Optimal Residential Space for the Eco-Friendly Era... Apartment Sales Near 'Hosugongwon' Lake Park Attract Attention

Driving Up Housing Prices and Increasing Added Value, Enhancing Quality of Life with Rest and Leisure Spaces

Prospective buyers are showing keen interest in new apartments near lake parks that greatly enhance residential prestige. These living spaces, which offer access to waterfront relaxation areas, are gaining attention as optimal residences in the stifling COVID-19 era.

According to real estate market analysis firm Real Estate Info, new apartments are being offered in areas such as Osan, Suwon, and Gunsan, where lakes have already been established or are planned. As supply around new town lake parks concludes, many apartments near urban centers or housing districts are expected to benefit from waterfront premiums.

The lake park areas, centered around new towns, are experiencing notable home price increases due to word-of-mouth about their pleasant living environments. For example, the 84㎡ unit of ‘Jungheung S-Class’ right next to Suwon Gwanggyo Lake Park (1.7 million㎡) was traded for 1.62 billion KRW on April 16, leading the local market. It is about 200 million KRW more expensive than apartments adjacent to Gwanggyo Jungang Station (Shinbundang Line), indicating that the benefits of the lake outweigh those of proximity to transit stations.

In Dongtan 2 New Town, ‘HouseD The Lake’ right in front of Dongtan Lake Park (460,000㎡) set a record price of 890 million KRW in January this year. It is about 150 million KRW higher than apartments farther from the lake. Similarly, areas around lakes in Incheon Cheongna, Gimpo, and Sejong have been found to have apartments priced 100 to 200 million KRW higher than surrounding properties.

Real Estate Info’s Research Team Leader Kwon Il said, “The addition of beautiful waterfronts, beyond just green spaces, greatly contributes to rising home prices and allows residents to enjoy a healthy lifestyle, making these areas more popular as residential spaces suited for the post-COVID era.” He added, “Moreover, lake park areas are likely to play a central role in local culture through the formation of commercial districts and hosting various events.”

Upcoming apartment sales are also expected to enjoy the premium benefits of lake parks. For instance, Posco Construction’s ‘The Sharp Osan Elifore,’ scheduled for sale in May in Osan, Gyeonggi Province, is located right next to a planned 800,000㎡ Central Park (including a sports park, lawn plaza, and outdoor waterfront stage) as part of the 2035 Osan Urban Master Plan. This park will be larger than the combined Dongtan Lake Park (about 460,000㎡) and Dongtan Central Park (about 300,000㎡). Additionally, The Sharp Osan Elifore draws attention for being included in the April-announced ‘4th National Railroad Network Plan,’ which features an extension of the Bundang Line connecting Giheung to Osan. Once extended, residents will be able to reach Gangnam and Bundang without transfers.

[The Sharp Osan Elifore Bird's-eye View]

Furthermore, new housing supply is planned around lake parks in Gyeonggi’s Suwon, Dongtan 2 New Town, and Gunsan. In Daejeon, the development of Gapcheon Lake Park (about 420,000㎡) is underway, with the nearby Gapcheon 2 Block (954 households) expected to benefit as a favored complex.