Many Development Prospects Planned in Eunpyeong, Mapo, Seodaemun, but Limited Supply Increases Value of New Complexes↑
With the imminent opening of the GTX-A line of the Metropolitan Express Railway in the northwestern Seoul area, including Eunpyeong, Mapo, and Seodaemun districts, along with various landmark constructions and concentrated development benefits, demand from buyers is increasing. However, supply remains insufficient, raising the scarcity value of new complexes.
First, the GTX-A line is planned to pass through Eunpyeong-gu, with Yeonsinnae Station designated as a stop. Notably, there will be only four Seoul stops?Yeonsinnae Station, Seoul Station, Samseong Station, and Suseo Station?and given the symbolic significance of the first GTX opening, it is expected to enjoy high locational value in the real estate market.
In addition, there are abundant development benefits planned, including the large-scale Yeonsinnae District Unit Plan, which develops the area around Yeonsinnae Station, and the creation of a mixed-use complex exceeding COEX scale with up to 60 floors on the site of Seoul Innovation Park near Yeonsinnae Station.
Mapo-gu has decided to invest 38.1 billion KRW in the ‘Seoul-type R&D Support Project’ sector, and projects such as the world’s largest Ferris wheel, ‘Seoulling,’ are scheduled. Meanwhile, Seodaemun-gu is progressing with the establishment of the ‘Gangbuk Transversal Line,’ a route connecting Mok-dong in Yeongdeungpo-gu, DMC, Seodaemun-gu Office, and Cheongnyangni.
House prices in the northwest area are already on the rise. According to Asil, an apartment transaction price analysis firm, the 44㎡ unit of Nokbeon Station E-Pyeonhansesang Castle in Eunpyeong-gu was sold for 773 million KRW in September this year, up about 60 million KRW from 670 million KRW in February. The 84㎡ Gongdeok Xi in Mapo-gu, which changed hands for 1.48 billion KRW in May, was traded for 1.65 billion KRW on the 13th, and the 84㎡ DMC Raemian E-Pyeonhansesang in Seodaemun-gu rose from 1.12 billion KRW in July to 1.19 billion KRW.
Although real estate is on the rise due to development benefits, the outlook for new supply is bleak. According to data from Real Estate R114, the number of scheduled housing units in Seoul after next year is 37,564, of which only 2,210 units, or 5.9%, are in the northwest area. This is a significant difference of 6 to 8 times compared to the southeast area, including Gangnam, Gangdong, Seocho, and Songpa districts (18,098 units), and the northeast area, including Gangbuk, Dongdaemun, Seongdong, and Jungnang districts (13,757 units).
A real estate expert said, “While development benefits continue to emerge centered on Eunpyeong-gu, where GTX is planned in northwest Seoul, supply cannot keep up, and the supply cliff in the northwest area is expected to worsen. As supply decreases, the scarcity value of new complexes rises, and complexes with prime locations such as the ultra-station area near Yeonsinnae Station are being highly valued.”
Meanwhile, Billiv Acent, which recently changed its contract conditions and is located right in front of Yeonsinnae Station in Eunpyeong-gu, Seoul, is attracting high interest from buyers with its successful contract sales.
Billiv Acent is a branded residential complex located in Bulgwang-dong, Eunpyeong-gu, Seoul, consisting of 492 households/units with 5 basement floors to 24 above-ground floors, and exclusive areas ranging from 49 to 84㎡. It is planned to introduce resident housing services for the first time in Eunpyeong-gu, offering superior living conditions.
The complex has received positive feedback from buyers after recently changing its contract conditions. It introduced a fixed contract deposit system starting from 20 million KRW (with credit loan brokerage and interest support), significantly reducing the initial financial burden. Additionally, it offers a safety guarantee system that protects buyers from losses even if the actual transaction price of the sale right at move-in is lower than the sale price.
Billiv Acent also boasts excellent location conditions. It is situated in the ultra-station area of Yeonsinnae Station, a transfer station for Seoul Subway Lines 3 and 6, providing outstanding locational value. Especially, Yeonsinnae Station is expected to partially open the GTX-A line around 2024, adding high future value. Once the entire GTX-A line is completed, it will take about 9 minutes to reach Samseong Station from Yeonsinnae, enabling rapid access to Gangnam as if it were a neighboring district.
Moreover, the complex is near Rodeo Street and Yeonseo Market, and close to various lifestyle infrastructures such as NC Department Store Bulgwang Branch, Lotte Mall Eunpyeong Branch, E-Mart Eunpyeong Branch, Starfield Goyang, as well as Cheonggu Seongsim Hospital and Catholic University Eunpyeong St. Mary’s Hospital. In particular, the commercial facility within the complex, ‘Billiv Acent The Place,’ is expected to house a Megabox cinema, making shopping and cultural life convenient.
Furthermore, it is close to Yeoncheon Elementary, Seonil Elementary, and Yale Elementary schools, and well-equipped with educational infrastructure such as the academy districts from Gusan Station to Yeonsinnae Station, Eunpyeong-gu Office to Nokbeon Station academy district, Eunpyeong Public Library, and Gusan-dong Library Village, alleviating concerns about children’s education. Given the increasing number of dual-income families nowadays, Billiv Acent is expected to be highly preferred by parent buyers due to its well-established educational facilities.
Billiv Acent aims to differentiate itself by introducing resident housing services for the first time in Eunpyeong-gu to enhance residents’ pride and residential quality. It applies a high floor height (2.5m) to all types, provides storage for each household on every floor (with the 101 building’s storage planned in the basement), features a 4-bay specialized design and dual-way innovative floor plan (for the 84㎡ type), and offers premium kitchen appliances and ceiling-type system air conditioners in all units free of charge (full built-in).
Billiv Acent is currently operating a model house.
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