Gyeyang New Town, the front-runner among the Third New Towns, to see first move-ins and private sales begin in earnest

[Financial News] As the government accelerates housing supply, Incheon Gyeyang New Town, the most advanced project among the Third New Towns, is drawing attention. Private sales in Gyeyang New Town will begin in October, and the first move-ins among the Third New Towns are scheduled for December.
On the 27th, government sources said Prime Minister Han Seong-sook visited Gyeyang New Town on the 19th to review the implementation plan for the Third New Towns and preparations for the first move-ins at the end of the year. Han said the success of the Aug. 13 measures depends on execution and speed, and called for all available resources to be mobilized to deliver early results from the Third New Towns.
Gyeyang New Town finalized its district plan and carried out pre-sale subscriptions for the first time in 2021, and housing construction began in 2024. In December, a total of 1,285 households will begin moving in, including 747 units in A2 block and 538 units in A3 block.
Gyeyang New Town is a Third New Town being developed across about 3.35 million square meters in Gyulhyeon-dong, Dongyang-dong, Bakchon-dong, Byeongbang-dong and Sangya-dong in Gyeyang District. It is planned to supply about 18,000 homes and accommodate a projected population of about 44,000.
Transportation is considered one of the area's biggest strengths. It borders Seoul and is close to Gimpo International Airport and the Magok district, offering excellent access to western Seoul. From Bakchon station on Incheon Subway Line 1, travelers can reach Gimpo International Airport station in three stops and Magongnaru Station in four. At Gimpo International Airport station, passengers can transfer to Seoul Subway Line 5, Seoul Subway Line 9 and the Airport Railroad.
Its self-sustaining functions also stand out. Gyeyang New Town is set to include Gyeyang AX Park, centered on Information and Communications Technology (ICT) and the digital content industry. At about 1.4 times the size of Pangyo, it is planned as a next-generation industrial hub in the northwestern Seoul metropolitan area, combining industrial, business and research functions.
Parks and green spaces will be linked through pedestrian areas. The project will secure park and green space about four times the size of Yeouido Park, and the linear park known as Gyeyang Byeori will connect residential areas with schools, parks and community facilities.
Private sales in Gyeyang New Town are set to begin in October. Bando Construction plans to supply the Gyeyang New Town Kaive U Bora project in AC3 and AC4 blocks.
Because the complexes are being built on public housing sites, the price ceiling system will apply. As public housing move-ins and private sales gain momentum, the development of commercial and convenience facilities is also expected to accelerate.
Additional supply is also planned. In the first half of next year, Hanlim Construction plans to sell 662 units in A7 block, Daebang Industrial Development 536 units in A21 block, and Geumgang Housing 379 units in A4 block. Sinhae Engineering and Woomi Construction will each supply 546 units in A15 block, while Hoban Industries will supply 691 units in A5 block.

[email protected] Choi A-young Reporter