- Increasing demand for residents who want to enjoy transportation, education, convenience facilities, and natural environment all at once
- Central location complexes like Pangyo and Dongtan 2 New Town are priced several hundred million won higher than outskirts
The importance of location in the real estate market is gradually increasing. This is because more and more buyers want to enjoy transportation, education, convenience facilities, and natural environment all at once.
As a result, higher premiums are being formed in central locations that have everything. According to KB Real Estate data, Baekhyeon-dong, which is located in the center of Pangyo New Town and where Pangyo Station, a transfer station for the Shinbundang Line and Gyeonggang Line, and Hyundai Department Store (Pangyo Branch) are located, has an average market price of 2.12 billion KRW. On the other hand, Pangyo-dong (1.42 billion KRW) and Unjung-dong (1.22 billion KRW) in West Pangyo have lower prices.
The same applies to Dongtan 2 New Town. The average market price in Cheonggye-dong, where pilot complexes are concentrated, is 920 million KRW, which is more than 300 million KRW higher than Jangji-dong (650 million KRW) and Mok-dong (610 million KRW) located in the outskirts. The complexes in Cheonggye-dong have excellent locational advantages as they are close to SRT Dongtan Station, elementary, middle, and high schools, Lotte Department Store (Dongtan Branch), and Cheonggye Central Park.
Considering these points, ‘Geomdan New Town Lotte Castle Nextiel I·II·III’ is a complex that homebuyers should pay attention to. It is located in the prime center of Geomdan New Town, equipped with one-stop infrastructure where everything is possible around the complex.
The complex will be developed on three blocks in Wondang-dong, Seo-gu, Incheon, Geomdan New Town, with a total of 682 units of exclusive areas of 84, 97, 99, and 119 square meters.
First of all, transportation stands out within Geomdan New Town. ‘Geomdan New Town Lotte Castle Nextiel I·II·III’ is an ultra-station area complex within walking distance of Ara Station (scheduled to open in 2025), a newly extended station of Incheon Subway Line 1, offering excellent access to Seoul and Incheon city centers.
Moreover, additional lines are planned to be developed at Ara Station of Incheon Subway Line 1 extension (scheduled to open in 2025), which is expected to further increase its value.
On the 19th of last month, the Ministry of Land, Infrastructure and Transport’s Metropolitan Area Wide-area Transportation Committee (DAEGW) proposed a plan to extend Seoul Subway Line 5 through Geomdan New Town in Incheon to the Gimpo Hangang 2 Public Housing District. Accordingly, there is a high possibility that a Seoul Subway Line 5 station will be newly established at Ara Station of Incheon Subway Line 1 extension (scheduled to open in 2025), and ‘Geomdan New Town Lotte Castle Nextiel I·II·III’ is expected to become a double station area complex served by both Incheon Subway Line 1 and Seoul Subway Line 5.
In addition, the GTX-D (planned) line is being promoted to pass through Geomdan, so benefits are expected when the project progresses in the future. The GTX-D line is planned to have branches from Gimpo to Geomdan to Gyeyang and from Incheon Airport to Cheongna to Gajeong, meeting at the Daejang?Seoul Samsung section. Once GTX-D opens, commuting from Incheon Geomdan and Cheongna to Seoul Samsung will take about 30 minutes, and from Incheon Yeongjong to Seoul Samsung about 40 minutes. Also, by transferring at Bucheon Sports Complex Station to the GTX-B line (planned), it will be possible to travel to central Seoul areas such as Seoul Station.
Educational conditions are also excellent. Nearby are Incheon Aram Elementary School, Incheon Ieum Elementary School, Incheon Ieum Middle School, and Wondang High School. Public kindergartens such as Incheon Geomdan Dream Kindergarten (scheduled to open in March 2024), Incheon English Village, and an academy district in the central commercial area are adjacent, providing a favorable learning environment for school-age children.
The surrounding area is equipped with a large-scale central commercial district, and large marts such as Lotte Mart, E-Mart Traders, and Homeplus are nearby, offering excellent residential convenience. Right in front is the Gyeyangcheon Riverside Park, and several green spaces such as Ara Central Park and Dumulmeori Park are adjacent, allowing residents to conveniently enjoy leisure, walks, and relaxation.
The product value is also outstanding. The complex will introduce a total of seven life solutions including multiplex cinema, large bookstore, kids theme park, sports theme park, convention center, cultural center, and healthcare, and will be developed as a revitalization facility for Geomdan New Town. Accordingly, residents are expected to enjoy a one-stop lifestyle with a higher level of quality and leisure.
A sales official said, “Due to its outstanding location even within Geomdan New Town, there is high interest from buyers,” adding, “Another advantage is that the initial payment burden for contract holders is low with a first deposit of 5% and full interest-free installment payments for the balance.”
‘Geomdan New Town Lotte Castle Nextiel I·II·III’ is currently operating a model house.
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