The First Major Brand 'Hanwha Forena' Opens in Yangpyeong

Forena Yangpyeong △59㎡ 171 Units △74㎡ 178 Units △84㎡ 89 Units

[Asia Economy Reporter Lim On-yu] Attention is focused on whether the population moving into Yangpyeong, Gyeonggi Province, will increase further, riding on the favorable highway plans connecting Seoul and surrounding cities.

The connection of the Metropolitan Area 2nd Ring Expressway and the Seoul Songpa?Yangpyeong highway is expected to boost demand for apartments on a metropolitan scale. As housing prices in the neighboring Namyangju City have risen sharply, there is also speculation about the possibility of people moving to Yangpyeong, which is an undervalued area with improving transportation conditions.

According to Statistics Korea data on the 12th, Yangpyeong has shown a net population increase (inflow minus outflow) with 16,518 people moving in and 13,734 moving out over the past five years. Yangpyeong’s outstanding natural scenery is cited as a factor attracting population inflow.

Based on the proportion of incoming population, 30% have moved from Gyeonggi areas such as Namyangju, Hanam, Guri, and Gwangju, while 29% have moved from Seoul districts including Songpa and Gangdong, accounting for 59% of the total.

Local experts said, “Until now, Yangpyeong mainly consisted of country houses, but starting this month, 5,000 apartment units are scheduled to be supplied sequentially,” adding, “This means that with the highway opening plans connecting Yangpyeong, metropolitan apartment demand will also be absorbed.”

The Yangpyeong?Hwado section of the Metropolitan Area 2nd Ring Expressway is currently under construction and is scheduled to open in 2022. Although the highway distance between Yangpyeong and Hwado in Namyangju is about 17 km, there is a significant price difference in apartments. The apartment sale prices in Yangpyeong are at the level of Hwado-eup’s rental prices, so moving demand due to the balloon effect is also expected.

The Seoul Songpa?Yangpyeong highway construction project attracted market attention as it was included in the Ministry of Land, Infrastructure and Transport’s ‘Metropolitan Transportation Vision 2030’ announced last October. The project connects 27 km from Gamildong, Songpa-gu, Seoul to Yangseo-myeon, Yangpyeong-gun, and once opened, commuting to Seoul by car within 20 minutes is expected to be possible.

Yangpyeong is already considered accessible to the Seoul living area via the Gyeongui-Jungang Line and KTX Gangneung Line. Using the express train bound for Yongsan on the Gyeongui-Jungang Line from Yangpyeong Station, Cheongnyangni Station can be reached in 50 minutes, and by KTX, it takes about 20 minutes to Cheongnyangni Station and about 40 minutes to Seoul Station.

Hanwha Construction will launch its first major brand apartment sale next month in Yangpyeong, where transportation conditions are expected to improve further. ‘Forena Yangpyeong,’ to be built in Changdae-ri, Yangpyeong-eup, will consist of 438 households, with types including △59㎡ 171 units △74㎡ 178 units △84㎡ 89 units.

Yangpyeong is classified as a non-regulated area under the government’s June 17 real estate measures, so there are no restrictions on re-winning, fewer loan regulations, and unlimited resale is possible six months after the contract, attracting high interest from investors.

Lee Jae-ho, head of sales at Hanwha Construction, said, “Yangpyeong is considered an undervalued area with lower sale and purchase prices compared to adjacent regions,” adding, “We expect investment demand to flow in with the supply of apartments with high brand awareness.”

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