Incheon Line 1 Geomdan Extension Beneficiary Complex 'ePyeonhansesang Geomdan Well County' September Sale

- High premiums paid in nearby beneficiary complexes immediately after groundbreaking, aiming for opening in 2025
- 'ePyeonhansesang Geomdan Well County' located in the vicinity of the planned 101 Station (tentative name), expected to offer convenient commuting to Seoul

In the apartment sales market, transportation developments have a significant impact as they lead to an increase in the value of related areas. In particular, transportation network development projects that have entered the construction phase are considered the most influential positive factors for rising housing prices, provided there are no major unexpected changes and the projects proceed smoothly.

For example, there is the extension of Incheon Metro Line 1 passing through Geomdan New Town. According to Incheon City Hall, this line connects Gyeyang Station, a transfer station for the Airport Railroad and Incheon Metro Line 1, to Geomdan New Town. Construction began in November 2020, and the line is scheduled to open in 2025.

Following the construction announcement, the prices of pre-sale rights for complexes expected to benefit from the project rose significantly. According to the Ministry of Land, Infrastructure and Transport’s actual transaction data, the pre-sale rights for an 84㎡ unit in ‘Geomdan Kumho Eoullim Central’ (pre-sold in November 2018) in Geomdan New Town were traded at an average of 441.26 million KRW before construction (January 2020 to November 2020). However, after construction began, the same size unit was traded at 768.24 million KRW in February 2021, marking an increase of over 300 million KRW.

Transaction volume showed a similar trend. According to data from the Korea Real Estate Board, apartment sales transactions in Seo-gu, Incheon, where Geomdan New Town is located, increased by approximately 62.6%, from 639 transactions in October 2020 before the construction of the Geomdan extension line to 1,039 transactions in December 2020, immediately after construction began.

Industry experts analyze that areas with planned new subway stations attract demand from buyers aiming to secure properties benefiting from the development, leading to active transactions and significant price increases. Especially in the case of Geomdan New Town, which currently lacks a direct subway connection, the benefits from the Geomdan extension line are expected to be even greater.

Meanwhile, a representative beneficiary complex of this upcoming opening is drawing significant attention from prospective buyers as it prepares for pre-sale. The consortium of Incheon Urban Corporation and DL E&C plans to launch sales of ‘e-Pyeonhansesang Geomdan Well County’ in September at Block AA10-1 in Geomdan New Town, Seo-gu, Incheon.

e-Pyeonhansesang Geomdan Well County will be developed as a complex near the planned new 101 Station (tentative name) on the Geomdan extension line of Incheon Metro Line 1. Once the line opens, it will be possible to travel from Gyeyang Station (transfer station for Airport Railroad and Incheon Metro Line 1) to Gimpo Airport Station within 10 minutes and to Seoul Station within 30 minutes.

Additionally, the construction of the ‘Wondang?Taeri Wide Road’ project nearby is underway, aiming for completion in July 2024. Once completed and connected to Dream-ro and National Road No. 39, the access time from Geomdan New Town to Gochon IC (towards Seoul Olympic-daero) will be significantly reduced, enabling travel to Yeouido within 30 minutes.

Moreover, a wide-area bus service heading to Gangnam and Seoul Station operates right in front of the complex. Using Pungmu Station on the Gimpo Gold Line, located about 2 km from the complex, residents can transfer to Subway Lines 5 and 9, the Airport Railroad, and the Seohae Line, reaching Gimpo Airport Station within 10 minutes.

Furthermore, there is the ‘Next Complex’ development project in Special Planning Zone 3, one of the special planning areas in Geomdan New Town. According to Incheon Urban Corporation, this project near 101 Station will be developed into a complex cultural space featuring a multiplex cinema, cultural center, large bookstore, convention center, kids and sports theme parks, and is scheduled for completion in 2027.

Also, the area around 101 Station will host the Incheon District Court Northern Branch and the Incheon District Prosecutors’ Office Northern Branch, forming the Incheon Legal Town.

Meanwhile, the housing exhibition center for e-Pyeonhansesang Geomdan Well County is planned to be set up in Cheongna-dong, Seo-gu, Incheon.