Real Estate Developments in South Korea’s Metropolitan Area Promote Growth in Property Value
The government is making significant progress in the development of the Metropolitan Express Train (GTX) routes, aiming to achieve President Yoon Seok-yeol’s promise of a ’30-minute commuting time in the metropolitan area.’ These routes, labeled A to D, are expected to greatly enhance accessibility to central Seoul from various parts of the metropolitan area, including Paju-si, Hwaseong-si, Gimpo-si, and Incheon Gyeyang-gu. The upcoming expansion of the transport infrastructure is likely to elevate the value of the region, prompting prospective homebuyers to turn their attention to complexes located near the GTX routes.
GTX Infrastructure Boosts Connectivity
According to industry insiders, the government is currently conducting a preliminary feasibility study for the GTX-D route, which will begin at Janggi Station in Gimpo, Gyeonggi Province. The Ministry of Land, Transport, and Maritime Affairs plans to extend the GTX-D route to Seoul Station instead of the previously announced Bucheon Sports Complex Station, significantly increasing the route’s reach. The ministry has submitted a preliminary inspection request to the Ministry of Strategy and Finance, proposing a total distance of 40.8 km for the GTX-D route. This new section will include stations such as Janggi, Gyeyang, and Geomdan in Incheon, as well as Daejang New City in Bucheon, and Bucheon Sports Complex in Bucheon, with connections to Sindorim, Yeouido, Yongsan, and Seoul Stations.
Additionally, the GTX-C route received approval from the Private Investment Business Discussion Committee and is moving forward with plans to open by 2028. Spanning 86.46 km, the GTX-C line will have 14 stops, providing a shorter commute time from Deokjeong Station in Yangju-si, Gyeonggi-do, to Suwon Station in Paldal-gu, Suwon-si. Once operational, travel from the metropolitan area to central Seoul is projected to take under 30 minutes, including a 29-minute journey from Deokjeong Station to Samseong Station in Gangnam-gu, Seoul, and a 27-minute trip from Suwon Station to Samseong Station. To ensure the timely commencement of construction on the GTX-C line, the government will continue to collaborate closely with the Hyundai E&C consortium.
Construction Progress and Home Supply
Construction of the GTX-B route, connecting Songdo in Incheon and Maseok in Namyangju, Gyeonggi Province, is scheduled to begin in the first half of next year. On the other hand, the GTX-A line, linking Unjeong Station in Paju and Dongtan Station in Hwaseong, plans to open the Suseo-Dongtan section in the first half of next year, followed by the Unjeong-Seoul Station section in the latter half.
The positive developments in GTX infrastructure have generated interest in real estate properties near the routes. Around 16,000 homes are set to be supplied within the vicinity of GTX routes A to D, attracting attention from potential buyers. Locations such as Station Unjeong in Paju and Indeokwon Station in Anyang have witnessed an uptick in the market due to the positive news surrounding the opening of GTX. For example, Hyundai Engineering & Construction is set to offer 744 units of the ‘Hillstate the Unjeong’ apartment complex in Wadong-dong, Paju, benefiting from its proximity to the upcoming GTX-A route. Similarly, near Yeonsinnae Station in Eunpyeong-gu, Seoul, the ‘Hillstate Mediale,’ developed by Hyundai E&C, is preparing for sales this year. Other notable projects include the ‘Hwaseong Dongtan 3rd Residential Complex (Block C18)’ developed by Daebang Industrial Development near Dongtan Station, which expects to sell 464 units within the year.
Of particular interest are complexes located near transfer stations where both GTX-B and C routes can be accessed simultaneously. For instance, ‘Cheonggye SK View’ in Seongdong-gu, Seoul, offers 396 homes and provides convenient access to Cheongnyangni Station, a transfer point for both Lines B and C, as well as Wangsimni Station. ‘Remian La Grande’ in Dongdaemun-gu and ‘I-Park Xi’ in Imun District 3 are also in close proximity to Cheongnyangni Station, boasting a total of 3,069 and 4,321 households, respectively. In anticipation of the forthcoming trial runs for the GTX-D route, complexes like ‘Geomdan New Town Lotte Castle Nextiel’ in Seo-gu, Incheon, and ‘Jeil Scenic Chae Gyeyang Winner Sky’ in Gyeyang-gu, are expected to go on sale next month.
The ongoing advancements in GTX infrastructure and the subsequent rise in property value present exciting opportunities for buyers and investors. As the government continues to drive forward with these ambitious transportation projects, the real estate industry in South Korea’s metropolitan area is poised for sustainable growth.
