New 59-Square-Meter Apartment in Seoul for 900 Million Won... Jungnang-gu Has a Place Like This [Kwon Jun-ho’s Yo-a-jeong]

The apartment we’re featuring in the second week of November is Junghwa Station Raon Private Centro, located in Jungnang-gu, Seoul.The complex is the first apartment in Jungnang-gu to appear in this series. It drew at least 11,000 views last week, ranking third among popular apartments. The H Banpo 124 and Heliocity, which ranked first and second, are places we’ve already visited or covered in videos as a team.I visited a complex right in front of a subway station, where the sale price for an exclusive 59-square-meter unit is under 1 billion won and the complex has just 176 households. Exit 3 of Junghwa Station on Line 7 on the 13th.As soon as I left the subway station, I got a strong sense that the surrounding area was being redeveloped. Banners about selecting a construction contractor for Moa Town were up around the station, and construction sites were scattered throughout the area.After walking for about two or three minutes, today’s featured complex came into view. It was very close to the station, making it easy to get around.
There are a variety of schools near the complex, including Mukdong Elementary School, Jang-an Middle School, Jungnang Middle School and Junghwa High School. Access to amenities such as hospitals, a fire station, Jungnangcheon and Junghwa Sports Park is also decent.
The complex consists of three buildings, with three basement levels and 26 floors above ground. In other words, it is small. Notably, it combines 176 apartment units with 74 officetel units.It took only about five minutes to walk around the complex.Overall, the area does not feel particularly well-organized.According to Jungnang-gu Office, as of September 30, Moa Town projects were underway at 17 sites in Jungnang-gu.The total scale is said to be around 7,000 households.I also walked around the area within a 500-meter radius of the complex.What stood out most was the number of low-rise buildings and how readily visible nightlife establishments were.There were at least around 10 bars spread across the area surrounding the complex. I think this is something prospective residents should check out in person before moving in.The location itself is good. Line 7, which runs from Nowon District through Express Bus Terminal and Nonhyeon, is right in front, and Sangbong Station is also within walking distance. It is served by Line 7, the Gyeongui–Jungang Line, the Gyeongchun Line and KTX.
Another point to consider is how long it will take residents of nearby villas to relocate. According to several real estate agents, large-scale relocation in the area is expected in three years. Junghwa Station Raon Private Centro is scheduled for occupancy in February 2029, and if things do not go well, relocation, the start of construction and move-in could partly overlap.
One reason Junghwa Station Raon Private Centro attracted so much interest was that its sales period overlapped with another offering.The apartment schedule is as follows: special-supply applications on the 16th, first-priority applications from the designated area on the 17th, first-priority applications from other areas on the 18th, and second-priority applications on the 19th. The winners will be announced on the 25th, and successful applicants will sign contracts from December 7 to 9.
The officetel sales schedule is slightly different. Applications will be accepted on the 25th and 26th, winners will be announced on December 2, and contracts will be signed from December 8 to 9. Anyone aged 19 or older can apply for an officetel regardless of where they live, and no housing subscription account is required. The model home also opened that day.Its location near a subway station and its price advantage are also cited as reasons for its popularity.The sale price for an exclusive 59-square-meter unit in the complex is 956 million won, while an 84-square-meter unit costs between 1.277 billion and 1.391 billion won. A direct comparison is difficult because the complexes differ in household numbers and in their mix of apartments and officetels. But River Sen SK View Lotte Castle, the 1,055-unit complex directly across from it, set a record when an exclusive 59-square-meter unit sold for 1.27 billion won in April this year. Actual transaction prices for 84-square-meter units are around 1 billion to 1.1 billion won, but current asking prices are around 1.7 billion won.
Residents can use the Dongbu Expressway and the Northern Ring Expressway by car. The Dongbu Expressway is the focus of an undergrounding project, alongside a Jungnangcheon ecological park project, and is targeted to open in 2029, around the time residents move in.
The real estate agents I met that day all agreed that Jungnang-gu would get even better.They identified the complex’s biggest strength as its price.One real estate agent asked, “Are there any new-build 59-square-meter apartments in Seoul for under 1 billion won? If so, let me know so I can buy one.” The agent added, “By the time residents move in three years from now, apartment prices nearby are likely to have risen further.”They also cited the ongoing redevelopment of the surrounding area as another advantage.One real estate agent, who said they had lived and worked in Jungnang-gu for at least 20 years, said, “The area has such good amenities that it’s a really great place to live,” and predicted, “Once large-scale relocation gets underway in three years and redevelopment is complete, it will become an even better place to live.”However, the apartments’ small scale and their mix with officetels are seen as limitations.The most important concern is that the complex could be less liquid.Liquidity is a measure of how quickly and easily assets or goods can be converted into cash when needed. Another real estate agent explained, “The biggest difference between a large and a small complex is that there are always buyers waiting for units in a large complex. With a small complex, there are no buyers waiting to purchase, so there can be some limitations when it comes time to sell.” The agent added, “Even in the same residential area, the competition for apartments is likely to be much higher than for officetels.”What did you think of Kwon Jun-ho’s 'Yo-a-jeong'? If there’s any other information you’d like to know, leave a comment anytime. Feedback is always welcome.[email protected] Kwon Jun-ho Reporter