Acceleration of Complex Transfer Center... Cheongnyangni Joins the '1 Billion Club'

59㎡ Units Also Surpass 200 Million Won
Subscription Rates Rise in Large-Scale Redevelopment Projects
Jeonnong 9 and 10 Districts Also Pursue Redevelopment

[Asia Economy Reporter Onyu Lim] The real estate market around Cheongnyangni in Seoul is soaring, buoyed by the prospect of a metropolitan complex transfer center. As the area, once known as one of Seoul's representative slums, transforms into a major public transportation hub and recent redevelopment projects gain momentum, apartments near Cheongnyangni Station are consecutively joining the "1 Billion Won Club" (with prices for 84㎡ units reaching the 1 billion won range).

According to the real estate industry on the 20th, while apartment prices in Seoul have been weak this year, housing prices around Cheongnyangni Station have shown strength. On the 4th of last month, a 59㎡ unit in Dongdaemun Lotte Castle Noblesse was traded at a record high of 1.15 billion won. This is 210 million won higher than the 940 million won sale price in October last year. The 59㎡ unit in Raemian Crecity in Jeonnong-dong was also sold at a record high of 1.02 billion won on the same day. Not only the 84㎡ prices that determine membership in the 1 Billion Won Club but also the 59㎡ prices have jumped into the 1 billion won range.

At the heart of the excitement around Cheongnyangni Station is the metropolitan complex transfer center. The Ministry of Land, Infrastructure and Transport announced in its February work report that it plans to build metropolitan complex transfer centers at Cheongnyangni Station and Seoul Station to innovate the rail-centered transportation system. The development of the Cheongnyangni Station complex transfer center, officially announced by Dongdaemun District Mayor Yu Deok-yeol in July last year, has gained momentum in line with the government's balanced development plan. Despite being a transportation hub where over 60 bus routes and Seoul Subway Line 1, Gyeongui-Jungang Line, Gyeongchun Line ITX, KTX Gangneung Line, and Bundang Line intersect, the Cheongnyangni area has been considered one of Seoul's most underdeveloped regions. The presence of harmful facilities, including the Cheongnyangni 588 red-light district, has delayed development and caused the surrounding environment to deteriorate.

Jeonnong New Town, which includes Raemian Crecity, is considered the biggest beneficiary of the Cheongnyangni complex transfer center development. Located southeast of Cheongnyangni Station, Jeonnong New Town was one of Seoul's representative aging residential areas, but with new town development, apartments have been built one after another, establishing it as a new residential town in the eastern area. Jeonnong New Town houses a total of 13,856 apartment units, including Raemian Crecity, Dapsimni Raemian Weave, and Raemian Dapsimni Midcounty. The presence of the highly preferred 'Raemian' brand town is also cited as a reason for the rise in housing prices in this area.

Moreover, with large-scale urban redevelopment projects underway, Cheongnyangni is rapidly changing its appearance. In Cheongnyangni District 4, where the red-light district once existed, the Lotte Castle Sky-L65, a super high-rise complex with up to 65 floors, will be completed in 2023. This apartment complex was sold out last year with an average subscription competition rate of 14.4 to 1. The redevelopment projects of Cheongnyangni District 3 and Dongbu Agricultural Market have also been completed last year with the sale of Cheongnyangni Station Harrington Place and Cheongnyangni Station Hanyang Soojain 192, respectively. Nearby, the reconstruction of Gyeongdong Miju Apartment in Jegi District 1 is currently underway.

An official from a real estate agency near Cheongnyangni Station said, "The underdeveloped Jeonnong Districts 9 and 10 near Cheongnyangni Station are currently collecting residents' consent forms to be designated as redevelopment maintenance districts," adding, "With the opening of the 수도권광역급행철도 (GTX) and the establishment of the complex transfer center, full-scale redevelopment will be promoted, and Cheongnyangni will transform into a representative central area of northern Seoul."

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