Reporter: Kim So-hyun/Yoo Oh-sung alpha@hankyung.com
real estate
Input2023.07.28 17:36 Edit2023.07.28 17:49 Ground A16
Supply to 16,000 homes near routes within the year
The government decides to proceed with a preliminary inspection of route D
Line B, prepare for construction in the first half of next year
Route C passed the Private Investments Discussion CommitteeSubscribe to ‘Hillstate the Unjung’ next month
Also pay attention to the sales complex near Cheongnyangni Station
Routes A to D of the Metropolitan Express Train (GTX), which the government is promoting to realize the ’30-minute commuting time in the metropolitan area’, which was promised by President Yoon Seok-yeol, are coming visible one after the other. When the GTX line is opened, accessibility to central Seoul in large areas of the metropolitan area, such as Paju-si, Hwaseong-si, Gimpo-si, and Incheon Gyeyang-gu, is expected to improve greatly. The expansion of transport infrastructure is very likely to increase the value of the region. This is why end users pay attention to complexes intended for sale near GTX route.
○GTX 4 lanes with high speed
According to the industry on the 28th, the government is promoting a preliminary feasibility study for the GTX-D route starting from Janggi Station in Gimpo, Gyeonggi Province. The Ministry of Land, Transport and Maritime Affairs is pushing for a plan to extend the GTX-D route to Seoul Station by significantly increasing the end point of the route compared to the previously announced Bucheon Sports Complex Station. The Ministry of Land, Transport and Maritime Affairs applied for a preliminary inspection to the Ministry of Strategy and Finance and suggested the total distance of the GTX-D route as 40.8 km. A new 20.7km section, which creates Janggi Station in Gimpo, Gyeonggi, Gyeyang Station and Geomdan Station in Incheon, Daejang New City Station in Bucheon, Gyeonggi Province, and Bucheon Sports Complex Station in Bucheon on the GTX-B line, and Sindorim /Yeouido/Yongsan/Seoul Station is used in Seoul together, which covers 20.1 km etc.
GTX-C passed the Private Investment Business Discussion Committee on the 19th and is gradually taking business steps with the goal of opening in 2028. It is an 86.46km line that stops in 14 stops from Deokjeong Station in Yangju- si, Gyeonggi-do to Suwon Station in Paldal-gu, Suwon-si. After opening, the travel time from the metropolitan area to central Seoul is expected to be reduced to less than 30 minutes, including 29 minutes from Deokjeong Station to Samseong Station in Gangnam-gu, Seoul, and 27 minutes from Suwon Station to Samseong Station. The government has decided to continue to consult closely with the Hyundai E&C consortium so that the GTX-C line can start construction this year.
The GTX-B route connecting Songdo, Incheon and Maseok, Namyangju, Gyeonggi Province, is preparing to start construction in the first half of next year. The GTX-A line, which connects Unjeong Station in Paju, Gyeonggi Province, and Dongtan Station in Hwaseong, Gyeonggi Province, plans to open the Suseo-Dongtan section first in the first half of next year, and the Unjeong-Seoul Station section in the second half.
○ Supply to 16,000 homes near GTX within the year
According to the industry, a total of 16,000 homes in 12 complexes will be supplied in the vicinity of the GTX routes A to D. Interest is focused on new pre-sale complexes as regions with good news from the opening of GTX, such as Station Unjeong in Paju and Indeokwon Station in Anyang, show an upward trend in the market. First of all, apartments will be supplied next month in Unjeong City, Paju, which benefits from the GTX-A route that will open next year. Hyundai Engineering & Construction is selling 744 units of ‘Hillstate the Unjeong’ in Wadong-dong, Paju. In the vicinity of Yeonsinnae Station in Daejo-dong, Eunpyeong-gu, Seoul, where GTX-A is connected, a ‘Hillstate Mediale’, built by Hyundai E&C, is preparing to be sold within the year. Of the total of 2083 households, 483 households are for sale in general. Near Dongtan Station, Hwaseong-si, Gyeonggi-do, which is the end point of the GTX-A line, Daebang Industrial Development plans to sell 464 units of ‘Hwaseong Dongtan 3rd Residential Complex (Block C18)’ within the year.
Some complexes scheduled for supply in the third quarter are supplied to transfer stations where GTX-B and C routes can be used at the same time, drawing attention. ‘Cheonggye SK View’ (perspective view) with 396 homes in Yongdap-dong, Seongdong-gu, Seoul can use Cheongnyangni Station, a transfer station for Lines B and C, and Wangsimni Station, where Line C passes. ‘Remian La Grande’ (Samsung C&T) in Imun-dong, Dongdaemun-gu and ‘I-Park Xi’ in Imun District 3 (HCD Hyundai Development Company/GS Construction) are also close to Cheongnyangni Station. It is a large complex with 3069 and 4321 households, respectively. Among the beneficiary complexes for the GTX-D route, which promotes preliminary trials, are ‘Geomdan New Town Lotte Castle Nextiel’ (372 households) in Wondang-dong, Seo-gu, Incheon, and ‘Jeil Scenic Chae Gyeyang Winner Sky’ (1343 apartments and 97 offices) in Hyoseong-dong, Gyeyang-gu. These units will be sold next month.
Reporter Kim So-hyun/Yoo Oh-sung alpha@hankyung.com
#minutes #central #Seoul.. #GTX #beneficiary #apartment #complex
