Gwangmyeong New Town to Supply 12,000 Households This Year... May Sale of District 1

A Total of 25,000 Mini New Town-Scale Redevelopment Projects
Sales in First Half for District 4, Second Half for Districts 2 and 5
Quasi-Seoul Location but Sharp Housing Price Drop Due to Real Estate Slump

This year, a major redevelopment project in the Seoul metropolitan area, 'Gwangmyeong New Town,' is set to make a big splash. Starting with the May subscription for Gwangmyeong Xi The Sharp Forena (1R district), a total of 12,000 households will be released this year alone. Once all districts of Gwangmyeong New Town are completed, it is expected to transform into a 'mini new town' level apartment complex with 25,000 newly built households.

Gwangmyeong Xi The Sharp Forena Perspective View

According to the maintenance industry on the 29th, 11,764 households are scheduled to be sold in Gwangmyeong New Town, Gyeonggi-do this year. First, Gwangmyeong Xi The Sharp Forena, redeveloping district 1, will enter the subscription market next month. It consists of 28 buildings from 3 basement floors to 38 above-ground floors, totaling 3,585 households, of which 809 are for general sale. Units ranging from small to large sizes, including 39㎡, 49㎡, 74㎡, 84㎡, and 112㎡, will be supplied to the public.

The average sale price is about 27 million KRW per pyeong, with 39㎡ units priced between 390 million and 450 million KRW, 49㎡ units between 500 million and 590 million KRW, and 84㎡ units between 890 million and 1.04 billion KRW. Special supply subscriptions will be held on May 4, and first-priority subscriptions on May 8. It borders Seoul’s Guro-gu and Geumcheon-gu, allowing residents to enjoy Seoul’s living area, and is close to Gaebong Station and Guil Station on Seoul Subway Line 1.

In June, Gwangmyeong Central I-Park, redeveloping district 4, is also scheduled for sale. It has a total of 1,957 households, with 425 available for general sale. In the second half of the year, Vermonteuro Gwangmyeong, redeveloping district 2 (726 out of 3,344 households), and Gwangmyeong Xi Hillsview, renovating district 5 (639 out of 2,878 households), are lined up for sale.

Gwangmyeong is known as a 'quasi-Seoul' area. It uses the same area code '02' as Seoul and borders Seoul’s Guro-gu and Geumcheon-gu. There is high anticipation for transportation benefits such as the Sinansan Line, which connects to key Seoul areas like Yeouido and Seoul Station. During the previous real estate boom, housing prices rose sharply, leading to its designation as a speculative overheating district. However, due to interest rate hikes and a transaction freeze, housing prices fell significantly last year. As a result, the government removed Gwangmyeong from the speculative overheating district, adjustment target area, and price ceiling zone through the 1.3 measures.

Consequently, subscription conditions have been greatly relaxed compared to before. Adults residing in the metropolitan area who have held a subscription savings account for more than 12 months can apply as first priority regardless of whether they are the head of household or a household member. Even homeowners can apply as first priority regardless of the number of houses owned. The resale restriction period for pre-sale rights has also been reduced from 8 years to 1 year.

Gwangmyeong New Town is a redevelopment project dividing about 1.14 million square meters of residential area in Gwangmyeong-dong, Gwangmyeong City, into 11 districts. It is the largest new town in the Gyeonggi area. Upon completion, approximately 25,000 apartment households will be built in districts such as Gwangmyeong 1, 2, 4, 5, 9, 10, 11, 12, 14, 15, and 16R.