Small Housing Popularity Accelerates... 'Gangdong Jungang Heights City' Selling Successfully!

Real Estate Market Activity Increases Amid Review to Exclude Small Residential Units from Housing Count

Small housing is gaining attention amid expectations for deregulation by the next government.

According to the Presidential Transition Committee and political circles, the exclusion of small residential facilities from the total housing count is currently under review. This is intended to activate private rentals as an alternative for the increasing number of 1-2 person households. Along with this, proposals such as easing the comprehensive real estate tax burden and postponing the heavy capital gains tax on multiple homeowners are also being discussed.

In this atmosphere, the sale of small housing has recently become active. According to actual transaction prices from the Ministry of Land, Infrastructure and Transport, in the first quarter of this year, the number of sales transactions for units under 60㎡ exclusive area in Seoul was 6,818. This accounts for 89.5% of all transactions. Expectations for deregulation on small housing are being reflected in the market.

Amid this, the newly constructed ‘Gangdong Jungang Heights City’ in Gangdong-gu, Seoul is attracting attention. Constructed by Dongwoo Development and Jungang Construction, this complex will be built with a total of 96 units ranging from 41.89 to 49.89㎡ exclusive area, spanning from 2 basement floors to 18 floors above ground.

‘Gangdong Jungang Heights City’ is equipped with various living infrastructures. It is adjacent to various shopping, cultural, and medical facilities such as Hyundai Department Store, E-Mart, 2001 Outlet, CGV, Gangdong Art Center, and Gangdong Seongsim Hospital. Additionally, it encompasses several school districts including Cheondong Elementary and Dongsin Middle School, and is close to green spaces such as Gildong Natural Ecology Park, Iljasan Herb Astronomy Park, Gwangnaru Hangang Park, and Olympic Park. It also shares the nearby Gangnam and Songpa living zones.

The complex benefits from a double subway station zone near Gangdong Station and Gildong Station on Seoul Subway Line 5. Various transportation development projects are underway, including the direct connection of Line 5, extension of Line 8 to Byeollae, Phase 4 extension of Line 9 (Gangdong to Namyangju), and the planned GTX-D line, which are expected to further improve transportation conditions in the future.

Near the complex, several business districts such as Godeok Biz Valley, Gangdong Advanced Business Complex, and Engineering Complex are concentrated. It is also close to redevelopment projects like the 12,000-unit Dunchon Jugong reconstruction, Cheonho New Town, Cheonho, and Seongnae redevelopment promotion districts, which is expected to provide abundant demand from the surrounding area.

Meanwhile, the move-in date for ‘Gangdong Jungang Heights City’ is scheduled for April 2024.