- Airport Railroad High-Speed Project, Midan City Development Resumption, Inspire Complex Resort, 3rd Yeonryuk Bridge and Other Large-Scale Development Boons Bring Positive Momentum to Yeongjongdo Real Estate Market
- Hangang Group Draws Attention by Supplying the Largest Officetel in Yeongjongdo within Yeongjong International City
The real estate market in Yeongjongdo, where Incheon International Airport is located, is stirring. Currently, significant development projects are underway in Yeongjongdo, and the high future value associated with these projects appears to be reflected in the real estate market.
Following the announcement of the 4th National Railroad Network Construction Plan by the Ministry of Land, Infrastructure and Transport's Railway Industry Committee last month, an express train project is being promoted to deploy high-speed vehicles capable of 150 km/h on the airport railroad line connecting Incheon Airport to Seoul Station. With the airport railroad high-speed upgrade, it is expected to take about 30 minutes to travel from Incheon Airport to Seoul Station.
Additionally, news has been announced about the resumption of the Midan City development project in Yeongjongdo, Jung-gu, Incheon, which had been stalled for over 10 years. On June 30, the Incheon Free Economic Zone Authority (IFEZ) officially announced the 'Approval of Midan City Development Plan and Implementation Plan Changes,' including changes to the project implementer and infrastructure plans.
The Midan City development project involves creating a complex integrating various cultures such as residential, leisure, and business on a 2,713,000㎡ site in Unbuk-dong, Jung-gu, Incheon, with a project cost of 1.0687 trillion KRW. Last year, the project name was changed from Midan City to Golden Terra City.
According to the approved plan, the project implementer has changed from a joint venture between Incheon Urban Corporation (iH) and Midan City Development Co., Ltd. to iH solely. iH secured the sole project implementer status by winning an international arbitration among Midan City shareholders. Accordingly, iH is expected to accelerate the previously delayed Midan City project and proceed with development.
The large-scale casino and complex resort construction, delayed due to the direct impact of COVID-19, is also showing signs of resuming in the second half of the year. In particular, the Inspire Complex Resort received final approval for its project plan change from the Ministry of Culture, Sports and Tourism in April and is scheduled to open in June 2023.
The Inspire Complex Resort will include a 5-star hotel consisting of three towers with 1,256 rooms, a 15,000-seat arena (multipurpose performance hall), convention facilities, a foreigner-only casino, and a 70,000㎡ outdoor themed space called Family Park. The first phase facilities, including the hotel, arena, convention facilities, and foreigner-only casino, will be built on the 4,367,000㎡ IBC-Ⅲ site, with an investment of approximately 1.5 trillion KRW. Incheon International Airport Corporation expects this project to generate a production inducement effect of 5.8 trillion KRW and a value-added inducement effect of 1.8 trillion KRW.
Furthermore, Yeongjongdo is one of the three international cities under the Incheon Free Economic Zone, and it is expected to attract foreigners and revitalize the economy according to the aviation logistics industry development plan. The third Yeongjong Bridge, connecting Yeongjongdo, Cheongna, and Ru-Won City, is scheduled for completion in 2025, which is expected to boost investment attraction in Yeongjong and Cheongna international cities. Notably, the third Yeongjong Bridge is the third sea bridge connecting Yeongjongdo to the mainland and has been a long-awaited project for local residents, having seen no progress for the past 14 years.
Moreover, Israel Aerospace Industries (IAI), a comprehensive aerospace defense company, has selected Incheon International Airport as its first overseas base for Boeing 777 MRO (maintenance, repair, and overhaul), positioning Incheon Airport to become an integrated 'aviation MRO complex,' which is expected to bring additional benefits.
These successive development projects appear to be positively impacting the Yeongjongdo real estate market. The 'Yeongjong Sky City Xi' apartment in Jungsan-dong, Jung-gu, known as the leading apartment in Yeongjongdo, recorded a new high price of 660 million KRW for a 91㎡ unit in June. Compared to the 518 million KRW sale in February, the price increased by 142 million KRW in just four months.
An industry insider said, "With the airport railroad high-speed upgrade, Midan City, Inspire Complex Resort, and the third Yeongjong Bridge steadily progressing, interest from local residents and external investors is rising. Once these development projects are completed, the value of Yeongjongdo is expected to be different from now, so it would be wise to pay attention to Yeongjongdo real estate from now on to enjoy the development premium."
Meanwhile, Hangang Group is attracting attention with 'Yeongjong Duclass Unseo Station,' the largest officetel in Yeongjong International City, the central location of Yeongjongdo, Incheon, currently offering first-come, first-served unit designation contracts. The complex will be built in Jung-gu, Incheon, with 5 basement floors and 20 above-ground floors, comprising 624 officetel units: 302 studio-type, 302 1.5-room type, and 20 two-room type units. Various floor plans broaden the choices for demanders, and full-furnished facilities enhance residents' convenience.
As a project presented by Hangang Group, which has successfully completed numerous projects, the complex boasts excellent product quality. It offers 640 self-parking spaces, allowing one vehicle per unit, overcoming the common shortfall of parking spaces in existing officetels.
Additionally, the complex provides various services for residents. To reduce financial burdens, it offers full interest-free benefits on intermediate payments. Officetels with a standard market price below 100 million KRW are not counted as housing units, so there is no concern about acquisition tax surcharges, and loans of up to 70% are available. Furthermore, a maximum 10-year rental guarantee system and a free shuttle bus exclusively for residents will be operated.
Yeongjong Duclass Unseo Station boasts excellent transportation conditions. It is located within a 5-minute walk from Unseo Station on the Airport Railroad, offering convenient transport. Using the Airport Railroad, it takes about 30 minutes to Gimpo Airport and 50 minutes to Seoul Station. With the airport railroad high-speed upgrade (4th National Railroad Network Construction Plan), it will be possible to reach Seoul Station within 30 minutes. The 2nd Gyeongin Expressway, Yeongjong Bridge, and Incheon Bridge provide easy car access to Seoul and the entire metropolitan area.
The commercial infrastructure is also solid. Residents can enjoy walking access to the central area of Yeongjongdo Airport New Town, including Lotte Mart and Megabox. Moreover, as the largest officetel in Yeongjongdo, it is advantageous for reducing management fees, and it features a high-end exterior design fitting its scale, differentiating it from other complexes.
Meanwhile, the model house for Yeongjong Duclass Unseo Station is located in Yeongdeungpo-gu, Seoul, and operates by appointment only to prevent the spread of COVID-19.
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