‘Bandalseom Lumini’ Expected to Benefit from Mega Development Projects in the Sihwa MTV Area

- Planned 2nd Outer Ring Road and Tram Line, Suin Line, and Other Metropolitan Transportation Networks Draw Attention
- ‘Bandalseom Lumini’ Expected to Benefit from Planned Inland Marina Development on Bandalseom

News of a massive development boon in the Siwha MTV area is attracting the attention of demanders.

Recently, Ansan City signed a memorandum of understanding to invest 200 billion KRW with MTV Bandalseom Mari Co., Ltd. to promote the Bandalseom Marina Port development project, accelerating the project. Through the marina port development project, Bandalseom is expected to be reborn as a marine tourism hub encompassing the West Sea and Siwha Lake. It is anticipated to create high added value by linking with Daebu Island’s tourism resources, Siwha Lake waterways, and Bangameori Marina Port.

Additionally, various transportation infrastructures such as the planned Oido Connection Line Tram and the planned Shinansan Line double-track railway are being added around the Siwha MTV area, further improving transportation conditions. Road access is smooth via Yeongdong Expressway, the 3rd Gyeongin Expressway, and Pyeongtaek-Siheung Expressway, and public transportation access is convenient through Seoul Metropolitan Subway Line 4 and the Suin-Bundang Line.

Moreover, due to the Gyeonggang Line extension Wolpan Line project, travel time between Wolgot and Pangyo sections from Siheung is expected to be reduced from 120 minutes to 30 minutes. The Smart Hub Tram is also expected to bring population inflow effects within the region and be utilized as a tourism resource.

In response to this massive development boon, residential facilities in the beneficiary area are attracting demanders’ interest. In particular, as the Bandalseom Marina Port development project gets on track, the ‘Bandalseom Lumini’ complex (formerly Siwha MTV Antive), located at the forefront of Siwha MTV Bandalseom, can directly enjoy the benefits. It offers excellent access to a comprehensive metropolitan transportation network and significant transportation advantages.

In front of ‘Bandalseom Lumini’ lies Siwha Lake, connected to the West Sea, along with a 15,000-pyeong waterfront park. Within the waterfront park, large-scale facilities such as an inland marina (planned) where yachts and canoes can dock, and a cruise ship pier (planned) will be established, allowing various marine leisure activities.

Various infrastructures such as the world’s largest artificial surfing site ‘Wave Park,’ Shinsegae Hwaseong International Theme Park, Turtle Island Marine Ecological Science Museum, Siheung Baegot Seoul National University Hospital (tentative name), and Songsan Green City are also planned to be developed around the complex.

‘Bandalseom Lumini’ is adjacent to the Siwha Narae Dullegil trail along Siwha Lake, and the Incheon?Ansan section, part of the second outer ring road of the metropolitan area that is currently under construction, is an unopened section. Once the Siwha Narae IC, scheduled for completion in 2022, opens, access to Gangnam will be possible within an hour, and with the future opening of Namsongdo IC, access to Songdo will be within 5 minutes.

The Shinansan Line is also scheduled to open in 2024, improving accessibility to downtown Seoul. The tram connecting Hanyang University Station (Ansan) and Oido Station (Siheung) via the Smart Hub is scheduled to open in 2025.

‘Bandalseom Lumini’ received sales approval last year and is not subject to the second phase of the borrower’s total debt service ratio (DSR) regulations applied from this year. Therefore, regardless of the region, it can apply for a maximum loan-to-value (LTV) ratio of up to 70%. Especially, officetels have no mandatory residence period, allowing various financial plans such as renting to monthly or yearly tenants depending on the situation. Since it is not classified as a house, it is also exempt from acquisition tax surcharges.

‘Bandalseom Lumini’ is a large complex located in Seonggok-dong, Danwon-gu, within Bandalseom, Ansan City, consisting of six buildings with a total of 284 units from the 1st to the 29th floor (units from the 6th to the 29th floor). All units are a single type with an exclusive area of 84㎡, which is highly preferred by demanders, and it is recognized for its higher value due to ocean views. Construction is undertaken by Lotte Construction Co., Ltd., which owns the premium apartment brand Lotte Castle.

A total of 24 commercial facilities will also be located on the 1st floor of the complex. These commercial facilities attract attention as they benefit not only from the fixed demand of 284 units within the complex but also from nearby floating populations, solid hinterland demand, Lotte Construction’s brand premium, and high future value. Additionally, mega accommodation facilities such as the 5-star Novotel Ambassador Hotel are planned nearby, promising strong demand prospects.

Bandalseom Lumini is currently operating a sales promotion center.