Must-Note Essential Complex for Buying a Home: City Ociel Phase 1

- Incheon Records Highest Apartment Price Increase Rate of 6.78% Among Nationwide Cities and Provinces This Year, Compared to 4.32% National Average
- Increased Interest in Local Housing Sales Due to Many Transportation Benefits Including Extension Opening of Subway Line 7 on the 22nd

The Incheon pre-sale market is once again attracting attention. This year, apartment prices have risen the most nationwide, maintaining strong interest from buyers and consequently increasing attention on the pre-sale market.

According to a survey by Real Estate 114, among all cities and provinces nationwide, Incheon Metropolitan City recorded the highest apartment price increase this year. Analyzing the average apartment prices from January to April across 17 cities and provinces, the national average rose by 4.32%, with Incheon (6.78%), Gyeonggi (6.59%), Daejeon (5.94%), and Chungbuk (4.69%) leading the increase above the national average.

The region with the highest apartment price increase has changed annually over the past five years since 2017. In 2017 and 2018, Seoul led the nationwide apartment market due to reduced supply, while in 2019, Daejeon topped the list with a 16.69% increase driven by supply shortages and the halo effect of Sejong City.

In 2020, Sejong City surged by 61.15% due to the administrative capital relocation benefit, and in 2021, Incheon’s upward trend stood out, influenced by transportation network improvements and perceptions of relative undervaluation.

In fact, the recent Incheon pre-sale market has been closing first priority subscriptions with high competition rates due to strong interest. In March, the first phase of City O Ciel, ‘City O Ciel Phase 3,’ received 7,136 applications for 567 units (excluding special supply) in the first priority subscription from the relevant area (Incheon), resulting in a highest competition ratio of 61:1 and an average of 12.59:1.

A real estate expert stated, “Since this year, urban development projects have been actively progressing in Incheon, causing apartment prices to rise sharply and sustaining intense interest in the area. With ongoing transportation benefits and steadily increasing demand, first priority subscription closures continue, so interest from both actual buyers and investors in the Incheon pre-sale market is expected to remain strong for some time.”

Currently, Incheon is experiencing a series of development benefits, including the extension of Incheon Subway Line 1, the extension of Seoul Subway Line 7, and the development of the KTX Songdo Station complex transfer center.

[Incheon Yonghyeon Hakik 1-Block Urban Development Project ‘City OCELE’ Bird's-eye View]

Among these, the project that draws the most attention from buyers is ‘City O Ciel,’ a newly developed premium complex city representing Incheon. Following the successful pre-sale of ‘City O Ciel Phase 3’ in March, ‘City O Ciel Phase 1’ opened its model house on the 4th and has started full-scale pre-sales, continuing to attract strong interest.

‘City O Ciel Phase 1’ is planned to be located in Michuhol-gu, Incheon, consisting of 8 buildings ranging from 2 basement floors to 42 floors above ground, with apartment units ranging from 59 to 126 square meters, totaling 1,131 households.

The urban development project brand for Incheon Yonghyeon Hakik 1 Block, where ‘City O Ciel Phase 1’ will be built, is ‘City O Ciel.’ The ‘O’ symbolizes harmony and center (Optimal, Origin), while ‘CIEL’ means sky (the highest) in French. It signifies the best city under the sky where nature and people, city and culture harmonize, becoming a new center with convenient transportation and abundant infrastructure. The project implementer DCRE and the consortium of construction companies HDC Hyundai Development Company, Hyundai Engineering & Construction, and POSCO Construction plan to invest about 5.7 trillion KRW by 2025 in a 1,546,747 square meter area in Michuhol-gu, Incheon, to build approximately 13,000 housing units along with schools, parks, offices, commercial, public, and cultural facilities, transforming the area into a new complex cultural city.

‘City O Ciel Phase 1’ boasts an excellent location that allows residents to enjoy various infrastructures within a short distance.

First, the transportation environment is outstanding. The Suin-Bundang Line’s Hakik Station is scheduled to open, enabling easy access not only within Incheon but also to Seoul and Gyeonggi areas via Hakik Station. The Suin-Bundang Line will connect with many metropolitan subway lines, including Line 1, Incheon Subway Line 1, the planned Wolpan Line, and Line 4. Additionally, Songdo Station on the Suin-Bundang Line, just one stop from Hakik Station, is being developed into the KTX Songdo Station complex transfer center, which will further improve regional transportation conditions. Using KTX from Songdo Station, the Incheon KTX direct connection project (linking Suin-Bundang Line’s Eocheon Station and the Gyeongbu High-Speed Railway) will connect to the Gyeongbu Line, enabling faster travel to the southern region.

Moreover, the area is close to major road networks such as the 2nd Gyeongin Expressway, the Metropolitan Area 2nd Ring Expressway (between Incheon and Gimpo), Incheon Bridge, Gyeongin Expressway-connected Incheon-daero, and the 3rd Gyeongin Expressway-connected Aam-daero, making it convenient to travel to other regions by car.

A one-stop lifestyle is also achievable, allowing residents to enjoy various cultural and commercial facilities within a short distance. The ‘Incheon Museum Park,’ the first of its kind in Incheon, is planned within the City O Ciel project site, and a large-scale central commercial site (about 70,000 square meters) will host various shopping and convenience facilities.

Residents can also enjoy a healing lifestyle with pleasant natural surroundings in the city. City O Ciel will feature nine parks (six cultural parks, two neighborhood parks, and one children’s park) and a grand park of about 370,000 square meters, providing a comfortable living environment. Especially, ‘City O Ciel Phase 1’ will have a neighborhood park nearby, making it easier to enjoy eco-friendly nature.

As the project is constructed by three of South Korea’s leading brands, ‘City O Ciel Phase 1’ boasts excellent product quality. The complex is mainly oriented southward (southeast, southwest) and designed with a 4Bay slab-type central layout (except for some types) to enhance natural lighting and ventilation.

A safe park-type design without cars on the ground will be applied, with a low building coverage ratio of about 14%, and landscaping will be linked with the adjacent neighborhood park (planned) to create a pleasant residential environment. A central park will be created in the middle of the complex, and in line with the increasing pet population trend, a ‘pet playground’ will be installed within the complex. Additionally, landscaping and auxiliary facilities such as children’s playgrounds, toddler playgrounds, auxiliary gardens, and resident exercise facilities will be provided throughout the complex.

The pre-sale schedule starts with special supply applications on the 15th (Tuesday), followed by first priority subscription for the relevant area on the 16th (Wednesday), first priority subscription for other areas on the 17th (Thursday), and second priority subscription on the 18th (Friday). Winners will be announced on the 24th (Thursday), and official contracts will be signed over 10 days from July 7th (Wednesday) to July 16th (Friday).

Model house visits will be operated by prior reservation only to prevent the spread of COVID-19 and ensure strict quarantine measures. Details regarding reservations can be found on the City O Ciel Phase 1 website.

The ‘City O Ciel Phase 1’ model house is located in Michuhol-gu, Incheon, and move-in is scheduled for March 2024.