood living facilities are located from basement level 3 to above-ground level 2.
Jongno-gu, the project site, is an area with many apartments over 10 years old and is highly preferred for residential purposes, yet it suffers from a severe supply drought. Consequently, apartment transactions in Jongno-gu have steadily increased, and Sinseoldong Station Avenue Cheonggye I, the first small apartment complex to be introduced in seven years, is raising expectations even before its sale.
According to the Ministry of Land, Infrastructure and Transport’s actual transaction price system, as of April 2021, the price per exclusive area, which was 16.74 million KRW in 2010, reached 31.19 million KRW in 2020, nearly doubling, with the market price continuing to soar.
Sinseoldong Station Avenue Cheonggye I, a valuable product offering home ownership and rental business opportunities at reasonable prices compared to market value, is receiving favorable reviews from many office workers due to its excellent location.
Based on the triple station area of Sinseoldong Station on Lines 1, 2, and the Ui-Sinseol Line, it offers a fully equipped transportation environment allowing access to City Hall Station and Seoul Station in about 10 minutes and Gangnam-gu Office Station in about 29 minutes. Moreover, with approximately 29 bus routes, movement within central Seoul is convenient. Access to the Inner Circular Road?Gangbyeonbuk-ro or the Outer Circular Expressway, as well as Dongbu Expressway?Bukbu Expressway or Gangbyeonbuk-ro, is also easy.
Therefore, with proximity to central business districts such as Gwanghwamun, Jongno, and Euljiro, it offers a live-work environment close to major corporate headquarters in Jongno and the Gwanghwamun area, as well as institutions like Korea University, Seoul National University Hospital, and Korea University Hospital, securing a rich rental demand of over 260,000 people, minimizing concerns about vacancies.
Sinseoldong Station Avenue Cheonggye I, where various living infrastructures are already established within walking distance, allows for a convenient daily life. Within a radius of 200m to 1km, there are E-Mart, Dongdaemun Shopping Mall, university hospitals, and universities, and the pleasant environment of Cheonggyecheon, located just a one-minute walk from the complex, is nearby. The Cheonggyecheon waterfront park, with a total length of 10.84 km, serves as a promenade with various events and attractions, providing residents with leisure and relaxation space.
Sinseoldong Station Avenue Cheonggye I, which carries the premium of the development hotspot where major urban development projects such as the Changsin-Sungin urban regeneration project are progressing smoothly, is expected to transform into a key residential area in the eastern region with the continuous development projects around Hwanghak-dong since 2011 and the upcoming openings of the Dongbuk Line, Ui-Sinseol Line, Gangbuk Line, Myeonmok Line, and GTX-B/C lines, signaling a significant increase in future value.
A sales representative stated, “Given the central commercial district of Sinseoldong, transportation and urban development benefits, and excellent transportation, residential demand is expected to continue to rise steadily, so we anticipate early sell-out news for Sinseoldong Station Avenue Cheonggye I,” adding, “We hope people do not miss the opportunity to capture both the current and future development premiums of the largest urban development plan in downtown Seoul.”
Korea Trust is serving as the trustee, enhancing reliability, and the housing exhibition hall for Sinseoldong Station Avenue Cheonggye I is located in Jongno-gu, Seoul. Related inquiries are also available via the main phone number.
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