- Apartments Near Waterfront Park, Advantageous for Price Increase Due to High Scarcity
- Possess a Pleasant and Comfortable Living Environment
Waterfront parks are emerging as a key keyword in the real estate market. They are increasing in value by demonstrating high residential preference centered on their unique scarcity and pleasant environment.
Apartments adjacent to waterfront parks boast high supply scarcity. Seventy percent of South Korea's land is composed of mountains. Due to this geographical characteristic, except for marine cities, it is rare to find residential areas with waterfronts such as rivers or lakes.
Accordingly, apartments near waterfront parks have an absolute advantage in rising housing prices because the land is limited while housing demand is high. Due to this characteristic, apartments near lake parks in the metropolitan area real estate market have recently been evaluated as having high residential value.
According to actual transaction data from the Ministry of Land, Infrastructure and Transport, an 84㎡ unit of ‘Gwanggyo Jungheung S-Class’ located in Woncheon-dong, Yeongtong-gu, Suwon-si, Gyeonggi-do, near Gwanggyo Lake Park, was sold for 1.62 billion KRW (27th floor) in August this year. The actual transaction price of this complex in February this year was 1.448 billion KRW (34th floor). The price increased by 172 million KRW in half a year.
Real estate experts say, “Apartments close to waterfront parks have a strong perception of having a pleasant residential environment that is better to live in than other places because they can enjoy unobstructed beautiful views and use various exercise and leisure facilities created along the waterways, so housing demand is quite high.” They added, “This is the decisive reason why apartments near waterfront parks attract more attention from local residents than other places and often become landmarks representing the area.”
Meanwhile, an apartment complex embracing a waterfront park in Geomdan New Town, Incheon, is attracting attention with a new sale. ‘Geomdan New Town Familier Elif’ by Shindongah Construction is the protagonist, scheduled for sale in November.
‘Geomdan New Town Familier Elif’ is called a ‘Gongpuma’ (an apartment embracing a park), with a planned waterfront park in front of the complex and surrounded by multiple planned neighborhood parks. Accordingly, it is analyzed that a high residential value will be formed based on unobstructed views and a pleasant residential environment.
The complex is located at AA32BL (Majon-dong), Seo-gu, Incheon Metropolitan City, and consists of 11 buildings from 3 basement floors to 15 above-ground floors, with a total of 669 households of 64㎡, 84㎡, 98㎡, and 110㎡ units. By housing type, there are △213 units of 64㎡ △255 units of 84㎡ △193 units of 98㎡ △8 units of 110㎡ (duplex/terrace), expanding the range of residential choices from small to medium-large sizes. This considers recent social changes where family units are becoming more segmented, and it is expected to attract interest from all age groups from young adults to middle-aged people.
Additionally, 30% (201 households) of the total units are medium-large sized units over 85㎡, which are scarce in Geomdan New Town. In particular, the 110㎡ units will be differentiated by being designed as duplex and penthouse types.
Excellent educational environments also draw attention. First, an elementary school and kindergarten are planned right in front of the complex. This is expected to attract high interest from parents as it ensures a safe commuting environment. Also, academies are planned to be established around commercial districts, creating an optimal environment for children’s study atmosphere. Considering that the main age group residing in Geomdan New Town is in their 30s and 40s, the residential value is expected to increase further.
Expectations for transportation benefits are also high. ‘Geomdan New Town Familier Elif’ is near the Incheon Subway Line 1 extension, ‘Geomdan Hosu Park Station,’ which is under development with a target opening in May next year. Also, the GTX-D line is planned nearby, promising high transportation convenience in the future. Once the GTX-D line opens, it is expected to reach Gangnam within 30 minutes. Additionally, it is conveniently close to Majon Station on Incheon Subway Line 2. Currently, the extension project connecting Geomdan New Town to Goyang City on Line 2 is also underway.
Furthermore, benefits from special planning zones that enhance the value of Geomdan New Town are expected. Geomdan New Town has five special planning zones, including Canal Complex, Human Energy Town, and Work-Life Balance Village. Among these, it is close to Human Energy Town, being developed as an energy self-sufficient pilot complex, and Canal Complex, being created as a waterfront commercial specialized street. Special planning zones are designated and managed separately in district unit plans where creative development plans are required. Differentiated residential value is expected even within Geomdan New Town.
Moreover, the apartment is further differentiated as it was selected through a special design competition. In September 2021, Incheon Urban Corporation held a special design competition in Geomdan New Town to seek differentiated spatial planning and sustainable residential model implementation. ‘Geomdan New Town Familier Elif’ was selected with high evaluation by presenting plans to create a future-oriented green residential space under the concept of ‘Evergreen,’ build a community platform for community activation, and establish a smart zero-energy apartment.
The model house for ‘Geomdan New Town Familier Elif’ will be prepared in the Wanjeong-ro area, Seo-gu, Incheon Metropolitan City.
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