[Naejib Road] Growing Interest in Dunchon Jugong, Should We Target the Gap... Jangwi Xi Radiant

1-Minute Walk from Dolgoti Station, Ultra-Prime Location
Largest Unit (97㎡) Eligible for Mid-Term Loan
But Patience Needed for School District and Surrounding Environment, 'Not Sure'

[Asia Economy Reporter Kim Hyemin] ◎Property Information: Jangwi Xi Radiant / Total 2,840 households (1,330 general sales households) / Area exclusive use 49㎡·59㎡·72㎡·84㎡·97㎡ / Sale price 616.6 million to 1.1983 billion KRW

As soon as the sale was confirmed, a strong competitor appeared. Jangwi Xi Radiant in Seongbuk-gu, Seoul, will start subscription applications from the 6th of next month with special supply. The general sales volume coincidentally overlaps with Gangdong-gu Olympic Park Foreon (Dunchon Jugong), which surpasses most large complexes. Considering location and scale, interest is inevitably relatively low. However, the sale price differs by about 300 million KRW. If you give up entering the Gangnam area, this is a rare opportunity for low-score applicants to secure a home in Seoul.

This complex redeveloped Jangwi 4 district. It is built from 3 basement floors up to 7 to 31 floors above ground. There are 31 buildings with a total of 2,840 households. Among them, including 374 special supply households, 1,330 households are released to the public. By exclusive area, it consists of ▲49㎡ 122 households ▲59㎡ 266 households ▲72㎡ 354 households ▲84㎡ 573 households ▲97㎡ 15 households.

If you walk a little from Exit 3 of Dolgoti Station, you will encounter the construction site barrier of the complex.

What draws attention in this complex is its station-area location. As soon as you exit Exit 3 of Dolgoji Station on Subway Line 6, the 'thumping' construction noise tickled the ears. After passing small and shabby shops and walking about 30 seconds, a construction site barrier taller than a person appeared. Walking a bit further, cargo trucks going in and out of the main construction entrance were visible. The construction site is currently busy with underground work after land preparation and excavation.

After moving in, it seems possible to enter the complex by walking about 1 minute from the station. The path is flat without any uphill slope. Of course, it is a pity that it is a Line 6 station area, not a major subway line. To reach major business districts like Gwanghwamun, Gangnam, and Yeouido, transfers are essential. One stop away is Seokgye Station where you can transfer to Line 1, and two stops away is Taereungipgu Station where you can transfer to Line 7.

Nearby licensed real estate agents expressed opinions that this complex is likely to become the 'flagship apartment' of the 15 districts called Jangwi New Town. The aforementioned station-area location cannot be found in other districts, and the number of households is the largest, which is the reason. Especially, the adjacent Jangwi 6 district and Jangwi 10 district have already completed relocation and demolition, and when these districts are completed, a new apartment complex with over 6,000 households will be formed, changing the atmosphere of the area, they agreed.

Main entrance view of Jangwi Xi Radiant construction site. It is a 1-minute walk from Dolgoti Station Exit 3.

However, some patience seems necessary to have the surrounding environment fully developed. Around Dolgoji Station, coffee shops and restaurants are formed, but the commercial area is not large. The farther from the station, the more small and old shops that seem to have stayed there for a long time are lined up, giving the surrounding scenery a feeling as if it is stuck in the early 2000s. Nearby convenience facilities include Homeplus, E-Mart Traders, and Hyundai Department Store, but they are 10 to 20 minutes away by car. The highly anticipated Gwangwoon University Station area development is planned to be completed by 2026, but it is somewhat difficult to walk there. The school district within walking distance includes only Jangwi Elementary School.

Jangwi 8 district, adjacent to this complex across a small road, is densely packed with old villas. It has been designated as a public redevelopment candidate site and is scheduled for district designation next year. However, according to nearby licensed real estate agents, since it is in the early stage of development, it will take at least five years or more until the district is organized. Among the districts gathered around Dolgoji Station, it is a kind of frontrunner, but that means enduring the poor surrounding environment accordingly.

View of the rear side of Jangwi 8 District. The area is densely populated with aging residential buildings.

The sale price is set at 28.34 million KRW per 3.3㎡. Even for the same area, the sale price differs by up to nearly 100 million KRW depending on the floor. ▲49㎡ 616.6 million to 694.3 million KRW ▲59㎡ 713.6 million to 798.4 million KRW ▲72㎡ 812.7 million to 899.1 million KRW ▲84㎡ 890 million to 1.021 billion KRW ▲97㎡ 1.1062 billion to 1.1983 billion KRW. Adding various option costs such as balcony expansion can change the leading digit of each area’s price.

The highest sale price does not exceed 1.2 billion KRW, and all types can receive interim payment loans. However, in the current housing price decline period, nearby licensed real estate agents evaluate that the sale price was set higher than expected. An agent from A real estate said, "Although there is some difference in location, the national standard size (84㎡) of nearby new apartments currently has listings around 900 million KRW. Considering the high interest rates even with loans, the sale price of 84㎡ should have been in the 800 million KRW range to be safe."

In summary, if you do not view the location of Jangwi New Town in the northern Seoul area negatively, Jangwi Xi Radiant, with its station-area location, flat terrain, and neatly maintained flagship apartment lifestyle, can be an optimal choice. The attention focused on Dunchon Jugong is both a crisis and an opportunity. However, you must accept the unfinished surrounding commercial area and school district, and the neighborhood atmosphere lined with old villas. Now that the housing market has entered a decline, how you judge the future value of Jangwi New Town will change the perspective on the sale price.