- Development of key facilities representing new towns such as parks, subway stations, and department stores, central growth of new towns
- Geomdan New Town, designation of 5 special planning zones
Demand is high for complexes near special planning zones within new towns. Due to their excellent location conditions and the establishment of large-scale core facilities that serve as regional hubs, these complexes have high value and often lead local housing prices.
According to industry sources, the value of complexes near special planning zones within new towns has been rapidly increasing recently. Special planning zones are areas managed intensively with separate development plans within district unit plans, usually designated for complex and creative development. Typically, special planning zones are developed through public offering-type project financing (PF) projects and land sale methods, and large-scale mixed-use facilities such as convention centers, technovillies, administrative towns, commercial facilities, and residential complexes are established, becoming landmarks of the region.
In fact, complexes near special planning zones within new towns boast high values. According to apartment transaction data from the Ministry of Land, Infrastructure and Transport, in April, the ‘Gwanggyo Joongheung S-Class’ (moved in 2019) with a 84㎡ exclusive area near Gwanggyo New Town Special Planning Zone 2 was traded at 1.63 billion KRW, marking the highest price for 84㎡ units in Yeongtong-gu, Suwon City this year. This complex offers views of Woncheon Lake and easy access to various convenience facilities such as Suwon Convention Center, Galleria Department Store, and Aqua Planet, developed through the Special Planning Zone 2 project.
Also, in Dongtan 2 New Town in Gyeonggi Province, the ‘Dongtan Station Lotte Castle’ with an 84㎡ exclusive area located within the Special Planning Zone of the Metropolitan Business Complex was contracted this June for 1.455 billion KRW, setting the highest price for 84㎡ units in Hwaseong City this year. All of the top 10 highest-priced 84㎡ transactions in Hwaseong City this year are located within the Special Planning Zone of Dongtan 2 New Town. Dongtan Station Lotte Castle offers core infrastructure facilities of Dongtan New Town such as Dongtan Station, Lotte Department Store, and theaters within the special planning zone, as well as easy access to cultural and park facilities like Dongtan Yeoul Park, Cheonggye Central Park, and the planned Tri-M Park Complex Cultural Center.
An industry official said, “As can be seen from past cases of special planning zones in new towns, the development of special planning zones involves the establishment of core facilities representing the region, which has a tremendous ripple effect in increasing the value of the area.” He added, “Especially with the real estate market gradually recovering recently and the development of special planning zones in new towns under construction gaining momentum, it is advisable for buyers considering moving into new towns to pay attention to nearby complexes.”
Accordingly, there is also growing interest in newly launched complexes expected to benefit from special planning zones in new towns. The ‘Geomdan Aterazai,’ scheduled for sale in July by the GS Construction consortium in the Bullo-dong area of Geomdan New Town, Seo-gu, Incheon, is considered a beneficiary complex of the Canal Complex development in the Geomdan New Town Special Planning Zone.
Geomdan New Town has a total of seven special planning zones designated, including Canal Complex, Human Energy Town, Next Complex, Work-Life Balance Village, and Smart With Up 3. Among them, the Canal Complex is planned to develop a mixed commercial and cultural complex utilizing water spaces on a 196,041㎡ site, including mixed commercial facilities, a central lake park (planned), and a waterfront commercial street specialized for commerce.
In particular, it is adjacent to the planned Geomdan Hosu Park Station (tentative name) on the extension line of Incheon Subway Line 1, and with the waterfront commercial street and Bridge Town connected to the central lake park (planned), it is expected to become the central area of the 4th phase development of Geomdan New Town, where commerce, business, culture, and leisure harmonize.
Complexes near special planning zones in Geomdan New Town are also popular, forming high premiums. According to apartment transaction data from the Ministry of Land, Infrastructure and Transport, the ‘Geomdan Kumho Eoulim Central’ near the Next Complex was traded last month (May) at 660 million KRW for a 74㎡ exclusive area, showing a premium of about 306 million KRW over the sale price. The ‘Geomdan New Town Woomee Lin Signature’ with an 84㎡ exclusive area was traded at 756 million KRW in the same month, rising about 339.2 million KRW.
The Geomdan Aterazai to be supplied this time offers walkable access to the Canal Complex and easy access to various living infrastructures in the already developed residential districts such as Bullo District, Pungmu District, and Majon District nearby.
It boasts excellent educational environment and pleasant residential conditions. First, there are planned sites for an elementary school and kindergarten directly opposite the complex, ensuring an excellent educational environment and safe commuting for children. Additionally, a neighborhood park (planned), the starting point of the U-shaped green axis encompassing Geomdan New Town, is located near the complex, allowing residents to enjoy a comfortable healing life.
Geomdan Aterazai will be built with six buildings ranging from two basement floors to a maximum of 25 floors above ground, totaling 709 households with exclusive areas of 59 to 84㎡. The number of households by exclusive area is △59㎡A 140 units △59㎡B 23 units △59㎡C 261 units △59㎡D 22 units △59㎡E 22 units △74㎡ 99 units △84㎡ 142 units, all 100% small to medium-sized units.
The model house is scheduled to open in July in Sang-dong, Bucheon City, Gyeonggi Province (within Bucheon Video Culture Complex), and move-in is expected in February 2027.
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