City O Ciel Complex 6, a Walkable Complex Near Station and Convenience Facilities
As the importance of location is being reemphasized amid a real estate market trend focused on actual demand, the value of ‘Seulse-gwon’ complexes?residential areas within walking distance to various infrastructures?is on the rise.
According to the ‘Real Estate Trends 2024’ report released by the Korea Gallup Survey Institute, the top location-related factors considered when deciding on a home were △convenient transportation (52%) △proximity to workplace (47%) △easy access to convenience and commercial facilities (40%). These location factors ranked significantly higher compared to product-related factors such as △housing price, sale price, appropriate market price (29%) △internal floor plan/facilities (9%) △direction/view/scenery (8%).
‘Seulse-gwon’ complexes are also making their presence felt in the pre-sale market. According to data from the Korea Real Estate Board’s subscription home site, the top three complexes with the highest subscription competition rates from January to August this year (as of the 19th) were all ‘Seulse-gwon’ complexes. ‘Pangyo Technovalley Joongheung S-Class,’ which recorded the highest competition rate with an average of 1110.35 to 1 for first-priority applicants, is located within walking distance to Pangyo 2nd Technovalley, as well as near an elementary school and a planned neighborhood park site.
A real estate expert commented, “While the housing price trend is rising mainly in the metropolitan area, the real estate market is showing mixed signals due to the continued high interest rate environment, leading ‘Seulse-gwon’ complexes with excellent location environments to increase in value. Moreover, the perception that ‘location is the first and foremost factor in real estate’ remains strong, and the abundant demand supports expectations for price appreciation, which backs the recent trend.”
In fact, the value of complexes with ‘Seulse-gwon’ infrastructure is on an upward trajectory. According to actual transaction data from the Ministry of Land, Infrastructure and Transport, the ‘Songdo The Sharp Park Avenue’ complex (moved in November 2018) located in Songdo-dong, Yeonsu-gu, Incheon, with a 59㎡ exclusive area, was traded for 850 million KRW in May, up 220 million KRW from 630 million KRW for the same area in February last year. The complex is conveniently located near Songdo Central Park, Incheon National University Station, shopping malls, and an elementary school right next to the complex, forming a convenient living area.
Also, ‘Bucheon We’ve Tresium 2 Complex’ (moved in April 2012) in Wonmi-gu, Bucheon-si, Gyeonggi-do, with a 59㎡ exclusive area, was traded for 632 million KRW in July, up 132 million KRW from 500 million KRW for the same area in April last year. The complex is near parks, markets, multiple schools, and is close to Sinjungdong Station.
Accordingly, complexes within walking distance to various infrastructures are attracting attention as they prepare for pre-sale. HDC Hyundai Development Company, Hyundai Engineering & Construction, and POSCO E&C are scheduled to pre-sell ‘City OCELE 6 Complex’ in Block 5 of City OCELE, Hakik-dong, Michuhol-gu, Incheon, in September. This complex is considered a representative ‘Seulse-gwon’ complex where various living infrastructures can be accessed on foot.
First, it is a station-area complex within walking distance to the soon-to-open Hakik Station on the Suin-Bundang Line. The Suin-Bundang Line connects to Seoul’s Gangnam area including Gangnam-gu Office, Apgujeong Rodeo, and Suseo without transfers, as well as Suwon, Bundang, and Pangyo, and links with many lines operating in the metropolitan area, enabling convenient travel to Seoul and surrounding regions.
Additionally, residents can walk to ‘Star OCELE,’ a commercial, cultural, and business district planned within City OCELE. Star OCELE will feature large-scale commercial facilities, a cinema, and various living convenience and cultural facilities including the Incheon Museum Park.
City OCELE 6 Complex is also expected to benefit from various transportation developments. Songdo Station on the Suin-Bundang Line, one stop from Hakik Station, will be connected to the Incheon-origin KTX, enabling travel to Busan in about 2 hours and 30 minutes and to Mokpo in about 2 hours and 10 minutes. Moreover, Songdo Station will be linked to the Wolgot-Pangyo Line (Wolpan Line), which connects the southern metropolitan area east-west from Siheung Wolgot to Seongnam Pangyo, allowing travel to Pangyo in about 30 minutes.
Furthermore, with the government’s approval of the GTX-B Line private section (Incheon University to Yongsan, Sangbong to Maseok) implementation plan, the establishment of Cheonghak Station on the GTX-B Line is expected to proceed in earnest. Once confirmed, it will take about 20 minutes from Hakik Station to Yeouido and about 26 minutes to Seoul Station.
Meanwhile, City OCELE 6 Complex consists of 9 buildings ranging from 2 basement floors to a maximum of 47 floors above ground, with a total of 1,734 households sized between 59㎡ and 134㎡. The number of households by exclusive area is △59㎡ 115 units △75㎡ 238 units △84㎡A 495 units △84㎡B 380 units △84㎡C 246 units △102㎡A 119 units △102㎡B 137 units △134㎡PA 1 unit (penthouse) △134㎡PB 3 units (penthouses), offering a variety of types from small to large.
The model house is located near the Samgeori intersection in the redevelopment area along Aam-daero, Michuhol-gu, Incheon, and is scheduled to open in September.
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