“Is there a big-box store right outside your door?” ... Same standard-size apartments, but a 700 million won gap in “mall-accessible” areas

[Financial News] The convenience of being able to enjoy shopping, culture and leisure all in one place is emerging as a top priority when choosing a home. As a result, proximity to major retail infrastructure such as Costco or Starfield appears to be becoming a decisive factor in determining apartment prices.
According to the Ministry of Land, Infrastructure and Transport’s Real Estate Transaction Price Disclosure System on the 12th, an 84-square-meter unit at U Planet Gwangmyeong Desian, in Gwangmyeong-si, Gyeonggi Province, facing the Costco Gwangmyeong store, fetched a record-high price of 1.565 billion won last October. That was an increase of at least 250 million won from a year earlier. By contrast, an 84-square-meter unit at Gwangmyeong Station Area Lumiel, more than 1 km from Costco in a straight line, sold for 843 million won in September, leaving a price gap of at least 700 million won between the two complexes. In other major areas of the Seoul metropolitan area, including Songdo International City in Incheon and Hanam City, apartments of the same size also showed price differences amounting to hundreds of millions of won depending on their proximity to major retail facilities.
Industry experts say that large warehouse discount stores and shopping malls are rare because they require extensive commercial-area analysis and large sites, making complexes within walking distance of them very rare. When major infrastructure moves in, foot traffic increases, and nearby roads and related commercial areas are quickly improved. This strengthens housing demand and, in turn, helps property values hold up even during real estate downturns.
As the value of major retail infrastructure gains prominence, promising new complexes that come with such amenities are also continuing to enter the market in the year-end housing sales season.
POSCO E&C will offer 308 officetel units at The Sharp First World Seoul, being built on the former Sangbong Bus Terminal site in Sangbong-dong, Jungnang-gu, Seoul, for sale in November. Together with the 999 apartment units already sold, it will form a large residential-commercial complex with about 1,300 homes, boasting a prime location facing the Costco Sangbong store. Homeplus, CGV and other amenities are nearby, and a commercial facility called Transit is planned within the complex. Residents will also have excellent access to multiple rail lines via Sangbong and Mangu stations, including Line 7, the Gyeongui–Jungang Line and the planned GTX-B.
Hyosung Heavy Industries plans to offer Harrington Place Mullae, a 218-unit complex, for sale in November in the area of Mullae-dong 3-ga, Yeongdeungpo District, close to major retail facilities such as Times Square, Emart and Shinsegae Department Store. Elsewhere, new complexes near department stores and big-box stores are actively coming to market, including Seocho Lotte Castle Art Palace by LOTTE Engineering & Construction Co., Ltd. in Seocho District, Seoul, and Armuze Xi by GS E&C in Ansan-si, Gyeonggi Province.

[email protected] Jeon Min-kyung Reporter