Once-plagued by unsold homes, neighborhood sees prices top ₩2 billion ... A look at 564-to-1 apartment subscription competition [Jip Nawara Ttukttak!]

[Financial News] Singil New Town in Yeongdeungpo-gu, Seoul, once saw unsold homes but has transformed into an emerging residential area where apartments with exclusive floor areas of 84m2—the country’s standard apartment size—are priced in the ₩2 billion range. Recent apartment subscription rounds have seen competition rates exceed 500 to 1. What happened in this area, once densely packed with aging low-rise housing?
On the 8th, the YouTube channel Jip Nawara Ttukttak! visited the Singil New Town area, looking at everything from Raemian Estium, known as its flagship apartment complex, to newly launched developments, the Sinansan Line construction site and areas slated for development.
■ Apartments rise from ₩1.4 billion to ₩2 billion ... New developments also draw strong demand
Singil New Town is a large-scale urban renewal project launched in 2005 in and around Singil-dong, Yeongdeungpo-gu, Seoul. The area was once densely packed with low-rise housing due in part to height restrictions imposed because of military facilities. Redevelopment has since brought in major apartment brands such as Raemian, Xi and The Sharp.
The area’s flagship apartment complex is Raemian Estium, redeveloped from Singil District 7. Occupied since 2017, the complex has 1,722 households and sits next to Sinpung Station on Seoul Subway Line 7.
Prices have also been climbing steeply. A Raemian Estium unit with an exclusive floor area of 84m2 sold for ₩1.48 billion in 2023, then changed hands for ₩2.01 billion this July. Asking prices observed at the site had reached as high as ₩2.2 billion.
Across a two-lane road, Summit Clavion is being built through the redevelopment of Singil District 10. The complex, with a total of 812 households, is being developed on the former site of Namseoul Apartments. It drew attention as the first development in Singil New Town to adopt a high-end brand.
In the subscription round last August, more than 5,500 housing subscription accounts were submitted for 83 units offered to the general public, producing an average competition rate of 66.78 to 1. The supply price for units with an exclusive floor area of 59m2 was above ₩1.8 billion, yet the competition rate was high.
That same month, The Sharp Singil Central City, which offered units forfeited by members of its housing cooperative, recorded a peak subscription competition rate of 564 to 1. The large complex has more than 2,000 households, and the top presale price for a 59m2 unit was about ₩1.45 billion. Its relatively lower prices than Summit Clavion and its large scale are seen as factors behind its strong demand.
■ Convenient commutes for workers, with easy access to Yeouido and Gangnam
Transportation is one reason Singil New Town is attracting attention. Located just south of Yeouido, it offers good access to business districts, and Sinpung Station on Seoul Subway Line 7 provides access to the Gangnam area. Yeongdeungpo Station, with Seoul Subway Line 1 and KTX services, is also within reach.
Once the Sinansan Line opens, access to Yeouido is expected to improve further. However, construction delays mean it is expected to open after 2030.
A visit to Raemian Estium found pedestrian paths with restricted vehicle access and generous spacing between buildings particularly striking. The landscaping, plazas and playgrounds were well maintained, and the complex also had community facilities such as study rooms. There are four daycare centers within the complex, while Singil Middle School and elementary schools are nearby.
However, construction work on the Sinansan Line, entrances to Sinpung Station and nearby new apartment complexes was underway at the same time, and construction noise could be heard continuously.
At the back of the complex, differences in the exterior appearance of rental housing and units for general sale were also apparent. Of Raemian Estium’s 1,722 households, 189 are rental units. Some rental buildings are set apart outside the complex and differ in floor count, building structure and entrance design. This contrasts with the “social mix” emphasized in recent urban renewal projects.
■ Redevelopment is not over yet ... What will the next 10 years bring for Singil?
Singil New Town’s transformation is still underway. Some of its 16 districts have already completed construction and welcomed residents, while redevelopment and public housing projects are being pursued in the remaining districts.
Singil District 6, for example, had its New Town project canceled in the past, but redevelopment is now being pursued again through Rapid Integrated Planning. A public-sector urban renewal project is also underway in Singil District 13.
Changes are also expected around the New Town. Singil 2nd Woosung Apartments and Uchang Apartments are set to be transformed into a 1,212-household complex through a joint reconstruction project. They have received approval for their management and disposition plans, and transaction prices for existing apartments with exclusive floor areas of around 59m2 have also risen into the ₩1.5 billion range.
Nearby Woosung 3rd Apartments is pursuing reconstruction that would increase its size from 477 to 722 households, while Singil-dong Samsung Apartments is preparing to rebuild from 384 households to a complex in the 560-household range. These three projects alone are expected to create a new residential area of about 2,500 households.
Details on price changes at major apartment complexes in Singil New Town, the reasons behind the strong demand for new subscriptions, the pros and cons of each complex, and the status of future redevelopment can be found on the YouTube channel Jip Nawara Ttukttak!



[email protected] Choi Ga-young Reporter