“Apartments Near Parks Are Taking Off” ... “Park-Adjacent” Complexes Show Strength in Both Presale Applications and Home Prices

[Financial News] So-called “park-adjacent” complexes, located close to parks and green spaces, are attracting interest in both the housing subscription market and the existing-home market. Major complexes this year have recorded double-digit application competition ratios, while sale prices for some apartments have risen by about 20% in a year. There have also been cases where presale rights fetched premiums of more than 400 million won.
The Korea Real Estate Board reported on the 19th that The Sharp Tricent, supplied last August near Uam-dong Urban Forest in Nam-gu, Busan, recorded an average application competition ratio of 18.29 to 1. DeFine Artia, near Noryangjin Neighborhood Park in Seoul, posted an average ratio of 16.52 to 1 in first-priority applications last June, while Metrocity Jasan Desian, near Chusan Neighborhood Park in Changwon, South Gyeongsang Province, recorded an average ratio of 15.19 to 1 last May.
Demand for homes near parks was strong not only for apartments but also for officetels. Last May, The Sharp Songdo Granterre, an officetel complex next to Songdo Central Park in Incheon, received 5,002 applications for 96 units, recording an average competition ratio of 52.1 to 1. In Dongtan-gu, Hwaseong, Gyeonggi Province, the e-Pyeonhansesang Dongtan Station Urban One officetel, near Cheonggye Central Park, posted an average ratio of 12.68 to 1 last March.
Park-adjacent complexes are also performing strongly in the resale market. According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, an 84-square-meter unit at Yongji The Sharp Lake Park, near Yongji Lake Park in Changwon, sold for 1.17 billion won last August. That was 20% (195 million won) higher than the 975 million won sale price in August last year.
In Seongnam, Gyeonggi Province, an 84-square-meter unit at the Wirye Gwell Prugio officetel complex, next to Wirye Lake Park, changed hands for 1.11 billion won last September. That was an increase of about 23.3% (210 million won) from the 900 million won sale price in the same month last year.
There have also been cases of premiums on apartment presale rights. An 84-square-meter unit at Yeongtong Xi Central Park, being built in front of Yeongtong Central Park in Suwon, Gyeonggi Province, sold for 1.4 billion won last June. That is 439.5 million won more than its initial sale price of 960.5 million won.
A real estate industry official said, “Locations in city centers where people can enjoy easy access to parks or green spaces are scarce because supply is limited. Preference for a pleasant residential environment remains steady, and these locational advantages are sometimes reflected in home values. When choosing a newly built complex, it is worth considering access to parks as well.”
New residential complexes touting locations near parks are expected to continue coming onto the market in October.
Hyundai Engineering will begin accepting applications on the 20th for Hillstate Seongnam Metroble, being built on the former Seongnam KT site in Dandae-dong, Sujeong-gu, Seongnam, Gyeonggi Province. The development will comprise two buildings, with six basement levels and 34 above-ground floors, 189 officetel units with exclusive-use areas of 74 to 95 square meters, and neighborhood commercial facilities. Nearby are Huimangdae Park, covering approximately 120,000 square meters, and Seongnam First Industrial Complex Neighborhood Park.
GS Engineering & Construction plans to build Armuze Xi on the former site of the Homeplus Ansan store in Seongpo-dong, Sangnok-gu, Ansan, Gyeonggi Province. The six-building development will have six basement levels and up to 49 above-ground floors, with 984 apartments featuring exclusive-use areas of 84 to 104 square meters and 370 officetel units with exclusive-use areas of 84 square meters. Nojeokbong Park, Nojeokbong Artificial Waterfall Park, Seongho Park and Danwon Sculpture Park are among the nearby parks.
In Gwangju, Gyeonggi Province, LOTTE Engineering & Construction Co., Ltd. will sell units in Gyeonggi Gwangju Station Lotte Castle Signature Phase 2. Located in Ssangnyeong-dong, the development will comprise 10 buildings, with 10 basement levels and up to 26 above-ground floors, and a total of 1,249 households with exclusive-use areas of 59 to 246 square meters. The complex is part of a private-park special project that includes the creation of a park covering approximately 510,000 square meters.
Dongbu Construction plans to introduce Geomdan Centerville Grand Foret in Oryu-dong, Geomdan-gu, Incheon. The development will comprise nine buildings, with three basement levels and up to 27 above-ground floors, and a total of 843 households with exclusive-use areas of 59 to 84 square meters. It is being developed as part of a private-park special project alongside Geomdan No. 16 Neighborhood Park, which covers approximately 100,000 square meters.
In Hak-dong, Dong-gu, Jeonnam-Gwangju Integrated Special City, IPARK Hyundai Development Company plans to build I-Park Mudeungsan Sky Foret. The development will comprise 19 buildings, with three basement levels and 29 above-ground floors. Of the 2,299 households in total, 1,387 units with exclusive-use areas of 59 to 135 square meters will be offered for general sale. Mudeungsan National Park and Gwangjucheon are located near the complex.

[email protected] Choi A-young Reporter