Speeding Up the Final Puzzle Completion in Singil New Town

Accelerating Reconstruction of 10·13 District
Boost from 5 Subway Lines, Market Prices Stir

[Asia Economy Reporter Donghyun Choi] The last remaining District 10 and District 13 within Shingil New Town, a representative residential area in the southwestern part of Seoul, are accelerating their projects. The combined effect of newly built or under-construction apartments nearby and transportation benefits is causing the market prices to fluctuate.

According to the redevelopment industry on the 9th, the draft of the environmental impact assessment report for the Shingil 10 Redevelopment Promotion Zone reconstruction project was released the day before, entering the public inspection process for residents. The environmental impact assessment is a review conducted before the project implementation approval stage to examine whether the plan, which affects the environment, is appropriate from an environmental perspective and whether the location is valid. An official from Yeongdeungpo District Office stated, "A residents' briefing session will be held on the 19th, and the submission of opinions will be closed by July 6."

Originally, 16 districts were designated in Shingil New Town, but six districts including 1, 2, 4, 6, 15, and 16 were removed from the redevelopment zones due to lack of progress. Raemian Prevenue (District 11), Raemian Estium (District 7), Shingil Central I-Park (District 14), Boramae SK View (District 5), and Shingil Central Xi (District 12) have already been occupied, while Hillstate Classian (District 9), Shingil Park Xi (District 8), and The Sharp Park Prestige (District 3) are under construction. Currently, the two areas where construction has not yet started are District 10, which includes Nam Seoul Apartment, and District 13, where integrated reconstruction of Shinmi Apartment and surrounding villas is underway.

Nam Seoul Apartment, built in 1974, is an old apartment complex located right in front of Sinpung Station on Line 7, making it a station area. It was designated as a redevelopment promotion zone along with the surrounding detached housing area in 2007, but the project stalled due to resident conflicts over the distribution of development profits. The association was belatedly approved in 2018, and in January last year, a contract was signed with Korea Land Trust to proceed with the project through a trust method. District 10 will be transformed into a new apartment complex with 887 households through reconstruction. Daewoo Construction is in charge of construction.

District 13 also established a promotion committee in March this year, 13 years after being designated as a redevelopment zone, and at the end of last month, selected a designer and a specialized management company for the redevelopment project. About 400 households are planned to be built through reconstruction.

The real estate prices in Shingil New Town are rising mainly around the newly built complexes near Sinpung Station. Sinpung Station will be served by the Sinansan Line, scheduled to open in 2024. The 59㎡ (exclusive area) occupancy rights for Hillstate Classian in District 9 were traded for 1.025 billion KRW last month, surpassing 1 billion KRW. The 59㎡ occupancy rights for Boramae SK View in District 5 and Shingil Central Xi in District 12 joined the "1 billion club" as early as September last year. A representative from real estate agency A in Shingil-dong said, "Although apartment prices in Seoul slightly declined this year, Shingil New Town was not affected at all," adding, "With five subway lines including the Sillim Light Rail and Sinansan Line passing through the New Town area, the transportation network is excellent, so price increases will continue steadily."

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