Riding the 'Out-of-Seoul' Demand and Price Cap Momentum... BS Hanyang Sujain Set for Third Consecutive Success in Pungmu Station Area [Real Estate AtoZ]

Daewoo's 1,524 Units and Hoban's 956 Units Sell Out
Final Piece in Pungmu Station Area: 1,071-Unit Landmark Launch
Own a New Home for the Price of Magok Apartment Jeonse
Walk to Gimpo's Largest Academy District... Prime Opportunity for Small Units

The real estate market in Gimpo is emerging as a key area of interest in the Seoul metropolitan area, driven by non-regulated premium status and improved transportation access to Seoul following the October 15 policy measures. In particular, the Pungmu Station area urban development project is becoming a core hub for those seeking to move out of Seoul, leading the local pre-sale market.

According to an analysis by the real estate market research firm Real Estate Info, which compiled data from Korea Real Estate Board's Cheongyak Home as of November 15, the number of apartment purchases in Gimpo by Seoul residents reached 200 in the third quarter of this year. Data from KB Real Estate shows that the average jeonse price for apartments in Seoul (as of October, 657.36 million won) has risen to a level where it is now possible to purchase a new apartment in Gimpo. Additionally, expectations for improved transportation-such as the Gimpo Gold Line, the planned extension of Seoul Subway Line 5, and the GTX-D line (which has passed the preliminary feasibility study)-are intensifying demand from those looking to relocate from Seoul.

Strong Subscription Demand in Pungmu Station Area... Success for Price-Capped Projects

Location map of Pungmu Station area urban development project in Gimpo City. Gimpo City Hall

With three complexes in the Pungmu Station area urban development project coming to market simultaneously in the second half of the year, the so-called "balloon effect" is concentrating in this region. The Pungmu Station area urban development project is a mini new-town scale project that will include a total of 6,599 residential units, as well as commercial, business, and medical facilities.

Previously, Daewoo E&C's "Pungmu Station Prugio The Mark" (Block B3) recorded a high competition ratio of 29.6 to 1 for the 84㎡ unit, while Hoban Construction's "Gimpo Pungmu Hoban Summit" (Block B5) achieved a ratio of 24.5 to 1, both enjoying strong market success. With the price cap system applied, the highest sale prices for 84㎡ units were set at 710 million won and 708.6 million won, respectively.

In contrast, two newly built complexes across the street that were not subject to the price cap system failed to sell out in the first round, despite being in the same living area. The main reason is that their highest sale prices for 84㎡ units were 784 million won ("Pungmu Station Lotte Castle Signature") and 770 million won ("Harrington Place Pungmu"), which are more than 70 million won higher than those in price-capped complexes.

Kim Hyoseop, CEO of My Home Real Estate in Bukbyeon-dong, Gimpo, stated, "About 9,700 applications were submitted for Pungmu Station Prugio The Mark, of which about 1,000 were from Seoul residents." He added, "Those who had been considering older apartments in Gangseo or villas in other areas are now turning to new apartment subscriptions in Gimpo due to stricter regulations and limited loan availability." Kim further explained, "When loans are restricted, it is a natural choice for buyers to shift their focus from purchasing existing homes to applying for new, price-capped units."

Final Large-Scale Pre-Sale by BS Hanyang Sujain... "The Only 59㎡ Supply"

Aerial view of 'Pungmu Station Area Sujain Gracent Phase 1' in Sau-dong, Gimpo City. BS Hanyang

Meanwhile, BS Hanyang's "Pungmu Station Area Sujain Gracent Phase 1," considered the "last golden site" in the Pungmu Station area, is launching its pre-sale. The highest sale price for an 84㎡ unit is set at 706.5 million won, with first-priority subscriptions scheduled for November 18.

This complex, located in Block B2 of the Pungmu Station area urban development project, will consist of 10 buildings with 29 floors above ground and 2 basement levels, totaling 1,071 units. The unit mix includes 261 units of 59㎡A, 60 units of 59㎡B, and 750 units of 84㎡A. It is the only project in the Pungmu Station area to offer 59㎡ units. Since previous complexes were successful with mainly small and medium-sized units such as 74㎡ and 84㎡, industry experts expect strong demand for reasonably priced small units, likely leading to an early sellout.

Following Daewoo E&C (1,524 units) and Hoban Construction (956 units), this is the third and final large-scale supply in the Pungmu Station area. BS Hanyang plans to add a second phase with 639 more units, bringing the total to 1,710 units.

"Opportunity for Non-Regulated Benefits"... Full Interim Loan Available

In front of the model house of 'Pungmu Station Area Sujain Gracent Phase 1,' which opened on the 7th, located a 2-minute walk from Pungmu Station, a queue formed even before the doors opened. Photo by BS Hanyang

The dual advantages of the price cap system and non-regulated status are also strengths. The sale price for an 84㎡ unit ranges from the mid-600 million won to just over 700 million won, similar to the average jeonse price for 84㎡ apartments in Magok-dong, Gangseo-gu, Seoul (about mid-600 million won). In effect, buyers can secure a new apartment in Gimpo for the price of a jeonse deposit in Magok.

Being free from regulations such as the October 15 policy, buyers are eligible for full interim payment loans. Kim commented, "Pungmu Station Area Sujain Gracent Phase 1 is the last prime location remaining in Gimpo," adding, "With the second phase scheduled for next year, the overall scale of the complex is sufficient." Regarding subscription strategies, Kim noted, "Of the 750 84㎡ units, 486 are special supply, making it an excellent opportunity for Millennials & Gen Z without homes, such as through the special supply for newborns."

In terms of location, the complex is a "double station area" within walking distance of both Pungmu Station and Sau Station and offers immediate access to the largest academy district in Sau-dong, Gimpo City Hall, the court, and major hospitals (including the planned Inha University Gimpo Medical Campus). Sau Elementary School and Sau High School are within a 600-meter radius. Community facilities in the complex will span two floors and include a multipurpose gymnasium, fitness center, indoor golf range, small library, kids lounge, study cafe, and shared office space. The landscaping design is also notable for its integration with the neighborhood park to the east of the complex.

With the extension of Line 5 currently underway, Pungmu Station's opening will greatly improve access to major business districts in Seoul such as Magok and Yeouido. The GTX-D line (preliminary feasibility study passed) and the planned extension of Incheon Line 2 to Geolpo Bukbyeon Station are also on the horizon.

Kwon Il, head of research at Real Estate Info, stated, "Gimpo's buying trend has remained steady even after the June 27 policy measures," noting, "There were 469 transactions in July alone." Kwon added, "Gimpo enjoys two powerful drivers: the advantages of being a non-regulated area and improved access to Seoul. Once the redevelopment in the Bukbyeon area is completed, the synergy effect from expanded infrastructure and improved residential environment will be maximized."

The subscription schedule begins with special supply applications on November 17, followed by first-priority applications on November 18 and second-priority on November 19. Winners will be announced on November 25, and formal contracts will be signed at the model house near Exit 1 of Pungmu Station from December 8 to 12.