Polarization Deepens in Real Estate Market... 'Seoul One I-Park' Equipped with Development Benefits

- Increasing Polarization Between Seoul and Regional Real Estate Markets
- Contrasting Trends in Apartment Sale Price Index and Pre-sale Market

The polarization of the real estate market between Seoul and other regions is intensifying. Not only are apartment sale price indices moving in opposite directions, but Seoul is also showing strong performance in subscription results. As a result, high demand is expected in areas within Seoul that have abundant development prospects.

In fact, the price gap between Seoul and other regions continues to widen. According to the Korea Real Estate Board, Seoul's apartment sale price index recorded 98.31 in October, rising 4.23 points compared to January. Meanwhile, other regions recorded 92.62 in October, showing a decline of 1.11 points since the beginning of the year.

The subscription results show a similar trend. According to the Korea Real Estate Board's Subscription Home, from January to November this year, 4,791 units were supplied in Seoul for general supply, with 586,316 first-priority applications, resulting in an average competition ratio of 122.38 to 1. In contrast, other regions supplied 60,962 units for general supply, receiving 397,433 applications, with an average first-priority competition ratio of 6.52 to 1. This is a figure about 20 times higher in simple arithmetic terms.

A Real Today official stated, “In next year’s pre-sale market, Seoul apartments are expected to maintain popularity due to the scarcity of supply,” adding, “If there is an opportunity to secure a unit among the currently supplied Seoul apartments, preemptively doing so would be a strategic move.”

Meanwhile, an apartment complex in Seoul, supplied through the Gwangwoon University Station area development project and boasting various development benefits, is attracting attention. The project is HDC Hyundai Development Company's ‘Seoul One I-Park,’ located in Ilwon, Nowon-gu, Seoul.

The complex’s promotional center attracted about 30,000 visitors over the weekend, creating a bustling scene. Despite being a Seoul supply with more than 57% of units larger than 85㎡ (mid-to-large size), it received over 20,000 subscription applications, drawing significant interest from buyers. The average first-priority competition ratio was 14.94 to 1, with 22,100 applicants participating.

‘Seoul One I-Park’ is at the heart of the major development benefits of the Gwangwoon University Station area and is a region of steady interest among buyers. In the pre-sale industry, it is noted to have the advantage of being built on flat land compared to recently supplied Seoul A complexes, and it is also evaluated to have comparative advantages in distance to the station and views compared to the B complex scheduled for pre-sale in December.

‘Seoul One I-Park’ is being developed on approximately 77,586㎡ of a total 150,000㎡ site, consisting of 1,856 units of pre-sale residential housing, 408 public rental units, and 768 residence rooms, totaling 3,032 units. The complex consists of 8 buildings ranging from 4 basement floors to 49 above-ground floors. Among these, 1,856 residential units with exclusive areas ranging from 59 to 244㎡ are offered for general supply.

The name ‘Seoul One’ signifies a vast circle encompassing life. It represents a grand scope that captures Seoul’s future value, aiming to supply a single town that contains all elements of life within a 1 km radius, according to HDC Hyundai Development Company.

‘Seoul One I-Park’ is supplied through the Gwangwoon University Station area development project, with a project cost of approximately 4.5 trillion KRW. The project involves relocating large-scale logistics facilities located between Gwangwoon University Station and Seokgye Station in Nowon-gu, Seoul, and developing a large-scale shopping mall and residential complex.

HDC Hyundai Development Company, responsible for the project development, plans to create a future-oriented urban environment where people, nature, and the city 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 part of Seoul.

In particular, Gwangwoon University Station, located close to ‘Seoul One I-Park,’ offers transportation networks not only for Line 1 but also Lines 6 and 7. With the planned opening of the GTX-C line, 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.

Additionally, HDC Hyundai Development Company is planning to relocate its headquarters within the development site, which is expected to attract significant office demand. Furthermore, the area will feature the region’s first global 5-star hotel, ‘Marriott Seoul One,’ and a CGV theater with an IMAX screen, providing a living environment where residents can enjoy work, residence, and leisure all in one place.

The promotional center for ‘Seoul One I-Park’ is located near Gwangwoon University Station in Nowon-gu, Seoul.