- Incheon Bupyeong-gu with Over 70% Aging Housing... High Scarcity Value of New Apartments
- Doosan Construction Launches ‘Doosan We’ve The Central Bupyeong’ Featuring Transportation, Education, Infrastructure, and Natural Environment
In Bupyeong-gu, Incheon Metropolitan City, record-high prices continue to be set recently, centered on newly built apartments. Bupyeong-gu has a high proportion of aging housing, which increases the scarcity value of new apartments. Accordingly, ‘Doosan We’ve The Central Bupyeong,’ currently being supplied in Samsan-dong, Bupyeong-gu, is expected to receive high preference from buyers.
According to Real Estate R114 Labs, out of 124,991 households in Bupyeong-gu, 88,049 households are over 20 years old, meaning that more than 70% of the housing stock is aging. Considering that the aging housing rate in Incheon Metropolitan City is 48.9%, the aging housing rate in Bupyeong-gu far exceeds this figure.
As a result, Bupyeong-gu is regarded as an area with high interest in newly built apartments. Recently, record-high prices have been set at high prices or transactions have been made with premiums over the original sale prices.
In fact, according to the Ministry of Land, Infrastructure and Transport’s actual transaction price disclosure system, the pre-sale right for a 74㎡ unit (16th floor) of ‘e-Pyeonhansesang Bupyeong Station Central Park,’ scheduled for occupancy in January 2025, was traded on the 13th for 611.52 million KRW. This is 65.04 million KRW higher than the previous record price (546.48 million KRW), setting a new highest price.
Also, the 74㎡ unit (19th floor) of ‘Doosan We’ve The Park’ in Sangok-dong, Bupyeong-gu, which was occupied in November 2022, was traded in August for 643 million KRW, setting a record high. It was supplied at 450 million KRW at the time of sale in 2019, so a premium of about 200 million KRW was added in about five years.
A local real estate official said, “Areas with many aging housing households not only have a high preference for new apartments but also inevitably have many demand for switching homes,” adding, “As record-high prices are expected to continue to be set centered on new apartments in the future, demand will continue for new complexes with excellent locations and brand premiums.”
Accordingly, many buyers are expected to participate in the subscription to secure ‘Doosan We’ve The Central Bupyeong,’ which is currently being supplied in Samsan-dong, Bupyeong-gu.
‘Doosan We’ve The Central Bupyeong,’ supplied by Doosan Construction, is an apartment built through the Samsan Daebo Apartment District Housing Reconstruction and Maintenance Project. It consists of 6 buildings with 4 basement floors and up to 25 floors above ground, totaling 500 households. Among them, 141 households will be offered for general sale, including △16 units of 50㎡ △22 units of 52㎡ △103 units of 63㎡. Since it is developed in Samsan-dong, Bupyeong-gu, where the aging housing rate is high and brand apartments are scarce, it is expected to enjoy capital gains in the future.
‘Doosan We’ve The Central Bupyeong’ offers access to various living infrastructure facilities. Convenience facilities such as Lotte Mart, E-Mart, Homeplus, Samsan Market, and Samsan Agricultural Wholesale Market are easily accessible nearby, and NewCore Outlet, Hyundai Department Store, and Woongjin Playdoci are also established.
It also boasts an excellent educational environment. Samsan Elementary School, Samsan Middle School, and Bu-il Middle School are within walking distance, and within a 1km radius of the complex are Yeongseon High School, Samsan High School, and Jinsan Science High School. It is also convenient to commute to the densely located academies in Samsan-dong and Sang-dong.
Near the complex are various companies including Incheon Technovalley U1 Center, Korea Electric Power Corporation Incheon Regional Headquarters, Korea GM headquarters and Bupyeong factory, and Bupyeong National Industrial Complex, providing excellent proximity to workplaces.
Additionally, the complex is accessible to both Gulpocheon Station on Subway Line 7 and Galsan Station on Incheon Subway Line 1, facilitating easy travel to major metropolitan areas. For drivers, access to Seoul and the metropolitan area is possible via Gyeongin Expressway (Bupyeong IC), Metropolitan Area 1st Ring Expressway (Jungdong IC), National Road No. 6, and Bongo-daero. Future value is also expected to increase with planned development of metropolitan transportation networks such as GTX-B Line (planned), D·E Lines (planned), and Daejang Hongdae Line (planned).
‘Doosan We’ve The Central Bupyeong’ will hold the first priority subscription on 10/22 (Tuesday) and the second priority subscription on 10/23 (Wednesday). The model house is located in Wonchang-dong, Seo-gu, Incheon Metropolitan City, and detailed sales information can be found on the website.
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