"Seongnam Original Downtown Transformed"…First Renovation Project Residents Move In Next Month

[Asia Economy Reporter Yuri Kim] The old downtown area of Seongnam City, Gyeonggi Province, is undergoing a dramatic transformation. With large-scale redevelopment and reconstruction projects underway, the area is shedding its past image as a cluster of old and dilapidated houses and emerging as a large-scale new residential belt linked to the Pangyo and Bundang new towns.

According to the maintenance industry on the 10th, while redevelopment projects in the old downtown areas such as Sujeong-gu and Jungwon-gu in Seongnam City are progressing one after another, 'Sanseong Station Forestia,' a reconstruction of the former Sinheung Jugong Apartments, will welcome residents next month as the first reconstruction and redevelopment complex in the area. This mammoth complex, jointly constructed by three major construction companies?HDC Hyundai Development Company, Lotte Construction, and POSCO Construction?consists of 39 buildings with 4,089 households. The apartment complex is adjacent to Sanseong Station on Seoul Subway Line 8 and borders Wirye New Town to the north, attracting significant interest from potential buyers.

Expectations for improved residential environments due to large-scale development have driven prices to record highs. Currently, the asking price for a 59㎡ (exclusive area) pre-sale right is in the mid-800 million KRW range. Considering that the general sale price for the same area was around 410 million to 470 million KRW, prices have nearly doubled. For the 84㎡ units, prices have already surpassed 1.1 billion KRW. With move-in approaching, the current jeonse (long-term deposit lease) price for 59㎡ units is around 450 million KRW, catching up with the sale price. A representative from nearby A real estate agency said, "Compared to the size of the complex, there are relatively few properties for sale currently," adding, "Royal buildings and royal floors preferred by buyers are quickly sold as soon as they appear."

Surrounding redevelopment projects are also accelerating. The redevelopment of Sinheung 2 District, located opposite Sanseong Station Forestia, is expected to launch general sales as early as next month under the brand 'Sanseong Station Central Park Xi & Prugio.' Additionally, redevelopment projects are ongoing in nearby areas such as Sanseong District, Dohwanjung 1 District, and Sangdaewon 2 District. Once these projects are completed as planned, this area will transform into an apartment town with about 40,000 households, comparable to a mini new town.

This area, close to Songpa-gu in Seoul, has been considered part of the Seoul living zone but had not attracted much attention due to its previously poor residential environment. However, with the recent large-scale reconstruction and redevelopment in the old downtown, demand is surging. Being an old downtown area, it is already equipped with infrastructure such as convenience facilities and education.

Large-scale urban regeneration projects centered around Sanseong-daero are also a positive factor. Representative projects include modernization of Seongho Market facilities, creation of the Hope Grand Park landmark, development of the 1st Industrial Complex park and cultural facilities, construction of public parking and happy housing in Seongnam-dong, and revitalization of the central underground shopping mall.

According to the KB Monthly Housing Price Trend, as of last month, the average apartment sale price per square meter in Sujeong-gu, Seongnam City, was 5.95 million KRW, up 12.24% from the beginning of the year. Jungwon-gu also rose 11.13% to 6.4 million KRW. Land prices are also strong. Sujeong-gu recorded a 1.92% increase in land prices in the first quarter of this year, the highest nationwide. Jungwon-gu also rose 1.65%, significantly exceeding the national average increase of 0.92%.

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