As Seoul City and Yongsan District actively push forward the establishment of the Shinbundang Line’s ‘Shin Hannam Station,’ expectations are rising that the housing market in the Hannam New Town area and its surroundings will experience another positive development.
The Shinbundang Line currently connects to Sinsa Station in Gangnam-gu, Seoul, through its first phase extension, and the second phase extension is underway to link Sinsa Station to Yongsan Station. The second phase extension route goes from Sinsa Station to Dongbinggo, passing the National Museum, and then to Yongsan.
The highly anticipated new station, ‘Shin Hannam Station,’ is planned to be established between Sinsa Station and Dongbinggo Station on the second phase extension line, specifically in the area covering Hannam New Town’s Districts 3 and 4.
The primary advocates for the station’s establishment are the members of the Hannam New Town residents’ associations. According to industry sources, a total of 2,075 residents from Hannam Districts 2, 3, and 4 recently submitted a petition regarding the tentative Shinbundang Line Shin Hannam Station to the Ministry of Land, Infrastructure and Transport and Yongsan District Office. The petition requests the prompt commencement of a preliminary feasibility study for the station’s establishment between Hannam Districts 3 and 4.
Seoul City and Yongsan District are also proactive about the station’s establishment. Both have expressed the need for route changes and the establishment of a new station tentatively named Bogwang Station on the second phase section. In particular, Yongsan District plans to initiate a feasibility study for the Shinbundang Line second phase extension in April and will submit the results to the Ministry of Land, Infrastructure and Transport to urge progress.
Industry experts anticipate that considering the floating population upon completion of Hannam New Town’s development, the Ministry of Land, Infrastructure and Transport will have no grounds to oppose the station’s establishment. Accordingly, if the area is equipped with excellent road traffic networks and direct public transportation to Gangnam, its value as an emerging residential area is expected to increase significantly.
The area expected to benefit most from the confirmed opening of Shinbundang Line’s ‘Shin Hannam Station’ is ‘The Aston Hannam,’ supplied right next to Hannam District 3.
‘The Aston Hannam’ is located in Hannam-dong, Yongsan-gu, Seoul, consisting of 168 units ranging from 59 to 84 square meters in exclusive area, in buildings from three basement levels to 15 floors above ground. Being situated very close to the planned Shin Hannam Station area, it is highly likely to be the biggest beneficiary.
Notably, this project is supplied as a premium private rental apartment with an option to convert to sale, emerging as a new concept residential product for ultra-high-net-worth individuals, thus attracting even greater interest.
Moreover, with Seoul City recently redesignating the entire Yongsan District as a land transaction permission zone, making gap investments impossible for all apartments except redevelopment apartments for the time being, the private rental apartment model is evaluated as an excellent alternative satisfying both actual residents and investors.
Residents can live on rent for up to 10 years, with a guaranteed right to convert to ownership after 10 years, providing an opportunity to secure regional value early. Additionally, as a private rental apartment, no subscription savings account is required, anyone aged 19 or older can apply, and there are no additional subscription eligibility restrictions, lowering the entry barrier.
While securing investment value early, tax burdens are significantly reduced. Rental housing does not incur acquisition or registration taxes, and since it is not counted as a housing unit, property tax and comprehensive real estate tax do not apply. Non-homeowners can maintain subscription eligibility without concerns about re-winning restrictions, and high deposits are secured through mandatory guarantee insurance, ensuring stability.
The location is excellent. The complex is in a prime spot within Hannam-dong, Yongsan-gu, offering views of the Han River. It is an ultra-station area about a 2-minute walk from Hannam Station on the Gyeongui-Jungang Line and is located at the entrance of Hannam Bridge, which connects Gangnam and Gangbuk, providing excellent access to key road networks such as Namsan 1 Tunnel, Gangbyeonbuk-ro, and Olympic-daero.
Infrastructure guaranteeing high quality of life and rich cultural experiences is concentrated nearby, including the Leeum Museum of Art, Gourmet 494, and Soonchunhyang University Hospital. Prestigious schools such as Hannam Elementary School and Yongsan International School are close, and commuting to the Gangnam academy district is convenient. The Han River Park, Namsan, Yongsan Park, and Maebongsan Park are also nearby, ensuring excellent environmental quality.
Top-tier design and community facilities that complete the highest residential satisfaction will be applied. The interior design of individual units will feature various specialized layouts according to size and type. Notably, world-renowned kitchen design company KOHLER, with over 150 years of history, and Villeroy & Boch, a luxury brand with 270 years of tradition favored by European royal families, will collaborate on kitchen design and interior finishes, enhancing the detailed living space.
Additionally, ample parking space of 2.17 cars per unit will be provided, along with various amenities offering top performance such as a cafeteria, fitness center, sauna, and indoor golf range. Customized concierge services including breakfast service, valet service, laundry service, and unit storage will also be planned, supporting a lifestyle comparable to a five-star hotel.
Meanwhile, the ‘The Aston Hannam’ housing sales office is located in Hannam-dong, Yongsan-gu, Seoul.
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