8 Line Extension (Byeollae Line) Opening Approaches... 'Harrington Place Dasan Park' Eyeing Attention Ahead of Contract on 22nd

- Extension of Line 8 (Byeollae Line) Opening Next June Approaching... Nearby House Prices Rising
- 'Harrington Place Dasan Park' Enjoying Proximity to Gangnam Area in Dasan New Town, Official Contract Scheduled for 22-24

Transportation benefits are a key keyword in real estate investment. The arrival of certain transportation lines can significantly impact housing prices. Especially nowadays, as work-life balance and proximity to the workplace have become important for office workers, if commuting times are shortened due to improved transportation conditions, the value of those homes inevitably increases.

According to a 2021 survey conducted by the career tech platform Saramin targeting office workers, more than half reported feeling stressed about their commuting distance. Additionally, a 2022 survey by the employment platform JobKorea found that the average daily commuting time for office workers was 1 hour and 24 minutes.

In fact, areas with improved transportation conditions have seen significant increases in housing prices. In August 2021, the government announced that the GTX-C line would stop at Uiwang Station, and after the announcement, housing prices near Uiwang Station rose. Using this line, it takes about 20 minutes to reach the Gangnam area from Uiwang Station, and transfers to Subway Lines 1 and 4 are possible, greatly enhancing accessibility to Seoul.

As travel time to Seoul shortened, housing prices naturally increased. In 2021, Uiwang City in Gyeonggi Province was ranked as the area with the highest increase in housing prices due to the GTX benefit. According to the Korea Real Estate Board’s weekly apartment sales price trends, apartment prices rose by 38.02% over one year (from January 4 to December 27, 2021).

Meanwhile, the long-awaited extension of Line 8 (Byeollae Line) for residents in northeastern Gyeonggi is rapidly approaching, with opening scheduled for June next year. This line runs from Amsa in Seoul through Guri and Dasan New Town to Byeollae. With the subway opening, travel time from Namyangju to Jamsil in Seoul, which used to take over an hour, will be drastically reduced to about 20 to 30 minutes, improving access to key areas in Seoul and greatly enhancing the location value of areas along this line. Additionally, since this line passes through Guri Station on the existing Gyeongui-Jungang Line and continues to Seoul, apartments near the Gyeongui-Jungang Line are also expected to benefit significantly.

As a result, housing prices in Dasan New Town are rising. Earlier this year, an 84㎡ unit traded in the high 700 million KRW range, but in April, an 84㎡ unit in Dasan e-Pyeonhansesang Xi sold for 850 million KRW, and an 84㎡ unit in Hillstate Dasan sold for 899 million KRW. Listing prices have also increased, with similar-sized units appearing on Naver Real Estate for up to 1.05 billion KRW.

Given this situation, Harrington Place Dasan Park, which held its subscription in early May, closed successfully with a competition rate as high as 58 to 1. The apartment will hold official contracts from the 22nd (Monday) to the 24th (Wednesday).

A real estate official said, “With the subway opening and other benefits ahead, combined with a reasonable sale price and excellent product quality, it seems that there was high interest not only from local residents but also from outside buyers. As this is a private brand apartment enjoying the scarcity of supply in Dasan New Town, prospective buyers should not miss this once-in-a-lifetime opportunity.”

Harrington Place Dasan Park consists of three buildings ranging from four basement floors to 30 above-ground floors, with a total of 350 households. All units are the highly preferred 84㎡ size. The number of units by type is △84㎡A 230 units △84㎡B 116 units △84㎡C 4 units. Including balcony expansion and paid options, the average price is around 750 million KRW. It is a pre-construction sale apartment with move-in starting in February next year, allowing residents to settle in before the new school semester begins.

Harrington Place Dasan Park is currently operating a housing exhibition center.