[Real Estate Hotspot] Do You Know 'Bongbieo', the Emerging Residential Area in Hwaseong-si?

Development of Bongdam, Bibong, and Eocheon Districts, Large-Scale Apartments Supplied One After Another
Located West of Dongtan 2, Active Development Also in Western Hwaseong
Well-Equipped Infrastructure and Price Ceiling Applied for Reasonable Prices

Location map of Bongdam, Bibong, and Eocheon districts.

Large-scale residential land development is steadily progressing in Hwaseong, Gyeonggi Province, attracting the attention of demanders. Until now, when people thought of Hwaseong's residential districts, they mainly thought of ‘Dongtan.’ However, new residential districts such as Bongdam, Bibong, and Eocheon have been newly established one after another, and these areas are emerging as new residential areas replacing Dongtan. In particular, ‘Cherry Blossom Pre-sale’ is continuing in Bibong District, raising high expectations for demanders looking to purchase their own homes.

According to the real estate industry and the Land Information System on the 9th, there are eight public residential land districts under development in Hwaseong. Among them, the development of three districts located in the western part of Hwaseong?Bongdam, Bibong, and Eocheon?is gaining momentum.

As residential land districts implemented by Korea Land and Housing Corporation (LH), infrastructure such as schools, green spaces, and commercial facilities are well established, and the application of the price ceiling system ensures supply at reasonable prices. Being adjacent to highway interchanges (IC) also makes it easy to move to surrounding cities.

The largest district, Bongdam, is being developed in three phases. Phase 1 (770,000㎡) has completed apartment supply, and Phase 2 (1,430,000㎡) is currently in the process of new apartment completion. The largest Phase 3 (2,290,000㎡) has been designated as a 3rd generation new town, and land compensation is underway. The 59㎡ exclusive area apartment in Bongdam Phase 2, ‘e-Pyeonhansesang Sinbongdam,’ was traded for 560 million KRW in December last year, and despite being a small unit, prices are approaching 600 million KRW. Apartments about to be occupied mostly have medium to large types, raising expectations for an increase in ‘high-priced’ transactions.

A real estate agent in Bongdam District said, “Apartments are being built along the boundary line of Bongdam District, and with last year’s urban development, more than 2,000 households in Bongdam Pride City were sold out, gradually shaping the urban landscape.”

About 6 km west of Bongdam District, Bibong District (860,000㎡) has emerged as a ‘hot place.’ It is a mini new town-scale area with about 7,000 households supplied across 13 blocks. The transportation infrastructure is also good. Adjacent to the Seohaean Expressway (Bibong IC), it is easy to use the Metropolitan Area 2nd Ring Expressway and Bibong-Maesong Expressway. ‘Hoban Summit Hwaseong Bibong District B-2 Block (779 households),’ which started its first pre-sale here, recorded an average competition rate of 6.8 to 1 in the first priority subscription and recently completed 100% contracts.

Perspective view of Hwaseong Bibong District Umirin.

This spring, new apartment pre-sale news is also heard in Bibong District. Woomi Construction will conduct the first priority subscription for ‘Hwaseong Bibong District Woomirin’ in Block B-4 on the 12th. It consists of a total of 798 households with an exclusive area of 84㎡. Various resident community facilities such as an indoor gymnasium and fitness club will be provided, and ample parking space of about 1.31 spaces per household has been secured. The price ceiling system is applied, and subscriptions are possible from all areas in the metropolitan area.

Between Bongdam and Bibong lies Eocheon District (740,000㎡). Land compensation is underway in Eocheon District as well, with plans to supply about 4,100 households in the future. The transportation infrastructure is evaluated as the best in Eocheon District. Centered around Eocheon Station on the Suin-Bundang Line, it is possible to reach Suwon Station on Line 1 within 20 minutes. In particular, the Incheon-bound KTX, which is under construction, is scheduled to stop at Eocheon Station, making the area likely to become a transportation hub. Eocheon Station is also about a 10-minute drive from Bongdam and Bibong districts, allowing residents to enjoy excellent transportation networks simultaneously.

Kwon Il, research team leader at Real Estate Info, said, “Many apartments in Dongtan 2 New Town exceed 1 billion KRW, and rental prices have also risen significantly, so demanders looking to purchase homes are showing high interest in newly developed residential land districts in Hwaseong,” adding, “Bongdam, Bibong, and Eocheon districts also have the advantage of being geographically close to industrial complexes such as Suwon and Ansan.”

Meanwhile, as Hwaseong’s regional economy gains momentum, the future value of these ‘Bong-Bi-Eo’ areas is also rising. As of January this year, Hwaseong has established itself as the largest industrial city in the metropolitan area, hosting 29 large corporations including Samsung and Hyundai Motor, and 11,600 small and medium-sized enterprises. The average age last year was 37.6, the youngest among all basic local governments nationwide. The current population exceeds 880,000, raising expectations for a ‘post-special city’ status.