The real estate market in the Geumcheon-gu area of Seoul is buzzing as various favorable factors coincide, including the opening of the Sinansan Line and the complex development of Geumcheon-gu Office Station.
The Geumcheon-gu area is overflowing with various development benefits such as the opening of the Sinansan Line (Ansan, Gyeonggi-do to Yeouido, Seoul), selection as a target area for the Urban Regeneration New Deal project, complex development of Geumcheon-gu Office Station, and the relocation and development of the Air Force base site. The Sinansan Line is a metropolitan double-track railway connecting Ansan and Siheung in Gyeonggi-do through Geumcheon-gu to downtown Seoul. The POSCO Construction consortium was selected as the private investor, and construction began in September 2019, with the goal of opening in 2024.
Once the Sinansan Line opens, travel time from the Geumcheon-gu area to Yeouido will be reduced by more than 50-75% compared to before. Additionally, it will be possible to transfer to the Wolgot-Pangyo Line, which is expected to dramatically improve public transportation conditions in southwestern Gyeonggi-do, including access to downtown Seoul.
Despite the recent adjustment period in the real estate market, housing prices in Geumcheon-gu, through which the Sinansan Line passes, are rising. According to Real Estate R114, at the end of last month, apartment prices in Seoul increased in the order of Yongsan-gu (0.22%), Gangnam-gu (0.06%), Gangseo-gu (0.06%), Seongbuk-gu (0.06%), Geumcheon-gu (0.03%), and Jungnang-gu (0.03%). Conversely, Mapo-gu (-0.04%), Gangdong-gu (-0.03%), and Songpa-gu (-0.01%) saw declines.
The Usijang area in Doksan-dong, Geumcheon-gu, was selected as a target area for the Urban Regeneration New Deal project in 2019. This was the first time a Seoul urban regeneration area was selected as a target for the government's medium-scale Urban Regeneration New Deal project.
In addition, a large general hospital with 810 beds is planned to be built on the former site of Daehan Electric Wire near Geumcheon-gu Office Station. Last year, Seoul held the 5th Architectural Committee meeting and approved the construction plan for Geumcheon General Hospital within the Geumcheon District Unit Plan. Completion is targeted for 2025. The hospital will be connected to the plaza centered on Geumcheon-gu Office Station and will adjoin the nearby Anyangcheon Stream, making it a nature-friendly regional landmark.
Furthermore, Geumcheon-gu plans to supply 230 units of Happy Housing on the site of the abandoned oil tank next to the station and build a new complex station with commercial, office, and cultural functions on the current station site. The method for promoting the complex station is expected to be re-decided within this year, with construction possibly starting as early as next year and aiming for completion in 2026.
Additionally, Geumcheon-gu and Seoul Housing & Communities Corporation (SH) are developing an IT (Information and Communication) research and development complex called 'Science Park' (approximately 125,000㎡), and development of the Air Force base site in Doksan-dong (total floor area 125,000㎡) is also planned.
Meanwhile, a residential officetel named 'Sindoksan Station World Meridian Cent One' is scheduled to be sold in Geumcheon-gu, Seoul. The complex consists of 2 basement floors to 16 above-ground floors, with 99 officetel units, 21 urban living housing units, and 14 neighborhood living facilities.
It is designed with highly scarce duplex 2-room and 1.5-room layouts, featuring high-end finishing materials. In addition, top-of-the-line home appliances such as system air conditioners, wash towers, stylers, and refrigerators are provided as full options, expected to enhance residents' living satisfaction. The complex also attracts attention with various community facilities for residents' convenience, including a screen golf course, seasonal storage, fitness room, and rooftop barbecue zone.
Sindoksan Station World Meridian Cent One boasts a double station premium with Line 1 Doksan Station and Sinansan Line Sindoksan Station. The first phase of the Sinansan Line connecting Ansan and Yeouido is scheduled to open in 2024, allowing access to Yeouido within 10 minutes via Sindoksan Station.
There is Doksan Elementary School right next to the complex, allowing walking access for students, and Doosan Elementary School is also nearby, providing excellent educational conditions. Munseong Elementary, Sail Middle School, and Gasan Middle School are also close to the complex. Within a 300-meter radius, there is abundant living infrastructure including Homeplus, Lotte Mart Max, Lotte Cinema, hospitals, fire stations, and police stations.
The complex also has solid rental demand. Sindoksan Station World Meridian Cent One is an officetel that can accommodate about 150,000 people in the hinterland of the national industrial complex 'G-Valley.' In addition, it can secure hinterland demand from about 6,000 employees at Hyundai Knowledge Industry Center and about 45,000 workers in the Yeouido business district.
Sindoksan Station World Meridian Cent One is currently operating a sales promotion center.
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