“The more lines, the better” ... Apartments near multiple subway lines gain in popularity

[Financial News] In the housing market, locations served by two or more subway lines—known as “multi-line station areas”—have become a surefire draw. In addition to the basic advantage of being near a station, demand is concentrating on complexes that offer access to multiple lines, greatly expanding commuting options and residents’ day-to-day reach.
In the resale market, complexes near multiple subway lines are seeing steep price increases and continuing to set record highs. According to actual transaction price data from the Ministry of Land, Infrastructure and Transport, a unit with an exclusive-use area of 84 square meters at Seoul Forest Riverview Xi in Haengdang-dong, Seongdong District, near Wangsimni Station, where Seoul Subway Lines 2 and 5, the Gyeongui–Jungang Line and the Suin–Bundang Line intersect, sold for 2.74 billion won in July, setting a new high. A unit with an exclusive-use area of 84 square meters at DMC Central Xi Phase 1, near Digital Media City Station on the Gyeongui–Jungang Line, Airport Railroad and Seoul Subway Line 6, also changed hands for 1.95 billion won in October, setting a record high.
The strength of multi-line station areas is also evident in the presale market. Ichon Le L, launched in Yongsan District, Seoul, in April and located near Ichon Station on Seoul Subway Line 4 and the Gyeongui–Jungang Line, recorded an average of 134.97 applicants per unit in its first-priority subscription round. Gongdeok Station Xi Rene in Mapo District, near Gongdeok Station on Seoul Subway Lines 5 and 6, the Gyeongui–Jungang Line and Airport Railroad, also posted a strong average of 79.99 to 1. This reflects the fact that people in their 30s and 40s, who put a premium on living close to work, have become the housing market’s core demand group.
Meanwhile, several major new complexes offering the premium of access to multiple subway lines are set to go on sale this month.
First, Hyosung Heavy Industries will launch sales of Harrington Place Mullae in Mullae-dong, Yeongdeungpo District, Seoul. It boasts a “quadruple station area,” with walking access to Mullae Station on Seoul Subway Line 2, Yeongdeungpo Station on Line 1 and KTX, Yeongdeungpo-gu Office Station on Lines 2 and 5, and Yeongdeungpo Market Station on Line 5. It also offers convenient commutes to major business districts, including Yeouido, Guro District and Gasan Digital Complex. The development comprises 218 homes, all with an exclusive-use area of 84 square meters.
Hyundai Engineering and Construction will unveil The H Banpo 124, a redevelopment of Sections 1, 2 and 4 of Banpo Jugong Complex 1 in Banpo-dong, Seocho District. Of its 5,007 homes, 1,801 will be offered for general sale. Residents will be able to walk to Gubanpo Station on Line 9 and Dongjak Station, a transfer station for Lines 4 and 9. POSCO E&C is selling The Sharp First World Seoul, an officetel development on the site of the Sangbong Bus Terminal in Sangbong-dong, Jungnang-gu, with 308 units featuring an exclusive-use area of 84 square meters. It is near Sangbong Station on Line 7 and the Gyeongui–Jungang Line, as well as Mangwoo Station on the Gyeongui–Jungang Line, and stands to benefit from the future opening of the GTX-B line.
Complexes near multiple subway lines are also coming to market in the Seoul metropolitan area and other regions. In Uijeongbu-si, Gyeonggi Province, Uijeongbu Station Felice Tower Yangwoo Naeanae will be built near Uijeongbu Station on Line 1 and the planned GTX-C line. In Goyang, The Sharp Ilsan Centro, a privately rented apartment complex near Baengma Station on the Gyeongui–Jungang and Seohae lines, is also set to be supplied. In Busan, sales are being prepared for Yeonsan Station Sujain Centrio, which offers access to Yeonsan Station on Lines 1 and 3 and Busan National University of Education Station on Line 1 and the Donghae Line. Of its 335 homes, 139 will be offered for general sale.

[email protected] Jeon Min-gyeong Reporter