Seoul Redevelopment Projects in Yeongdeungpo, Jungnang, Seongbuk and Elsewhere Get on Track... Second-Half Presales in Focus

[Financial News] As large-scale redevelopment projects bring sweeping changes to Seoul’s residential environment, attention is turning to the city’s new-home presale market in the second half of this year. Complexes benefiting from redevelopment—which will help address the housing shortage while comprehensively upgrading infrastructure in aging downtown areas—are emerging as the new stars of the presale market.
Seoul city data showed on the 2nd that 1,184 redevelopment projects were underway in Seoul as of October this year. That works out to an average of at least 47 project sites per district.
Yeongdeungpo District had the most projects, with 122, followed by Seongbuk District (79), Seocho District (70), Jungnang-gu (68), Dongjak District (61), Gangdong District (58) and Songpa District (56). Unlike in the past, when redevelopment was concentrated in the Gangnam area, residential areas are now being transformed simultaneously across Seoul, including the northeastern and southwestern parts of the city. Redevelopment projects not only provide new housing but also expand infrastructure such as roads, parks and parking lots, dramatically improving residential convenience and the urban landscape.
Building on these advantages, redevelopment projects also drew strong interest in the presale market in the second half of this year. D’Fine Yeonhui in Seodaemun District (an average of 44.1 applicants per unit), Seobanpo Summit The Hill in Dongjak District (32.51 to 1), and Acro River Sky in Noryangjin Zone 8 (19.8 to 1) all closed after the first-priority application round. Reflecting expectations for redevelopment, apartment transaction prices in Seoul’s northeastern (15.91%) and southwestern (16.06%) areas had risen sharply as of July this year, outpacing the citywide average of 14.56%.
Meanwhile, a series of major new complexes set to benefit from Seoul’s redevelopment projects are coming onto the market in the second half of this year.
Raon Construction will launch sales in November for Junghwa Station Raon Private Centro, part of the urban environment improvement project in the Junghwa 3 Redevelopment Promotion Zone in Junghwa-dong, Jungnang-gu, Seoul. Around 7,000 homes, including projects under the Moa Town program, are in the pipeline in the Jungnang-gu area. With the nearby Sangbong Redevelopment Promotion Zone also included, the area is expected to develop into a new residential hub in northeastern Seoul with approximately 14,000 homes. The complex is in the station area of Sangbong Station, served by Line 7, the Gyeongui–Jungang Line and the Gyeongchun Line, as well as the planned GTX-B line. Mukdong Elementary School, Jangan Middle School, Junghwa High School and the academy district in Junggye-dong are all easily accessible. Of the 176 apartment units, with exclusive areas of 45–126 square meters, 113 will be offered for general sale; 74 officetel units will also be supplied.
HL D&I Halla will launch sales for Gyeonghuigung Epit, part of the redevelopment of the Donuimun 2 Redevelopment Promotion Zone in Gyonam-dong, Jongno District. Of the 228 homes in total, 135 units with exclusive areas of 39–84 square meters will be offered for general sale. The complex is in a station area directly connected to Seodaemun Station on Line 5, providing excellent access to downtown areas such as Gwanghwamun and Seoul City Hall.
Hyundai Engineering is currently selling The H Shinbanpo Estera, part of the reconstruction of Shinbanpo 22 in Jamwon-dong, Seocho District. Of the 160 units in total, 28 units with an exclusive area of 84 square meters will be offered for general sale. Residents will have access to a wide range of amenities, including Express Bus Terminal Station on Lines 3, 7 and 9 and Shinsegae Department Store.

[email protected] Jeon Min-kyung Reporter