■ Securing Stability through the Largest Single-Scale Landmark Development Project in Geomdan New City
Amid the recent tightening of real estate project financing (PF) funds and the spread of developer crisis theories, the Geomdan New City Next Complex is continuing its stable business operations.
As the real estate downturn persists, the real estate PF market is currently walking on thin ice, with industry insiders saying that less than 5% of PF projects are progressing. In particular, in regions that are relatively disadvantaged in terms of location, financial institutions’ lending groups have been reluctant to provide PF loans, leading to cases where real estate development projects have been halted.
In contrast, Next V City PFV is continuing its business stably at Next Complex, considered a prime site within Geomdan New City.
Next Complex is the largest mixed-use facility in Geomdan New City and is not a typical development or sales project but a landmark development project planned by Incheon Urban Corporation to revitalize Geomdan New City. To ensure smooth project progress, Next V City PFV successfully raised 400 billion KRW through the main PF at the end of June, and plans to launch the sale of 372 apartment units under the name ‘Geomdan New City Lotte Castle Nextiel’ in August. Additionally, the ‘Geomdan New City Nextiel Complex Cultural Commercial Facility’ is also scheduled to be supplied.
■ ‘Geomdan New City Nextiel Complex Cultural Commercial Facility’ to be Launched, Securing Scarcity, Transportation, and Future Value
The ‘Geomdan New City Nextiel Complex Cultural Commercial Facility’ is a project to create a mixed cultural space including cultural, commercial, office, and residential facilities on approximately 47,700㎡ of land, covering commercial sites C1, C9, and residential-commercial complex site RC1 within the Geomdan New City Next Complex.
In particular, Phase 1 of Geomdan New City, where the ‘Geomdan New City Nextiel Complex Cultural Commercial Facility’ is located, is evaluated to have high business potential due to its low commercial land ratio. Because of the low ratio, there is less competition among facilities, allowing the nearby demand base to be more reliably captured. This enables investors to minimize vacancy risks and achieve stable profit generation.
According to the Korea Land and Housing Corporation’s urban planning status, the commercial land ratio in Phase 1 of Geomdan New City is approximately 1.12%. Considering the nearby residential districts of Wondang District at 5.27% and Pungmu 2 District at 5.28%, this indicates a high concentration of demand and a commercial area with significant scarcity of commercial land.
The ‘Geomdan New City Nextiel Complex Cultural Commercial Facility’ also offers convenient transportation. Nearby, the new station (Station 101) on the Geomdan Extension Line of Incheon Subway Line 1 is scheduled to open in 2025. The Geomdan Extension Line connects Gyeyang Station to Geomdan New City over 6.9 km, with a total of three new stations (Stations 101, 102, and 103). The facility’s basement level 2 will be directly connected to the new station, transforming it into a prime commercial facility with ultra-station area advantages. Furthermore, transportation benefits such as the planned Incheon Subway Line 1, the proposed Seoul Subway Line 5, and the proposed GTX-D line are expected to continuously increase the area's value.
Additionally, the Incheon District Court and Incheon District Prosecutor’s Office, scheduled to open in March 2026 about a 10-minute walk away, are expected to create synergistic effects. Combined with the Lotte Castle brand, the commercial facilities within the complex are also highly valued as an investment destination.
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