A Complex with 23 Playgrounds Alone... 'Runners' Appear [Kwon Jun-ho's Yo·A·Jeong]

The apartment complex featured in the fourth week of September is Olympic Park Foreon in Gangdong District, Seoul.With 12,032 households, it is a new-town-scale complex and ranked second in views last week. Hillstate Songpa The Grid, which was introduced earlier, took first place, pushing Olympic Park Foreon to second.This is my second visit to Olympic Park Foreon since I first came last winter.I thought I would have adjusted to its scale after returning six months later, but not at all. After two seasons had passed, the complex still felt enormous.I visited a complex connected to two subway stations, the largest redevelopment complex since Dangun, and one with 23 playgrounds alone. At Dunchon Oryun Station on Line 9 on the 23rd, an underground passage connected to Olympic Park Foreon and its commercial facilities was visible even before reaching Exit 1.Next to the escalator leading to the shopping area was a sign showing which stores occupy each floor. Although more than 10,000 people live in the complex, vacant units still stood out.I headed out into the apartment area.At 3 p.m., people running through the complex were spotted, perhaps because the weather was pleasant.They were wearing what is commonly called professional running gear. They did not look like people who had gone for only one or two runs.The playgrounds were filled with children. Seoul Wirye Elementary School and Seoul Dunchon Elementary School, along with Dongbuk Middle and High School and Hansan Elementary and Middle School, are clustered within the complex, making the playgrounds appear easily accessible. It happened to be the time when students were leaving school, and most appeared to be heading home through the complex. Compared with other complexes, it seemed to have an advantage in terms of safety.It took about an hour to walk around the complex.It took a little longer because I walked while looking at the community facilities one by one. I also saw many people using the facilities. Some were sitting on benches by the pond in the middle of the complex and drinking tea.
The first thought that came to mind after walking around the complex was, 'It is really huge.' No matter how far I walked, the tour did not seem to end, and I worked up quite a sweat.
The biggest reason this complex ranked second in views is that the two-year owner-occupancy requirement for units sold through the general public offering ends on November 27.This means that people who received units through the general offering and have completed the two-year occupancy period will be able to sell them. More than 4,700 units fall into this category.
A licensed real estate agent in the complex said, "Inquiries about buying units that will come onto the market in November have been flooding in since March this year," adding, "There are enough people who explained their financial situations and put themselves on the waiting list to fill a truck."The complex's enormous scale, well-developed community facilities and access to two subway stations were also cited as attractive features.The complex has 85 buildings and 23 playgrounds—12 regular playgrounds, six water playgrounds and five toddler playgrounds—as well as four study rooms, two libraries, five day care centers, 19 sports facilities, 12 resident exercise facilities, 17,890 parking spaces, 63 community spaces and 15 outdoor sculptures. The numbers alone are overwhelming.
The complex includes Dunchon-dong Station on Line 5 and Dunchon Oryun Station on Line 9. Both stations are directly connected to the complex. No umbrella is needed even when it rains or snows. The underground shopping area has Daiso, a laundry shop and large supermarkets.One drawback was that the Line 9 express service does not serve the stations.For people whose workplaces are near the Line 9 express service, this appeared to be a significant inconvenience.
Nearby real estate agents agreed that some listings could come onto the market on November 27. However, they considered the possibility of distressed sales to be low.This is because the types of units coming onto the market are predetermined by floor plan, while demand remains high due to the overall shortage of housing supply in Seoul.A licensed real estate agent in the complex explained, "There is a saying that nothing beats a listing once it comes onto the market, but there will be no distressed sales except for a few specific properties," adding, "Even if many 84-square-meter units come onto the market, it would be difficult for someone looking for a 59-square-meter unit to suddenly buy an 84-square-meter one." The prediction is that listings could increase substantially across all unit sizes in the complex, which has more than 10,000 households, but the number would not be particularly large for any individual unit size.Some believe that now, rather than later, should be treated as a buying opportunity. Another licensed real estate agent said, "Since many units may come onto the market in November and prices could fall, perhaps it would be better to make an offer now asking for a discount," adding, "That could be a good proposal for someone considering selling."
Despite the various issues, apartment prices are rising. For a 39-square-meter exclusive-use unit, the lowest asking price is currently in the 1.9-billion-won range. The unit traded for 1.79 billion won in early June, and there are also rumors that a recent transaction was completed in the high 1.8-billion-won range. On August 17, a 59-square-meter unit traded for 2.63 billion won, setting a record high.What did you think of Kwon Jun-ho's 'Yo·A·Jeong'? If there is any additional information you would like to know, leave a comment anytime. Feedback is always welcome.[email protected] Kwon Jun-ho Reporter