Will Deogeun District, the "Second Sangam," See a Spring Breeze in Housing Sales?

Magok and Sangam Adjacent, Effectively Part of Seoul Living Area
Next Month GS Construction to Offer Over 1,000 Units in 2 Complexes
Samjeong Construction Also to Supply Residential-Commercial Complexes in First Half
Loan and Resale Restrictions Apply as Area Designated for Regulation

[Asia Economy Reporter Donghyun Choi] Attention is focused on whether Deok-eun District in Goyang City, known as the second Sangam, can succeed in the spring housing market.

According to industry sources on the 12th, GS Construction will launch two complexes, 'DMC Riverpark Xi' and 'DMC Riverforet Xi,' in Deok-eun District this April. DMC Riverpark Xi, located in Block A4, consists of 6 buildings ranging from basement level 2 to 24 floors above ground, with 702 units sized between 84 and 99㎡ (exclusive area). DMC Riverforet Xi in Block A7 consists of 5 buildings from basement level 2 to 19-24 floors above ground, with 318 units sized 84㎡. GS Construction plans to supply a total of 2,200 units by launching two more complexes in Deok-eun District in the future.

Following GS Construction's launch, Samjung Construction also plans to supply the 'Samjung Green Core The Best' (382 units) residential-commercial complex in the first half of the year.

Deok-eun District is an urban development area with a total area of approximately 646,000㎡, where 4,815 households will be built. Adjacent to it, the former National Defense University site is also scheduled to have 2,400 residential units, making it a new residential area with a total scale of 7,500 households. The area was designated as a housing site district in May 2010, and development was almost completed last year, with some areas undergoing sales.

Daebang Construction sold 'Deok-eun Daebang Noble Land' (346 units) in July last year. The sale price was 18.5 million KRW per 3.3㎡. Considering that the average price per 3.3㎡ of nearby Sangam-dong apartments was 25.88 million KRW at the time, it was about 30% cheaper. The average subscription competition rate was 6.26 to 1, closing at the first priority. The highest competition rate was 10.32 to 1.

In November of the same year, many applicants flocked to 'Jungheung S-Class Park City' (290 units) sold by Jungheung Construction. As the first priority subscription was limited to Goyang City residents, a total of 2,307 people applied, recording an average competition rate of 7.96 to 1 and selling out completely. The highest competition rate was 8.94 to 1.

At the end of last year, IS Dongseo's 'DMC Aileen's Garden' (180 units) also sold out with an average competition rate of 6.88 to 1.

One of the reasons Deok-eun District is attracting attention is its location. It borders Seoul's Magok District and Mapo-gu Sangam-dong, with Sangam DMC to the east and Magok District to the southwest. Although administratively part of Gyeonggi Province, it is effectively within Seoul's living area.

However, Deok-eun District is a regulated area, and under the February 20 real estate measures, the loan-to-value ratio (LTV) for mortgage loans is 50% for properties under 900 million KRW and 30% for amounts exceeding 900 million KRW. Resale is also restricted until ownership transfer registration.

An official from the sales industry said, "Once the private land price ceiling system is fully implemented, demand for new apartments in well-located areas like Deok-eun District will increase further," adding, "Although the subway station is far from Deok-eun District, travel by car is convenient."

This content was produced with the assistance of AI translation services.