Reach Seoul Station in 40 Minutes...Geomdan, '10 Billion Club Prediction' Stirs

[Financial News] Geomdan New Town in Incheon, previously considered a transportation-isolated area, is gaining attention from real demanders as the subway opens. The opening of the Geomdan extension line has significantly improved access to downtown Seoul. Listings priced at 900 million KRW for an 84㎡ unit have appeared.
According to the brokerage industry around Geomdan New Town on the 4th, the asking price for 'Geomdan Geumho Eoullim Central', one of the major complexes, has risen to 900 million KRW. The highest price for this size was 794.4 million KRW in August 2021.
Geomdan New Town was considered a representative transportation-isolated area in the northwest of the metropolitan area. However, with the recent opening of the Incheon Urban Railway (Incheon Subway) Line 1 Geomdan extension line, the subway era has begun. As a result, it is now possible to travel from Geomdan to Seoul Station within 40 minutes by subway.
A representative from a nearby D Realty said, "With the opening of the Geomdan extension line, interest from buyers looking to purchase a home at a relatively low price is rising again," adding, "There are quite a few listings approaching the previous high price."
Transactions close to the previous high price have also emerged. The 'Umi Lin The Signature', considered a major stock, was traded for 800 million KRW for an 84㎡ unit last May. This is close to the highest price of 815 million KRW. Transactions are being made around 800 million KRW, with 798 million KRW in June and 790 million KRW in July.
Experts analyze that the subway opening has greatly improved the conditions for commuting to Seoul, and this is reflected in the recovery of prices around station areas.
The transportation conditions in Geomdan New Town are expected to improve further. In addition to the opening of Incheon Line 1, additional transportation plans such as the extension of Seoul Line 5 and the Metropolitan Express Railway (GTX)-D line are scheduled. Locals predict that if these transportation plans are realized, prices could reach 1 billion KRW.
Meanwhile, 'Geomdan Lake Park Station Jungheung S-Class', which was introduced in Geomdan New Town last July, recorded a competition rate of 13.9 to 1, with 7,269 applicants for 522 households in the first round.




ljb@fnnews.com Lee Jong-bae Reporter