Scarce High Population Growth Areas in the Seoul Metropolitan Area, 'Cheongna The Live Tiamo Casa' in Focus

- In the past 5 years, only 14 out of 83 metropolitan areas have seen population growth over 10%... Cheongna is a representative area of rapid population increase
- Factors for population growth include multiple transportation benefits, large-scale development projects, formation of residential towns, and proximity to workplaces

In the Seoul metropolitan area, regions with scarce population growth are leading the housing market. Major factors driving population growth include development projects, transportation improvements, and the formation of residential towns. As such, both actual demand and investment demand seem to be flocking to areas where regional infrastructure expansion and improvements have become visible.

According to the Ministry of the Interior and Safety's 'Resident Registration Population Status,' only 14 out of 83 cities and counties in the metropolitan area?accounting for 16.8%?have seen a population increase of more than 10% over the past five years. Even when considering areas with any population increase, the number is only 35, or 42.1%. In other words, only 4 out of 10 areas in the metropolitan region have experienced population growth, and among them, fewer than two have seen significant increases.

While most areas have observed a population decline, those with population growth share common characteristics such as large-scale development projects, multiple transportation improvements, and the formation of residential towns?mainly infrastructure that has expanded or improved significantly. This suggests that the increase in population is due to the growth of underlying demand from infrastructure expansion and heightened regional preference from infrastructure improvements.

A representative area is Seo-gu, Incheon, where Cheongna International City is located. Seo-gu, Incheon, is a leading population growth area in the metropolitan region, with its population rising sharply from 511,403 in May 2017 to 568,102 in April this year, an increase of 56,699 people (11.09%) over five years.

Among the factors driving population growth in Seo-gu, Incheon, led by Cheongna International City, multiple transportation improvements stand out. Currently, the extension of Seoul Subway Line 7 in Cheongna International City is scheduled to open in 2027, and the 4.68 km-long Third Yeonryuk Bridge, expected to lead balanced development and investment attraction in the western metropolitan area, is set to open in 2025. Additionally, direct connection of Seoul Subway Line 9 to the Airport Railroad and the extension of Seoul Subway Line 2 to Cheongna are also underway.

There are also significant development projects. On a 33,058㎡ site in the center of Cheongna Lake Park, the 'Cheongna City Tower,' the tallest observation tower in Korea, consisting of an ultra-high-rise observation tower 448 meters tall with 2 underground floors and 30 above-ground floors, along with complex facilities, is about to begin construction and is expected to be completed as early as 2026. Furthermore, a consortium led by Seoul Asan Medical Center plans to build a medical complex town by 2028, including a general hospital with 800 beds, medical bio-education and research facilities, a life science park, senior welfare housing, and officetels.

Meanwhile, Cheongna The Live Tiamo Casa, commissioned by Cheongna Plus Co., Ltd. and constructed by SGC E-Tech Construction Co., Ltd., is being developed in the Cheongna-dong area. It consists of three buildings ranging from 3 basement floors to 46 above-ground floors, with a total of 523 units sized between 76 and 211㎡. The unit distribution by size is △76㎡ with 208 units △84㎡A with 208 units △84㎡B with 104 units △211㎡ with 3 units, all designed as three-room layouts serving as alternatives to small apartments.

Cheongna The Live Tiamo Casa is located in an excellent area that enables one-stop living. First, the new Canal Way Station (tentative name) on Seoul Subway Line 7, scheduled to open in 2027, is planned right in front of the complex.

Right in front of the complex is the 3.6 km artificial waterway called Canal Way, equipped with exercise facilities and walking paths. About a 10-minute walk along Canal Way leads to Cheongna Lake Park, which spans approximately 690,000㎡, providing pleasant leisure conditions.

The product features also attract attention. The complex will be a unique ultra-high-rise development with a sky bridge connecting the three buildings, adding prestige to the complex. Additionally, penthouses will be located on the top floors, and the interiors will feature Italian high-end furniture brand Dada for kitchen furnishings, adding luxury down to the finest details.

Meanwhile, Cheongna The Live Tiamo Casa is currently operating a model house.