Station-area complex in Geomdan nears twice the new-town average

[Financial News] As station-area complexes drive market prices in new towns, demand is growing for developments that will gain access to new railway networks. Buyers are seeking to secure so-called “future station areas”—locations that could become centers of transportation and daily life even if they do not currently have a station.
According to Real Estate R114 on the 10th, prices at Woomi Lynn The Signature in Incheon’s Geomdan New Town reached 23.41 million won per 3.3 square meters in the first half of this year. That was 89.2% higher than the Geomdan New Town average of 12.37 million won. An 84-square-meter unit in the complex traded for 825 million won on August 8, putting the development at the top of the Geomdan New Town market.
Other new towns are showing a similar trend. Prices at Gwanggyo Jayeon & Hillstate near GwanggyoJungang Station stood at 52.78 million won per 3.3 square meters, 25.8% above the Gwanggyo New Town average of 41.96 million won. Alpharium Complex 1 near Pangyo Station also reached 63.45 million won per 3.3 square meters, exceeding the Pangyo New Town average of 55.29 million won by 14.8%.
The same concentration of demand is appearing in the housing subscription market. Hoban Summit Pungmu II, supplied this year in the Gimpo Pungmu Station Area, received 3,072 applications for 533 general-sale units in its first-priority subscription, recording an average competition rate of 5.76 to 1. Hoban Summit Pungmu III attracted 2,443 applications for 266 general-sale units in its first-priority subscription, posting an average rate of 9.2 to 1.
New towns often have a limited number of railway stations relative to their development area, so housing preferences can vary within the same district depending on access to a station. The concentration of commercial and business facilities around stations also contributes to the formation of centers of daily life.
As prices and subscription results for existing station-area complexes remain relatively strong, interest is also growing in the supply of “future station-area” developments where railway stations are scheduled to open.
Namkwang Engineering & Construction plans to sell Bucheon Daejang Howstory Descent in October in Block A-2 of the Bucheon Daejang Public Housing District in Gyeonggi Province. Daejang Station on the planned Daejang–Hongdae Line is scheduled to be built nearby. Hanwha Corporation E&C Division will also launch Hanwha Forena Jije Station in October, a station-area development near PyeongtaekJije Station in Gyeonggi Province.
POSCO E&C plans to sell The Sharp Cheonan Lac One in the Buseong 2 Urban Development District in Budae-dong, Seobuk-gu, Cheonan, South Chungcheong Province. A new Buseong Station on Seoul Subway Line 1 is scheduled to open about 500 meters from the complex. LOTTE Engineering & Construction will sell Gyeonggi Gwangju Station Lotte Castle Signature Complex 2 in Ssangnyeong-dong, Gwangju, Gyeonggi Province.
An industry official said, “Even when new towns share the same development benefits, only a limited number of residential blocks are within walking distance of an actual station. In particular, expectations for the future value of areas around planned stations and for the expansion of daily-life zones are reflected in market prices even before railway lines open. As a result, in areas gaining new railway networks, prospective buyers are moving actively to secure future station-area properties.”
[email protected] Choi A-young Reporter