Cheongnyangni in Dongdaemun-gu, Seoul, is being reborn as a Newtro commercial district. Newtro is a compound word of New and Retro. In the northeastern area, which lacks a proper landmark commercial district, the Cheongnyangni commercial district has used transportation benefits, increasing hinterland demand, and the creation of large-scale commercial facilities as a catalyst.
The Cheongnyangni commercial district has a long history. Around the 1960s, traditional markets such as Gyeongdong Market were established, and the commercial district expanded with the opening of Cheongnyangni Station on Subway Line 1 in the 1970s. In 1994, Lotte Department Store, remodeled from Mammoth Department Store, opened and brought vitality. However, in the 1990s, large shopping malls in the Dongdaemun area took away the commercial district’s prominence, and from the 2000s, it stagnated due to redevelopment projects around the station.
After decades of stagnation, the Cheongnyangni commercial district recently laid the groundwork for a new leap forward with the occupancy of ultra-high-rise residential-commercial complexes. Following the occupancy of 'Cheongnyangni Station Harrington Place' (220 households) earlier this year, 'Cheongnyangni Station Hanyang Sujain Graciel' (1,152 households) began occupancy on the 3rd of this month, and in the second half of the year, 'Cheongnyangni Station Lotte Castle SKY-L65' (1,425 households) and 'Hillstate Cheongnyangni The First' (486 units) will welcome residents.
New apartment sales are also continuing. First, Cheongnyangni District 7 is transforming into 'Cheongnyangni Lotte Castle Hailuche' (761 households) and will open for subscription next month. In addition, redevelopment projects are concentrated in Cheongnyangni Districts 6 and 8, Jegi Districts 4 and 6, Miju Apartments, and Jeonnong Districts 9 and 12. The goal is to start construction within 2 to 3 years.
The demand from about 10,000 households in Imun and Hwikyung New Towns, just one station away from Cheongnyangni Station, also supports the Cheongnyangni commercial district. After the sale of 'Hwikyung Haemoro Prestige' (299 households, Hwikyung District 1) in 2017, 'Hwikyung Xi Decencia' (1,806 households, Hwikyung District 3) was fully sold out last April, six years later. 'Raemian La Grande' (3,069 households, Imun District 1) and 'Imun I-Park Xi' (4,321 apartments, Imun District 3) are also preparing for sales in the second half of the year.
Another key factor in the revival of the Cheongnyangni commercial district is the massive transportation benefits. Currently, six lines pass through Cheongnyangni Station: Subway Line 1, Suin-Bundang Line, Gyeongui-Jungang Line, Gyeongchun Line, KTX Gangneung Line, and Jungang Line. Additionally, four more lines will be added: the Seoul Metropolitan Area Express Railway (GTX) Lines B and C, the Gangbuk Transversal Line, and the light rail Myeonmok Line. Cheongnyangni Station will transform into a wide-area transfer center with as many as 10 lines available.
In line with the existing university demand from Seoul City University, Kyung Hee University, Hankuk University of Foreign Studies, and the increasing floating population, new commercial facilities in Cheongnyangni are becoming younger in trend. A representative example is 'Cheongnyangni Station Hanyang Sujain Art Forest.' It is being developed with 219 units from basement level 2 to ground level 3 of Cheongnyangni Station Hanyang Sujain Graciel. Collaborating with the world-renowned graphic artist Camille Walala, artistic colors have been applied throughout.
Kwon Il, head of the Real Estate Info research team, said, "The aging Cheongnyangni commercial district is transforming into a district where the old and new harmonize through development projects. Cheongnyangni Station Hanyang Sujain Art Forest is located in a prime spot next to a park and along a main road in the dramatically changing Cheongnyangni, so investor interest will remain steady."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
