Ministry of Land and LH to Supply 1,030-Unit Large-Scale Complex
Price Increased by About 50 Million Won Compared to Pre-Subscription
Main subscription applications are now being accepted for public housing in Namyangju Wangsuk District, the largest among the third phase new towns. This is the first main subscription supply for the third phase new towns under the new administration. As the government continues to emphasize the need for housing supply in the Seoul metropolitan area, there is growing interest in how the public housing released to the market in the second half of the year will impact the market.
The Ministry of Land, Infrastructure and Transport and Korea Land and Housing Corporation (LH) announced on the 24th that they have issued a notice for tenant recruitment for Namyangju Wangsuk A-1 and A-2 blocks. The new apartments will mainly consist of small units with exclusive areas of 46m², 55m², and 59m², which are highly preferred by actual homebuyers. The environment is relatively pleasant, as the site is close to Wangsukcheon riverside park and a linear park. The complex will also feature childcare facilities, making it notable as a family-friendly community.
Near the blocks, the extension of subway lines 4 and 9 to Pungyang Station (within Jinjeop 2 District) is scheduled to open. Namyangju Wangsuk District is expected to become a transportation hub (tentatively named Wangsuk Station), where three railway lines will connect: the GTX-B line, the Gangdong-Hanam-Namyangju Line (subway line 9 extension), and the Gyeongchun Line. Access ramps to the Seoul Metropolitan Area First Ring Expressway and the Sejong-Pocheon Expressway are also nearby.
Location map of Namyangju Wangsuk District_A-1, A-2 blocks. Provided by the Ministry of Land, Infrastructure and Transport
There are also plans to develop the Wangsuk Urban High-Tech Industrial Complex within the new town, covering 1.2 million square meters. Leading companies such as Kakao Data Center and Woori Financial Group's Financial R&D Center have signed investment agreements. The goal is to make the third phase new towns self-sufficient cities close to Seoul that also provide employment opportunities.
For the A-1 block, the sale price ranges from 429.11 million won to 456.74 million won (basic type, with minus options available), which is about 50 million to 80 million won higher than the estimated price during the previous pre-subscription period. For the A-2 block, the 46m² type is priced between 342.17 million and 352.57 million won, and the 55m² type ranges from 393.80 million to 423.63 million won. Similarly, these are about 50 million won more expensive per type compared to the pre-subscription estimates. This increase is due to a sharp rise in construction costs over the past two to three years. In Bucheon Daejang District, which previously held main subscription applications, prices also rose by up to 90 million won.
The new apartments are subject to a price ceiling, which imposes resale restrictions. However, there is no requirement for actual occupancy. The living room and kitchen are designed to be spacious, and various options are provided. The entrance storage and dressing room storage spaces have also been enlarged. Subscription applications will be accepted starting from the notice issued today, with applications open on August 4. The announcement of successful applicants and contract signing will follow sequentially. Move-in is scheduled for August 2028.
LH has built a new dedicated housing exhibition hall in Byeollae-dong, Namyangju, which will open on the 25th. It is said to be the largest among the exhibition halls for the third phase new towns. During periods when it is not in use for housing exhibitions, it will be opened to local residents as a complex cultural space for cultural experiences, lectures, and music concerts. Newlywed couples without a home who meet the income and asset requirements for residency are eligible to apply for both special and general supply.
Aerial view of Namyangju Wangsuk District A-1 Block. Provided by the Ministry of Land, Infrastructure and Transport.
Kim Baeseong, head of the Public Housing Promotion Division at the Ministry of Land, Infrastructure and Transport, said, "This supply is an important first step toward stabilizing the metropolitan housing market in line with the new administration's policy of expanding supply," adding, "Starting with Wangsuk District, we will accelerate the pace of housing supply in the metropolitan area."
Kim Seongyeon, head of LH's Northern Gyeonggi Regional Headquarters, said, "Thanks to the efforts of our field staff, including early completion of compensation and simultaneous commencement of construction, we were able to start the first main subscription," and added, "We will do our best to ensure that Wangsuk District establishes itself as a representative self-sufficient new town in the metropolitan area."
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