[Field Report] Gyeyang Ahead of First Move-Ins and Private Presales: "Just One Road Away from the Existing Neighborhood"

[Financial News] On the first, it took 40 minutes by subway from Yeouido Station to Bakchon Station on Incheon Subway Line 1. The station is set to become the gateway and hub of a third-generation new town. Upon exiting the station, existing apartment complexes with established infrastructure come into view. Behind them, a large tract of land enclosed by temporary fencing is bustling with construction. This is Gyeyang New Town, the fastest-developing of the third-generation new towns.
■Right Next to the Existing Neighborhood: The Advantage of "Sharing Infrastructure"
After passing the apartments and neighborhood shopping areas near Bakchon Station and entering the residential area of Dongyang-dong, the boundary between the existing city and the new town becomes clear. The large A2 and A3 Block complex in Gyeyang New Town, with 1,285 households scheduled to move in this December, is in the final stages of construction just one road away from the existing apartment complexes. Unlike some new towns built on empty fields, this area already has an established neighborhood with schools, private academies, hospitals and restaurants. The ability of incoming residents to share the infrastructure of Dongyang-dong and Bakchon-dong is a major advantage.
Some predict that the boundary between the existing neighborhood and the new town will blur once move-ins begin at the end of this year. A resident in his 40s, identified only as Mr. A, was watching the construction while out for a walk. He said, "The apartment exteriors and roads look different every time I see them. When the new residents move in, I expect more supermarkets and restaurants, as well as better bus service." The expectation is that the existing neighborhood's commercial district will become more vibrant while transportation improves, creating a win-win effect.
Korea Land and Housing Corporation (LH) is working to launch new urban Bus Route 7701 in October. The route will connect Jakjeon Station, Gyeyang-gu Office, Imhak Station, Incheon Gyeyang District and Gyeyang Station. Including the five existing urban bus routes, a total of six routes are expected to operate during the early move-in period. At Gyeyang Station, passengers can use Incheon Subway Line 1 and the Airport Railroad. The station provides convenient access toward Hongik University Station and Seoul Station, as well as transfers to Seoul Metro Line 5, Seoul Subway Line 9 and the Seohae Line. By car, western Seoul areas such as Gangseo District and Magok can be reached within about 20 minutes. The Incheon Metropolitan City Government is also pursuing the launch of a new metropolitan express M bus service directly to Seoul's Gangnam area.
■Young Seoul Residents and Existing Locals Alike Show Interest in New Presales
Amid these expectations, interest in the new presales is also considerable. The head of a licensed real estate brokerage in Bakchon-dong said, "We receive many inquiries from young people living in Seoul and the greater capital region, and existing residents are also highly interested. Some local residents moved once when Geomdan New Town was developed, but those who hesitated at the time say they definitely want to move to Gyeyang New Town and live there."
Presales are expanding from public-sector offerings to private developments. Bando Engineering & Construction plans to launch presales this month for the mixed-use residential-commercial complex Gyeyang New Town Kaive Ubora in Gyeyang New Town AC3 Block and Gyeyang New Town AC4 Block. It is the first private presale complex to be supplied in Gyeyang New Town and will consist of two basement levels, 15 above-ground floors and exclusive-use areas of 84, 92 and 93 square meters. The two complexes comprise 614 units in AC3 Block and 496 units in AC4 Block, for a total of 1,110 units. As the project is being supplied on public housing land, it is subject to the presale price cap system.
The two complexes are also considered to have excellent locations within Gyeyang New Town. A broker in Dongyang-dong said, "If the Bus Rapid Transit (BRT) system is confirmed, buses will pass close to both sites. The presale price is the key issue. Recent public-sale housing has been priced at around 21 million won per 3.3 square meters, so given this site's good location and private-sector status, I expect its price to be higher than that." An industry official noted, "Gyeyang is viewed positively because its location will create a link between the existing city and the new town."
[email protected] Jeon Min-gyeong Reporter