Noryangjin New Town’s Prime Spot, District 8—and Right at Its Heart [Kwon Jun-ho’s Yo-A-Jeong]

The apartment complex featured in the first week of October is Acro River Sky in Dongjak-gu, Seoul.The complex ranked third in views last week, with more than 12,000 views. However, Banpo DH Clast, which ranked first, and Olympic Park Foreon, which ranked second, had both been featured previously, so they were skipped.Acro River Sky is scheduled for move-in in August 2029 and is a “double-station” complex within walking distance of Noryangjin Station and Daebang Station.Three of the complex’s largest units, each with an exclusive-use area of 140 square meters, recently appeared in a non-priority housing subscription, apparently attracting some attention. I visited the site in person, which is directly across from Noryangjin Fisheries Wholesale Market, has elementary, middle and high schools nearby, and turned out to provide more exercise than expected because of its many gradual inclines.
Exit 6 of Noryangjin Station on Subway Line 9 on the 2nd.After walking for about nine minutes, the featured property—Dongjak-gu’s first development bearing the “ACRO” brand—comes into view.
Although it took less than 10 minutes on foot, the route was more tiring than expected because the road was uneven and included uphill sections.The complex has an unusual layout, with a police substation and the KT Dongjak Building beside it.Because the construction site is not laid out in a neat, straightforward shape, it was more difficult to walk around than other complexes.
That was also why it was difficult to measure how long it took to circle the complex. Walking around the unobstructed half of the complex took about 15 minutes for an adult male. By simple calculation, a full circuit would take roughly 30 minutes.Many low-rise buildings stood nearby.As a result, once the apartment complex is completed, residents on floors above a certain level should be able to enjoy an unobstructed view.One licensed real estate agent even remarked, “The very top floors will have views of the Han River.” It is also notable that Yeonghwa Elementary School, Youngdeungpo Middle School and Youngdeungpo High School are located right in front of the complex. When I walked there myself, it took just two minutes.The three schools were clustered together, but the middle and high schools were located on a hill, making daily commutes to and from school appear difficult.
The complex is in a favorable location. It sits in District 8, the prime real estate of Noryangjin New Town, and right at its heart. Just across one road are Soongeui Girls’ High School and Sungnam High School, both regarded as “prestigious” schools. The sizable Daebang Park is also nearby, making the area suitable for walks. It took about five minutes to reach the park on foot. Yeouido Park is 20 minutes away by bus, while Gangnam Station can be reached in 30 minutes by subway. Gwanghwamun, however, took more than 40 minutes, making it relatively far away.
Acro River Sky is believed to have attracted significant attention last week because some units were offered through a non-priority housing subscription.The complex was a success when its general-supply units recorded a first-priority subscription competition rate of 19.8 to 1 in May. However, contracts were not signed for three 140-square-meter units, so they were put back on the market as non-priority units.
Applications for the housing subscription closed on the 28th of last month. The winners will be announced on the 6th, followed by contract signing on the 12th. Presale prices are approximately 4.8 billion to 4.9 billion won. Excluding the 200 million won available through loans, buyers must cover the remainder with their own capital.
Because the total number of general-supply units was relatively small at 285, demand concentrated in most unit sizes. According to the Korea Real Estate Board (KREB)’s Cheongyak Home, 2,611 people applied for 132 first-priority general-supply units offered at the end of May, producing an average competition rate of 19.8 to 1.
For the standard 84-square-meter 84m2A units, 462 people applied for 32 units, resulting in a competition rate of 14.44 to 1. For the 59-square-meter units, 346 people applied for six 59m2A units, producing a rate of 57.67 to 1, while 77 applicants competed for four 59m2B units, resulting in a rate of 19.25 to 1.
According to the housing sales industry, contracts were signed for most unit sizes, excluding the penthouses offered in a subsequent round. The smallest units, with an exclusive-use area of 36 square meters, were priced at 1.1637 billion won. The 59-square-meter units were priced in the 2.1 billion-won range, while the 84-square-meter units were around 2.7 billion won.
Most of the real estate agents I met that day gave the complex a positive assessment.Real estate agent A, who said he had worked in Dongjak-gu for more than 30 years, said, “The complex is in a really good location.” He added, “There is even talk among brokers that 84-square-meter units could sell for around 3.5 billion won when move-in begins.”Given that presale rights for apartments of this size cost around 2.7 billion won, the calculation suggests a premium of approximately 800 million won.According to the real estate brokerage industry, many people in their 30s and 40s also applied for units in this complex. Brokers said applications from newlyweds were particularly strong.Some real estate agents also noted that Noryangjin New Town, where the complex is located, could become the next Gangnam-gu once its redevelopment is completed to a certain extent.Another licensed real estate agent explained, “Apart from areas such as Banpo, Gangnam has many older apartment complexes. But all the complexes in Noryangjin New Town are premium developments.”
The limited number of nightlife establishments near the complex was also cited as an advantage. Real estate agent B, who works near Acro River Sky, remarked, “If you want seafood, you can go to Noryangjin Market, and if you want meat, you can go toward Yeongdeungpo Station. The location is really good.”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