- 2 Blocks, Basement 3rd Floor to Ground 21st Floor, Total 240 Units of 71㎡ Exclusive Area
- ‘Starfield Cheongna’ and ‘Costco Cheongna’ Being Developed Within 10 Minutes by Car
A new residential facility under the brand “e-Pyeonhansesang City” that will enjoy the proven “large-scale retail facility entry effect” from major outlets like Starfield and Costco in the market is set to open in Cheongna International City.
DL Construction plans to launch sales for “e-Pyeonhansesang City Cheongna” in September. It will be the region’s first “e-Pyeonhansesang City” branded officetel, located in two blocks (BL) in Cheongna-dong, Seo-gu, Incheon. The complex will consist of two buildings, ranging from three basement floors to 21 above-ground floors, with a total of 240 units of 71㎡ exclusive area. All units are designed as small-to-medium sized “niche floor plans” that are especially favored by the younger generation.
This officetel is expected to fully benefit from the premium effect of “large-scale retail facilities” that has been demonstrated in real estate markets nationwide. To the northwest of “e-Pyeonhansesang City Cheongna,” two major large-scale retail facility projects, including “Starfield Cheongna” and “Costco Cheongna Branch,” are currently underway.
First, Starfield Cheongna is a massive complex shopping mall under construction on approximately 50,000 pyeong (165,000㎡) of land with a total project cost of about 1.3 trillion KRW. It will feature shopping, cultural, leisure, and entertainment facilities, with construction having started in 2023 and completion targeted for 2027. It is expected to create around 4,000 jobs. Additionally, a 20,000-seat dome stadium will be built alongside, planned as a multipurpose cultural venue capable of hosting professional baseball games, concerts, international e-sports tournaments, and exhibitions.
This project gained further momentum following the official announcement of mutual cooperation between Chung Yong-jin, Vice Chairman of Shinsegae Group, and Yoo Jeong-bok, Mayor of Incheon. On the 24th of last month, Mayor Yoo and Vice Chairman Chung discussed plans for the Cheongna Dome Stadium, Starfield Cheongna, and the addition of new stations on Subway Line 7, making the project more tangible.
The “Starfield effect” has long been recognized as a premium factor in the real estate market. A prime example is Hanam City in Gyeonggi Province, where the first Starfield opened. The exclusive 84㎡ units at “Hanam Union City Aileen’s Garden,” located right in front of Starfield Hanam, were priced at around 430 to 440 million KRW at the time of sale in May 2015. After the successful opening of Starfield Hanam in the second half of 2016, prices began to rise, reaching 750 million KRW in actual transactions by August 2018. In July this year, the price changed hands at 1.03 billion KRW.
As Starfield Cheongna raises expectations in the local real estate market, the Asia’s largest “Costco Cheongna Branch” is also set to open. The land sale contract was signed in February this year, with the opening targeted for the second half of 2023. Along with Starfield Cheongna, it is expected to create numerous new jobs and revitalize the local economy.
A sales official explained, “‘e-Pyeonhansesang City Cheongna’ is located in an excellent position to enjoy the benefits of both Starfield and Costco,” adding, “It is expected to see increases in floating population and job opportunities in the area, as well as a premium on housing prices.”
Alongside these large retail facilities, the Cheongna Extension Line of Seoul Metropolitan Subway Line 7 is currently under construction near the complex. Residents of the complex are expected to be able to walk to the planned “City Tower Station” on the Cheongna Extension Line. Using this line, residents of “e-Pyeonhansesang City Cheongna” will be able to easily reach major Gangnam areas without transfers.
The variety of living infrastructure within walking distance is also notable. Within walking distance of “e-Pyeonhansesang City Cheongna” are Cheongna Lake Park, elementary and middle schools, a library, a movie theater, Canal Way, and a central shopping district. Especially, the vast green spaces of Cheongna Lake Park and Canal Way, connected by scenic waterways, feature an artificial island, musical fountains, an outdoor music hall, a dock, and a waterbird wetland, which will support residents’ wholesome leisure activities and improve quality of life.
Major business facilities are also located nearby. The GM Technical Center Cheongna Research Institute is already established close by, and plans are underway for Hyundai Mobis R&D Center and BMW R&D Center to be located within about a 10-minute drive.
Being the first “e-Pyeonhansesang City” branded officetel in Cheongna International City is also an attractive point. “e-Pyeonhansesang City” is a trendy residential officetel brand introduced by the DL Group, characterized by practical specialized floor plans designed with the convenience of actual residents in mind.
As an officetel, it is free from many apartment-related regulations. Anyone aged 19 or older can apply for “e-Pyeonhansesang City Cheongna” without a subscription savings account. There are no restrictions such as re-winning limitations regardless of home ownership status, and applicants can maintain their non-homeowner status even after winning the lottery.
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