High-Density Residential Development in Transit-Oriented Area Draws Attention... 'Seoul One I-Park' to Launch Sales in November

- Residential Facilities in High-Density Transit-Oriented Development Areas Combining Housing, Culture, and Leisure Command Premiums of Hundreds of Millions KRW
- Promising Northeast Market Project: Gwangwoon University Station Area Development 'Seoul One I-Park' to Launch in November

While residential facilities in high-density development areas near subway stations in Seoul are enjoying premiums worth hundreds of millions of won, attention is focusing on ‘Seoul One I-Park,’ which is being supplied through the development of the Gwangwoon University station area.

According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, ‘Lotte Castle East Pole,’ supplied through the redevelopment of Jayang 1 District in Gwangjin-gu, Seoul, recorded an actual transaction price of 1.5503 billion KRW for an exclusive area of 84㎡ after the resale restriction was lifted in August. The sale price for this unit type was around 1.3 to 1.4 billion KRW at the time of sale last August, indicating a premium of at least 150 million KRW to a maximum of 250 million KRW formed within one year.

‘Cheongnyangni Station Hanyang Susian Graciel,’ supplied along with the high-density development of Cheongnyangni station area and sold in April 2019, also recorded an actual transaction price of 1.63 billion KRW for an exclusive area of 84㎡ in August. The sale price at the time was in the 1 billion KRW range, showing a premium of about 600 million KRW formed over approximately five years after sale.

An industry expert said, “High-density development near subway stations has a significant ripple effect not only on the previously underdeveloped residential environment but also on the entire local real estate market,” adding, “Due to the concentration of various living infrastructures and landmark status, demand preferences increase over time, so it is necessary to pay attention to residential facilities in high-density development areas near subway stations.”

As attention to residential facilities in high-density development areas near subway stations grows, ‘Seoul One I-Park,’ supplied through the Gwangwoon University station area development expected to become a landmark in the northeastern region, is scheduled for sale in November.

‘Seoul One I-Park,’ supplied by HDC Hyundai Development Company through the Gwangwoon University station area development project, will be built on about 77,586㎡ of a total 150,000㎡ site, consisting of 1,856 sale-type apartments, 408 public rental units, and 768 residence rooms, totaling 3,032 households. The complex will have 8 buildings ranging from 4 basement floors to 49 above-ground floors. Among them, 1,856 sale-type apartments with exclusive areas ranging from 59 to 244㎡ will be offered in November.

The name ‘Seoul One’ means a vast circle embracing life. It represents a grand scope containing Seoul’s future value, aiming to supply a single town that encompasses all elements of life within a 1 km radius, according to HDC Hyundai Development Company. The approximately 150,000㎡ circle will include residential spaces, hotels, shopping malls, and offices, allowing residents to enjoy an era of life culture encountered at Seoul One.

‘Seoul One I-Park’ is supplied through the Gwangwoon University station area development project, with a project cost of about 4.5 trillion KRW. The project is located between Gwangwoon University station and Seokgye station in Nowon-gu, Seoul, on the site of a large-scale logistics facility relocation, and involves creating a large-scale shopping mall and residential complex.

HDC Hyundai Development Company, responsible for the project development, plans to create a future-oriented urban center where people, nature, and the urban environment coexist. It is Korea’s first and Seoul’s largest large-scale project integrating residential, cultural, business, tourism, and medical sectors in one place, raising expectations to become a landmark representing the northeastern region of Seoul in the future.

The complex’s partnerships include HDC Hyundai Development Company as the constructor, along with Snow Peak, Seoul Asan Medical Center, Korea University, and others, providing residents with rich and high-quality living infrastructure through diverse partnerships spanning education, culture, and leisure.

Adjacent to the complex, the commercial and business site will host Seoul One Life Culture Mall (tentative name), the largest shopping center in the area, and the region’s first global 5-star hotel. Fitness facilities and the area’s first IMAX theater will also be introduced. Additionally, key anchor facilities will be located in the street mall developed in connection with the commercial and business facilities, boasting abundant living infrastructure where cultural and leisure activities are possible within the complex.

Moreover, Gwangwoon University station adjacent to the complex has transportation networks accessible not only to Line 1 but also Lines 6 and 7. The GTX-C line is planned to be newly established in the future, and once opened, the Gwangwoon University station to Gangnam (Samseong station) section will be connected in just 9 minutes. Road access is also excellent via Dongbu Expressway and the Internal Circulation Road.

‘Seoul One I-Park’ applies smart premium features within the complex to provide residents with diverse and convenient residential environments. The smart premium includes an interactive AI home assistant system, independent communities for every two buildings, and advanced facilities enabling food waste disposal on each floor. Plans also include Korea’s first Asan Medical Center customized healthcare solutions and the entry of the country’s top premium fitness platform (planned).

Additionally, the complex has signed a business agreement with Korea University and the local community for lifelong education and youth career development. Public land will also include convenience facilities for local residents, such as a cultural hub library and a youth career center.

A sales official stated, “As Seoul One pursues value completed as one, we will present premium residential spaces never seen before to demanders,” adding, “In particular, as a residential facility that can fully enjoy the benefits of the Gwangwoon University station area development, it is expected to establish itself as a landmark complex representing Seoul in the future.”