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The government decided to supply 70,000 households by designating Siheung District, Gwangmyeong, Gyeonggi Province as the third new city. It is 4.3 times the size of Yeouido in Seoul, the largest among the 3rd new towns, and is similar to the Ilsan new town (69,000 households).
Earlier, the government confirmed and announced a supply plan for 173,000 households in the 3rd new city, but when concerns about supply shortages emerged, it belatedly launched a large-scale supply card similar to that of the ‘4th new city’. The government officially stated that “There is no 4th new city.” There is a bar. The government is in the position that Siheung District, Gwangmyeong, is the sixth third new city.
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The core of the’New Public Housing Site Promotion Plan’ announced by the government on the 24th is the designation of Siheung District, Gwangmyeong, Gyeonggi Province as the sixth new city. There are 70,000 households, and it is a large-scale residential district equivalent to the size of the Ilsan New City. Originally, this place was ranked first as a candidate for development for various reasons, such as accessibility to Seoul. This area was designated as a Bogeumjari district during the Lee Myung-bak administration, but the district was lifted during the Park Geun-hye administration due to protests from residents. The Moon Jae-in administration has designated it as a new city again. The Ministry of Land, Infrastructure and Transport plans to finalize the designation of the district by the first half of next year when the Moon Jae-in administration’s term of office ends and the government changes.
According to the government’s announcement, the Gwangmyeong Siheung District will finish designating the district next year and recruit tenants in 2025 so that it will not fall far behind other 3rd new cities. Advance subscription is expected to be in 2023. In relation to the Gwangmyeong and Siheung districts, the government is in a position to foster it as a hub city in the southwest region.
In detail, the plan is to create a park and green area that is 1.3 times the area of Yeouido in Seoul (3.8 million square meters), and to organize a space corresponding to the post-corona era through an international design competition. It is also planning to support the migration and resettlement of entrepreneurs by utilizing the Gwangmyeong Techno Valley and Gwangmyeong Hakon Public Housing District.
The plan for the wide-area transportation network was also disclosed. In preparation for the influx of a new population of 70,000 households in the Siheung District of Gwangmyeong, it has devised a plan for metropolitan transportation focusing not only on the existing road network infrastructure but also on the railway network. The core is the North-South urban railway that runs through the new city. Although the start and end point are still undecided, the government plans to make it easy to access anywhere in the metropolitan area by connecting it with the metropolitan express train (GTX)-B, subway lines 1, 2, and 7 and the Sinansan line. The most promising option is to connect Sindorim Station in Yeongdeungpo-gu, Seoul to the north, and connect KTX Gwangmyeong Station or Hakon Station on the Sinansan Line. As for the railroad, the light rail system is the dominant.
In this regard, the government is in a position to establish final metropolitan transportation measures through demand analysis. In addition, when the second Gyeongin Line, which is currently undergoing a preliminary feasibility study, is confirmed, it plans to build a transfer center by installing a station as it passes through the project district. The government estimates that if the metropolitan railroad network is expanded, it will take 20 minutes to Yeouido, Seoul, 25 minutes to Seoul Station, and 45 minutes to Gangnam Station. In addition, the government is in a position to eliminate blind spots for public transport by establishing a metropolitan bus transfer facility connected to the 2nd Gyeongin Expressway and establishing a circular public transport system (BRT) within the district.
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Experts may give a signal of supply expansion, but they believe that there will be limits to setting home prices in Seoul. This is because it is difficult to be sure that the wide-area rail network will be able to open according to the time of moving into the new city. For example, the GTX-B is the latest to pass a preliminary feasibility study among the three GTX routes, and it is expected to be open after 2028, no matter how early. This is also a schedule that is possible only when land acceptance proceeds as scheduled.
Dae-Jung Kwon, professor of real estate at Myongji University, said, “It is questionable whether the government will be able to open the metropolitan transportation network before moving in to the new city.” I can,” he pointed out. Professor Shim Gyo-eon of Konkuk University’s Department of Real Estate said, “It is positive that the government sends a positive supply signal to the market, but it is difficult to expect a short-term effect of stabilizing house prices.” Seo Jin-hyung, professor of business administration at Kyungin Women’s University (Chairman of the Korea Real Estate Association) also said, “We believe that the Siheung district in Gwangmyeong will not absorb the demand for Seoul, but rather contribute to the dispersal of the population in western Gyeonggi. I see.”
Meanwhile, the government decided to designate the Gwangmyeong Siheung District as a land transaction permission zone and restrict development activities. In addition, the inspection of actual transaction planning and inspection will be strengthened for speculative demand such as abnormal transactions occurring in nearby regions. Along with this, the government decided to make an additional announcement in April regarding the remaining 150,000 households among the new housing sites announced in the 2·4 supply plan.
/ Reporter Kang Dong-hyo [email protected], Reporter Jin Dong-young [email protected]
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