[Naejib Road] Muakjae Station Transit-Oriented Complex 'Seodaemun Prugio Central Park'

As soon as you come up from Exit 3 of Muakjae Station, you can see the stairs leading into the complex.

[Asia Economy Reporter Kim Min-young] ◎Property Information: Seodaemun Prugio Central Park / Total 832 households (320 general sales households) / Area exclusive use 49㎡, 55㎡, 75㎡, 84㎡, 114㎡ / Sale price 500 million to low 800 million KRW, most recent transaction 84㎡ sale right 1.499 billion KRW

On the 16th, as soon as you exit from Exit 3 of Muakjae Station on Subway Line 3, a signboard reading 'Seodaemun Prugio Central Park' catches your eye. It takes about 3 minutes at a leisurely adult pace to reach the stairs or elevator connecting to the complex. The term "station area complex" is well deserved. However, since the complex is built by cutting into a hill, 2 to 3 buildings are clustered on the sloping hill in tiers, so you need to use stairs or elevators to move around the complex.

This complex is an apartment rebuilt from Hongje 1 District. It consists of 10 buildings from 4 basement floors to 18 above-ground floors, totaling 832 households. By housing type, it is composed of exclusive use ▲ 49㎡ 82 households ▲ 55㎡ 122 households ▲ 59㎡ 304 households ▲ 75㎡ 151 households ▲ 84㎡ 122 households ▲ 114㎡ 16 households.

The defining feature of this complex is its "location." Using Subway Line 3 makes commuting to Gwanghwamun, Euljiro, and other areas convenient. It is also possible to reach major Gangnam subway stations such as Express Bus Terminal Station, Gyodae Station, and Apgujeong Station without transfers. Using Tongil-ro, it is easy to access Gwanghwamun, City Hall, and Jongno by bus or private car. The complex is within an hour's reach of Gwanghwamun, Yeouido, and Gangnam.

Surrounding the complex are Ansan, Baekryeonsan, and Inwangsan mountains, providing a natural environment preferred by retirees. Using the Muakjae Sky Bridge visible at the entrance of the complex, you can also connect to Inwangsan. Seodaemun Independence Park is a 10-minute walk away. Across from the entrance to the parking lot, there is a sign that reads "Children's Park Construction Site," indicating that a children's park will be developed right in front of the complex.

The commercial area is somewhat lacking. There is no supermarket nearby where you can buy groceries. There is only a convenience store on the uphill road leading to the Muakjae Sky Bridge. To use discount marts and Lotte Super, you need to go to Exit 4 of Muakjae Station. Most of the 40 to 50 stores within the complex are vacant. A representative from nearby A real estate agency said, "Since move-in started on October 31, many stores in the complex are vacant," and added, "Once leases are completed, the commercial environment is expected to improve."

The appearance of 'Seodaemun Prugio Central Park.' Since the move-in began on October 31, banners have been hung throughout the complex.

Upon entering the complex, there is a daycare center between Buildings 104 and 105. Ansan Elementary School is within a 10-minute walk. However, there is no kindergarten nearby. Middle and high schools are also far. It takes about 20 minutes on foot to Shinyeon Middle School and about 33 minutes to Jeongwon Girls' Middle School. Hansung Science High School and Daesin High School are also about 1 to 1.5 km from the complex. It is difficult to find academies nearby. To use the academy district, you need to go two stops away to Nokbeon Station.

This complex is subject to the price ceiling system for sale. Except for general sales units, only union member units are currently available for transaction. Since general sales were conducted for 49㎡ to 75㎡ units, the highly preferred 84㎡ units must be purchased from union members. This is also why Building 108, which offers views of Ansan and has 84㎡ units, is slightly more expensive than other buildings.

Currently, the asking price for sale is around 1.5 billion KRW for 84㎡ units and around 1.3 billion KRW for 75㎡ units. Considering that units of 84㎡ size in the nearby Muak Cheonggu Apartment directly opposite the complex are waiting for owners at prices ranging from the high 800 million KRW to mid 1 billion KRW range, there is a significant price gap despite the new construction.

Due to high interest rates and a sluggish housing market, transactions are scarce. Although the government has eased loan regulations for home purchases over 1.5 billion KRW, market response remains cold. A representative from B real estate agency said, "There is one urgent sale for a 75㎡ unit at around 1.1 billion KRW, and for 84㎡ units, prices rarely go below the most recent transaction price (1.499 billion KRW)," adding, "Only one 84㎡ unit has been traded this year."

Jeonse (long-term lease) listings are priced at around 600 million KRW for 75㎡ units and 700 to 800 million KRW for 84㎡ units. Jeonse transactions are also not very active.