- Property Prices Soar by Billions in Beneficiary Areas like Sinbundang Line Extension and Wolpansun, Record Highs Continue
- City O Ciel 6 Complex Expected to Benefit from Opening of Suin-Bundang Hakik Station (Planned) and Wolpansun Line (Planned)
Accessibility to affluent neighborhoods such as Gangnam and Pangyo is acting as a catalyst for rising housing prices. As the housing price boom originating in Seoul spreads to the metropolitan area, the price increase is particularly noticeable in railway-benefited areas where accessibility to Gangnam, the epicenter of Seoul's housing price rise, is improving.
According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, an 84㎡ unit in ‘Hwaseo Station Park Prugio’ located in Jeongja-dong, Jangan-gu, Suwon City, was traded at a record high of 1.173 billion KRW (8th floor) in July. Considering that the same type was traded at 1 billion KRW in April, the price surged by 173 million KRW (17.3%) in just three months. It is analyzed that the price increase centered around beneficiary complexes occurred after the final confirmation of the Shinbundang Line extension from Gwanggyo to Homaesil near Hwaseo Station in May. The Shinbundang Line connects Seoul Gangnam and Gwanggyo, and the opening of the extension is expected to drastically shorten travel time to Gangnam and Pangyo in Seoul.
Additionally, an 84㎡ unit in ‘Pyeongchon Xi I-Park’ located in Dongan-gu, Anyang City, also found a new owner at a record high of 1.02 billion KRW in July, as it is considered a beneficiary complex with the upcoming opening of the Wolgot-Pangyo Line (Wolpa Line) near Anyang Station. The Wolpa Line is a double-track railway with a total length of 34.15 km connecting the southern metropolitan area east to west, from Wolgot in Siheung to Pangyo in Seongnam, and is expected to connect with the currently operating Suin-Bundang Line section from Incheon Songdo to Wolgot in Siheung.
A real estate expert explained, “The areas with good accessibility to Gangnam, the number one district in the domestic real estate market, have recorded significant housing price increases and joined the ranks of affluent neighborhoods. Considering that the starting point of this housing price rise is also the Gangnam area, improved accessibility to Gangnam inevitably has a major impact on housing price increases.”
In fact, there are many cases in the past where housing prices successfully rose thanks to improved accessibility to Gangnam and Pangyo. According to real estate R114 data, the apartment sale prices in Yonghyeon-dong, Michuhol-gu, Incheon, which fell by 0.4% in 2019, rose by 5.33% in 2020 and surged by 41.8% the following year. It is analyzed that the opening of Inha University Station and Sungui Station on the Suin-Bundang Line in September 2020 caused a significant jump in housing prices.
Furthermore, Pungdeokcheon-dong in Suji-gu, Yongin City, recorded a 0.47% price increase in 2016 due to the opening effect of Suji-gu Office Station (Shinbundang Line) in January of the same year. This contrasts with the 0.22% decline in apartment sale prices in Suji-gu, Yongin City, that year.
Meanwhile, new apartments with improved accessibility to affluent neighborhoods such as Gangnam and Pangyo are scheduled for sale, attracting the attention of buyers. HDC Hyundai Development Company, Hyundai Engineering & Construction, and POSCO E&C plan to sell ‘City OCELE 6 Complex’ in Block 5 of City OCELE in Hakik-dong, Michuhol-gu, Incheon, in September.
‘City OCELE 6 Complex’ is considered the biggest beneficiary complex of the ongoing transportation network expansion in downtown Incheon. It is a station-area complex within walking distance of the planned Hakik Station on the Suin-Bundang Line, which currently passes through without stopping. Once the opening is completed, residents will be able to travel directly without transfers to Seoul Gangnam areas such as Gangnam-gu Office, Apgujeong Rodeo, and Suseo, as well as to Suwon, Bundang, and Pangyo.
Moreover, Songdo Station, just one stop from Hakik Station, is also preparing for the opening of the Wolgot-Pangyo Line, a 34.15 km east-west railway connecting the southern metropolitan area from Wolgot in Siheung to Pangyo in Seongnam. When connected with the currently operating Suin-Bundang Line section from Incheon Songdo to Wolgot in Siheung, it will be possible to reach Pangyo from Songdo in about 30 minutes by express train. With the Incheon-origin KTX project connecting Incheon to Busan and Mokpo also underway, transportation conditions are expected to improve further.
The road transportation network is also excellent. Near the complex is the Neunghae IC on the 2nd Gyeongin Expressway, as well as the metropolitan area’s 2nd Ring Expressway (between Incheon and Gimpo), Incheon Bridge, Incheon-daero connecting to Gyeongin Expressway, and Aam-daero connecting to the 3rd Gyeongin Expressway, providing comprehensive access to the wider area.
Living conditions are also outstanding. 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 lifestyle and cultural amenities including the Incheon Museum Park. Additionally, a pedestrian walkway (Link OCELE) connecting the complex to Museum Park and Star OCELE will be developed as a specialized walking path along a forest trail, offering a pleasant strolling experience.
Meanwhile, City OCELE 6 Complex consists of 9 buildings ranging from 2 basement floors to a maximum of 47 floors, with a total of 1,734 households ranging in size from 59 to 134㎡. The number of units 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 in the Aam-daero area of Michuhol-gu, Incheon, and is scheduled to open in September.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
