As the long-stalled GTX-B (Greater Seoul Metropolitan Express Railway Line B) project recently signed a project financing (PF) agreement worth approximately 3 trillion won and gained momentum, the real estate market around Cheongnyangni Station-considered the biggest beneficiary-is showing signs of revitalization.
GTX-B Corporation, the project operator, signed construction contracts with Daewoo Engineering & Construction, HS Hwaseong, Taeyoung Engineering & Construction, and Dongbu Corporation, and submitted a unified groundbreaking plan to the Ministry of Land, Infrastructure and Transport. The construction period is expected to last about 72 months, with the line scheduled to open in 2031. After opening, Cheongnyangni Station will serve as a 'mega-hub' for northeastern Seoul, connecting a wide variety of lines, including Subway Line 1, the Suin-Bundang Line, the Gyeongui-Jungang Line, the Gyeongchun Line, the Gyeongwon Line, KTX, GTX-B and C lines, as well as the Myeonmok Line and the Gangbuk Cross-City Line.
In particular, the GTX-B line, which will connect Songdo, Cheongnyangni, and Namyangju, is expected to significantly improve transportation in the metropolitan area, likely leading to a direct increase in housing demand.
As a result, there has been a recent uptick in purchase inquiries in the Cheongnyangni Station area housing market, and record-high transaction prices are being reported with increasing frequency.
According to Asil, a real estate big data firm, a 121-square-meter unit in Raemian Crecity, Jeonnong-dong, Dongdaemun-gu, Seoul, was sold for 1.83 billion won in September, setting a new record for that unit size. On September 18, a 59-square-meter unit in Raemian We’ve, Dapsimni-dong, Dongdaemun-gu, also set a new record for its size, trading at 1.35 billion won.
Local presale results have also been strong. For example, Jaegidong Station I-Park, which opened for subscription in August, recorded a maximum competition rate of 123.7 to 1 and an average of 92.2 to 1, reflecting high consumer expectations.
Experts predict, "As the expansion of the transportation network at Cheongnyangni Station brings in both direct and indirect demand, there will be growing interest in various types of residential spaces, including apartments, leading to an overall upward trend."
Accordingly, there is growing interest in 'Cheongnyangni Station Yojin Y-City,' a new development set to be supplied in the area. The complex is expected to fully benefit from the GTX development, and its competitive pricing compared to nearby properties is highlighted as a factor for potentially high future capital gains.
'Cheongnyangni Station Yojin Y-City' is located in Cheongnyangni-dong, Dongdaemun-gu, Seoul, and will consist of a total of 155 units: 130 apartment-style (urban lifestyle) units ranging from 43 to 59 square meters (B4F to 19F), 25 officetel units from 65 to 84 square meters, and neighborhood living facilities.
Along with excellent transportation, the area is well equipped with various lifestyle amenities. Lotte Department Store and Lotte Mart at Cheongnyangni Station, Cheongnyangni Traditional Market, Korea University Anam Hospital, and Seoul Sacred Heart Hospital are all nearby. Residents can also enjoy a pleasant natural environment with Hongneung Neighborhood Park, Gaewoonsan, and Cheonjangsan Mountain close by. The area is also home to a cluster of prestigious educational institutions, from elementary to high school (Hongneung Elementary, Samyook Elementary, Cheongnyang Middle, Jeonghwa High), as well as universities such as Korea University, KAIST Seoul Campus, Kyung Hee University, and Hankuk University of Foreign Studies.
The complex also boasts outstanding design. Three-room layouts account for 84% of all units, making them a practical housing option not only for newlyweds but also for families with children. Various 3BAY and 4BAY designs provide a range of choices to suit different lifestyles.
In addition, the complex will feature a variety of community facilities, including private storage units, a fitness center, a playground, and a rooftop garden, enhancing residents' satisfaction with daily life. The development also offers 100% self-parking and a parking ratio of 1.01 vehicles per unit, ensuring ample and safe parking for convenient living.
Compared to nearby apartments, the entry barrier is also lower. The complex offers a reasonable price with an LTV of 70% and a mortgage loan limit of up to 600 million won. Unlike apartments, no subscription savings account is required, making it ideal for newlyweds and young people with lower subscription scores, as well as attractive to investors since there is no mandatory occupancy period.
The promotional center is located in Cheongnyangni-dong, Dongdaemun-gu, Seoul, near Cheongnyangni Station, and is scheduled to open in early November.
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