Supply of 'ePyeonhansesang City Cheongna' Officetels in 'Population Growth Areas'

- 2 Blocks, Basement 3rd Floor to Ground 21st Floor, Total 240 Units of 71㎡ Exclusive Area
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[▲‘e-Pyeonhansesang City Cheongna’ perspective view (Image=DL Construction)]

In Incheon Seo-gu, where the population is rapidly increasing, a new residential facility is planned within the Cheongna International City in the Incheon Free Economic Zone.

DL Construction's ‘ePyeonhansesang City Cheongna’ residential officetel is the first ‘ePyeonhansesang City’ brand officetel in Cheongna International City.

The complex will be built on two blocks (BL) in Cheongna-dong, Seo-gu, Incheon Metropolitan City, consisting of two buildings with a total of 240 units, ranging from three basement floors to 21 floors above ground. All units are designed with three bedrooms and two bathrooms, creating a ‘perfect residential alternative’ space suitable for families of three.

According to the Incheon Free Economic Zone Authority, the population of the Incheon Free Economic Zone has increased by nearly 10,000 over the past year. As of the end of last month, the population of the Free Economic Zone was approximately 412,402, up by 9,300 from 403,102 in September of the previous year when statistics began to be collected. Despite severe restrictions on foreign entries due to the COVID-19 pandemic, the foreign population also increased by 162.

Population trends are important for apartments as well, but they are even more critical for non-residential real estate products like officetels. Since officetels attract both actual residents and investors, population trends can serve as an indicator of future floating population and vacancy turnover rates.

The reason for the population influx into the Incheon Free Economic Zone is attributed to transportation developments that significantly improve access to Seoul. Recently, the phenomenon of people leaving Seoul has intensified, with more people moving to ‘Seoul-adjacent areas.’ According to Statistics Korea, as of the end of July, 63,889 people left Seoul in the past year due to high housing prices and other factors. Their main criterion for choosing a new location is accessibility to Seoul, and Cheongna International New City offers many metropolitan transportation advantages.

First, the Seoul Metropolitan Subway Line 7 is expected to be newly extended. Although there was already a subway running through Incheon city allowing transfers to reach Seoul, direct access without transfers was limited. However, with the commencement of construction on the Seoknam extension of Line 7, it will soon be possible to travel directly from Cheongna International New City to major areas in Seoul’s Gangnam district without transfers.

Additionally, the Third Yeonryuk Bridge is under construction. Scheduled to open in 2025, this 4.68 km long, 30 m wide, six-lane road will provide the shortest route connecting Yeongjong, Cheongna, and Yeouido. Among the three bridges connecting Yeongjong International City, it is the only one to include pedestrian and bicycle paths. It will be built as an ‘experience and tourism-type bridge’ featuring the world’s tallest 180 m main tower observatory, waterfront decks, and nighttime lighting.

A sales official stated, “‘ePyeonhansesang City Cheongna’ is a branded officetel entering Cheongna International City, where the population is increasing due to excellent living conditions and promising future value, so it is expected to attract significant interest. The area around the complex already has excellent living infrastructure such as Kernel Way. As the population grows, the pace of development will be very rapid,” they explained.

Meanwhile, ‘ePyeonhansesang City Cheongna’ is located near the very center of Cheongna Lake Park and within walking distance of the planned ‘Cheongna City Tower’ and the currently under-construction ‘City Tower Station (tentative name)’ on the Line 7 extension. Once the Line 7 extension opens, it will be possible to travel to major areas in Seoul’s Gangnam district without transfers. Notably, the Cheongna City Tower is planned to be about 448 meters tall, making it the tallest tower in Korea and the sixth tallest observation tower in the world upon completion. In other words, the area will have multiple landmark facilities and a subway station all within walking distance.

Major business facilities are also located nearby. The GM Technical Center Cheongna Technology Research Institute is already established nearby, and Hyundai Mobis R&D Center and BMW R&D Center are planned to be within about a 10-minute drive.

There are also various development benefits nearby. A ‘Starfield Cheongna (planned)’ covering about 50,000 pyeong (approximately 165,000 square meters) is planned within a 10-minute drive, and the Asia’s largest ‘Costco Cheongna branch’ is also planned.

Another attractive point is that officetels are free from many regulations compared to apartments. Anyone aged 19 or older can apply for ‘ePyeonhansesang City Cheongna’ without a subscription savings account. There are no restrictions such as re-winning limits regardless of home ownership, and applicants can maintain their non-homeowner status even after winning.

Meanwhile, the sales promotion center for the ‘ePyeonhansesang City Cheongna’ residential officetel is scheduled to open on the 30th.