Traffic measures are generally positive… New city designation, delayed sale and increased subscription demand
Conflicts with the owners may arise during the land acquisition process
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As the government announced that it would supply the largest housing units to the Gwangmyeong and Siheung districts among the 3rd new cities, attention is being drawn to the impact this announcement will have on the real estate market.
The Gwangmyeong New Town and Cheolsan-dong redevelopment complexes, which are currently undergoing redevelopment, are complaining that their property value will decrease in the short term due to the designation of a public housing district with 70,000 households. However, the traffic measures announced together on this day are generally positive. It is from the expectation that transportation will improve and will have a good effect on the housing market in the long term. Nearby real estate brokers are also suggesting an analysis that the area near Gwangmyeong Intersection Station (Line 7) will become a double station area due to this traffic countermeasure, which will increase the price of real estate in the area.
In Gwangmyeong New Town, which is being developed with a scale of 25,000 households, 16 out of 11 districts (Gwangmyeong Acroforet Jaiwe) started moving in last November. District 14 (Prugio Forena) and District 15 (Gwangmyeong Prugio Centver) have completed general sales, and the rest of the areas have also been approved for project implementation or are undergoing relocation and demolition.
Cheolsan Jugong Apartment, which is undergoing reconstruction in Cheolsan-dong near Gwangmyeong New Town, will be supplied with 7,400 new apartments when the four areas (4·7·8·9·10·11 complex) are completed. Complex 4 (Cheolsan Central Prugio), which has the fastest business, is about to move in next month.
Complex 12 and 13, which are undergoing detailed safety examination procedures, are undergoing reconstruction with a scale of 1,800 households and 2,460 households, respectively. In response, an analysis suggests that the trading price may rise as soon as the results of the safety diagnosis of 13 complexes come out. For Gwangmyeong New Town and Cheolsan Jugong, the demand for charter inquiries has been increasing since last weekend. An intermediary near Siheung City also put off the sale due to the designation of a new city and analyzed that if the demand for subscription increases, the jeonse crisis will worsen.
On the other hand, there is an analysis that the project promotion may be difficult due to a conflict between the government and the land owner over land compensation during the land acceptance process. The Gwangmyeong and Siheung districts were designated as Bogeumjari housing districts with a scale of 95,000 households in 17.4 million m2 in Gwangmyeong-dong and Siheung-si Gwarim-dong in 2010. Eventually, the designation of the district was lifted in 2014, and in 2015, it was redesignated as a special management area to prevent difficult development. In particular, some point out that landowners who own roadside land are likely to have a conflict with the government.
/ Intern reporter Park Shin-won [email protected]
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