A Complex Larger Than COEX to Be Developed on Seoul Innovation Park Site
GTX-A Line to Stop at Yeonsinnae Station in 2024
Redevelopment of 9,000 Households Underway
[Asia Economy Reporter Cha Wanyong] Eunpyeong-gu, located at the northwestern edge of Seoul, is undergoing a complete transformation. Large-scale redevelopment projects are underway in various locations, and transportation benefits such as the Metropolitan Area Express Train (GTX) and the Shinbundang Line are continuously emerging. Recently, Seoul City announced plans to create a business, commercial, and cultural complex larger than COEX on the site of Seoul Innovation Park in front of Bulgwang Station on Subway Line 3. There is even talk that Eunpyeong-gu, which has served as a mid-to-low priced bedroom town close to the center of Seoul, will soon become "Geumpyeong-gu" (Gold Eunpyeong-gu).
According to the real estate industry on the 22nd, areas such as Jingwan-dong, Bulgwang-dong, and Nokbeon-dong in Eunpyeong-gu, Seoul, are bustling with large-scale development benefits including transportation infrastructure and industrial facility expansion. In particular, when Seoul City announced on the 19th that it would create a complex with residential, job, and cultural facilities on the Seoul Innovation Park site, Eunpyeong-gu Office and local residents cheered.
Kim Mikyung, head of Eunpyeong-gu Office, expressed her welcome immediately after the Seoul City announcement, saying, "The successful development of Seoul Innovation Park will be an opportunity to raise the urban competitiveness of Seoul one step higher beyond Eunpyeong."
A real estate agent in Bulgwang-dong said, "The buying demand had completely collapsed due to shocks such as interest rate hikes, but the atmosphere reversed with Seoul City's announcement of the Seoul Innovation Park complex development," adding, "Properties that were on the market have disappeared again."
He continued, "Among residents, there is even talk that once the GTX station at Yeonsinnae Station on Subway Line 3 is completed and the complex is built in front of Bulgwang Station, the area will be called Geumpyeong-gu instead of Eunpyeong-gu."
The announcement of the Seoul Innovation Park site development is an unprecedented development boon for Bulgwang-dong, Nokbeon-dong, Daejo-dong, and Galhyeon-dong. This is because a 60-story building will be constructed in an area without any notable high-rise office buildings, along with an industrial cluster, residential complexes, and a large-scale mixed-use shopping mall.
A bird's-eye view of the converged city to be created on the site of Seoul Innovation Park in Nokbeon-dong, Eunpyeong-gu, Seoul. [Photo by Seoul City]
According to Seoul City's plan, facilities with a total area of about 500,000 square meters, comparable to COEX in Samseong-dong (460,000 square meters), will be developed on the Seoul Innovation Park site. In the center of the site, a large central plaza with extensive greenery and a 60-story landmark building will be constructed, and a large-scale mixed cultural shopping mall will be built along the street.
Additionally, a new type of residential complex totaling 800 households will be created, including the public housing complex "Gold Village," which accommodates various family types with residential, medical, and convenience facilities. Seoul City plans to start construction in the second half of 2025 and aims to complete it by 2030, operating the procedures in a compressed manner to proceed swiftly.
The construction of Yeonsinnae Station on the GTX-A line, scheduled to open in 2024, is also exciting Eunpyeong-gu residents. Construction is currently underway, and the GTX-A line (Paju Unjeong~Samseong~Dongtan) is approaching its 2024 opening, with test operation plans announced and the project becoming more tangible. Recently, Hyundai Rotem, which secured the contract for the electric trains, held a GTX-A delivery ceremony at its Changwon factory.
On the 19th, the GTX-A made its appearance during a test run at the GTX-A delivery ceremony held at Hyundai Rotem Changwon Plant in Changwon, Gyeongnam. [Photo by Yonhap News]
Unlike subway trains that operate at speeds of 80 to 100 km/h, GTX runs at a maximum speed of 180 km/h. It is expected to alleviate the transportation burden for citizens commuting between the northwest area and Gangnam and to ease traffic congestion in the metropolitan area. Once the GTX-A line opens at Yeonsinnae Station, it will take only one stop to reach Seoul Station and 9 minutes to reach Samseong Station.
Furthermore, the Shinbundang Line extension will connect Dokbawi Station and Eunpyeong New Town, significantly improving Gangnam accessibility for residents in the Eunpyeong area.
In addition, large-scale redevelopment projects are underway in Eunpyeong-gu, including Galhyeon 1 District (4,116 households), Daejo 1 District (2,451 households), and Bulgwang 5 District (2,387 households). Among these, the fastest progressing project is Daejo 1 District, which began construction on October 17.
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