Despite the contraction in the housing market over the past few years, locations in prime areas continue to attract significant popularity.
Last year, the ‘Geomdan New Town Lotte Castle Nextiel’ apartment recorded the highest number of subscription applications and the highest subscription competition rate (an average of 111.5 to 1) in the Incheon area, achieving a sell-out within five days of contract signing.
Following this, the officetels ‘Geomdan New Town Lotte Castle Nextiel I·II·III,’ which were subscribed to in February this year, also achieved excellent results with the highest subscription competition rate of 14.43 to 1 (average 4.07 to 1), continuing successful sales despite the ongoing downturn.
The success is not limited to residential complexes. After the successful sale of the commercial facility in C9 Block, attention is now focused on the commercial facility in C1 Block, ‘Nextiel Avenue,’ which is currently being offered for sale.
The Next Complex project, which includes ‘Nextiel Avenue,’ is a large-scale project developing a mixed-use commercial facility and cultural space on approximately 50,000㎡ of land. It is a development project for the Geomdan New Town 101 station area located in the first phase of the five special planning zones of Geomdan New Town. In 2020, the Lotte Construction consortium was selected as the preferred negotiator through a public offering, and the project is now being actively pursued.
‘Nextiel Avenue’ is a multi-tenant commercial facility featuring seven different themes: a kids’ theme park, sports theme park, bookstore, convention center, cultural center, healthcare, and multiplex. In line with the evolving trends of mixed-use facilities that continuously adapt to consumer needs, ‘Nextiel Avenue’ aims to become a leader in a new generation of five types of community-based, stay-oriented mixed cultural facilities by enhancing the strengths and addressing the weaknesses of each type.
As the central hub of Geomdan New Town, it boasts an excellent location with a direct connection to Ara Station on Incheon Subway Line 1 (scheduled to open in 2025). Once Ara Station opens, accessibility to Seoul and downtown Incheon is expected to improve dramatically. Additionally, the area benefits from major transportation developments such as the planned extension of Seoul Subway Line 5 and the announced GTX-D line, further enhancing its future value.
There is also strong underlying demand. Approximately 40,000 households exist within a 2.5 km radius, and the complex itself secures a solid fixed demand with 1,382 units.
In 2025, the Incheon District Court Northern Branch (planned) and the Incheon District Prosecutors’ Office Northern Branch (planned) are set to open, creating a new legal town. This is expected to generate a large influx of population, including high-income employees and related professionals, which will likely revitalize the commercial district.
A sales official stated, “Nextiel Avenue, along with the successfully sold commercial facility in C9 Block and the upcoming RC1 Block, is expected to establish itself as a landmark and the center of mixed-use commerce and culture in Geomdan New Town,” adding, “It will greatly contribute to the region’s economic development and improvement in living standards.”
Meanwhile, the ‘Nextiel Avenue’ sales promotion center is located on Wondang-daero, Seo-gu, Incheon Metropolitan City.
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