Yongsan Maintenance Depot, Taereung, Camp Kim... The Real Gems Are in 2022 or 'Unconfirmed'

60,000 Households Pre-Subscription Supply Over 2 Years

But Key Locations 'Unconfirmed'
Taereung, Gwacheon Government Complex, Camp Kim... Plans to Be Finalized

Seoul City and 3rd New Town Supply
More in 2022 Than Next Year

'Rosy Outlook' Uncertain
Pre-Subscription to Main Subscription May Take Over 3 Years

[Asia Economy Reporter Lee Chun-hee] Although the government announced a pre-sale supply of 60,000 households over two years to quell 'panic buying,' the highly preferred 'prime' units in the market have either not yet had their pre-sale plans finalized or have been postponed to 2022. While the government is actively promoting pre-sales, various obstacles such as local opposition remain, making it uncertain whether the pre-sales will proceed as planned.

One of the key sites in the August 4th supply plan is the Taereung Golf Course, where 10,000 units are scheduled to be supplied. Although Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki mentioned it as one of the pre-sale target sites during the '5th Real Estate Market Inspection Meeting' held on the 2nd, it was not included in the recently announced pre-sale plan.

At the '5th Ministerial Meeting' held on the 8th, Deputy Prime Minister Hong explained, "For Taereung Golf Course, a specific pre-sale plan will be announced after establishing transportation measures in the first half of next year; for the Gwacheon Government Complex site, after establishing a plan for utilizing the complex; and for Camp Kim, after the return of the U.S. military." The Western Driver's License Test Site will also have its plan announced after procedures such as confirming the relocation plan for the license test site are completed.

A rally opposing the destruction of the greenbelt at Taereung Golf Course, related to the large-scale housing supply plan in the Seoul metropolitan area, was held in front of Lotte Department Store Nowon Branch in Seoul on the 9th of last month. Participants in the rally are holding placards and shouting slogans. Photo by Mun Ho-nam munonam@

All the prime locations that recently attracted the most market attention due to their accessibility to Seoul's core areas, even more so than the 3rd New Towns, have all been postponed for announcement for the time being.

Camp Kim is located near Namyeong Station and Samgakji Station in Yongsan-gu, and the idle land of the Gwacheon Government Complex will become a super-station area complex directly connected to Gwacheon Government Complex Station if residential apartments are built. Taereung Golf Course is planned to have the largest scale of 10,000 units among idle land residential complexes supplied within Seoul city, and the Western Driver's License Test Site is also adjacent to areas like Sangam DMC, making it naturally highly preferred for residence.

However, the idle land of the Gwacheon Government Complex currently faces opposition from all local political, administrative, and civic groups led by Mayor Kim Jong-cheon of Gwacheon, and there is intense local resistance to Taereung Golf Course and the Western Driver's License Test Site as well.

Regarding this, Kim Heung-jin, Director of the Housing and Land Office at the Ministry of Land, Infrastructure and Transport, explained the reason for exclusion from the current plan, saying, "For Taereung and Gwacheon, related plans must be established before predicting the timing of the main sale." He added, "The goal is to include them in the first supply in the second half of next year," and "We are continuously negotiating with local residents regarding their opposition."

Lee Eun-hyung, Senior Researcher at the Korea Construction Policy Institute, analyzed, "Since the pre-sale supply is a visible starting point for the supply of 370,000 households, they likely prioritized areas with a high possibility of supply according to plan," and "It seems they excluded areas where plans might be disrupted as much as possible."

Based on the total supply, 30,000 units are scheduled for both next year and 2022, but evaluations suggest that the prime units are concentrated in 2022.

Next year, the pre-sale supply within Seoul city is only 200 units on military land near Noryangjin Station. Even including Wirye (300 units) and Namtaeryeong military land (300 units), which are effectively within the Seoul metropolitan area, the total is only 800 units.

In contrast, in 2022, 4,300 units will be supplied within Seoul city alone, including Yongsan Maintenance Depot (3,000 units), which is considered the most prime location in the government's recent supply plan, as well as Godeok Gangil (500 units), Gangseo (300 units), Magok (200 units), and Eunpyeong (100 units).

The supply volume for the 3rd New Towns is also larger in the first half of 2022 compared to the second half of next year.

In the second half of next year, a total of 9,700 units are scheduled, including Namyangju Wangsuk (3,900 units), Goyang Changneung (1,600 units), and Hanam Gyosan (1,100 units). Including the mini new town Gwacheon Gwacheon (1,800 units), the total exceeds 10,000 units.

In contrast, in the first half of 2022, the pre-sale supply for the 3rd New Towns is allocated at 12,500 units, with increased volumes such as Namyangju Wangsuk (5,000 units), Goyang Changneung (2,500 units), and Hanam Gyosan (2,500 units).

However, it remains uncertain whether the government's rosy plans will definitely come to fruition. Although they have selected areas that can be realized as much as possible according to the plan, there are past cases such as the Hanam Misa district of the metropolitan area public housing, where the main sale was held three years after the pre-sale due to issues like land compensation conflicts.

The government also explained that "the pre-sale schedule may change during the process," and that the pre-sale of the Yongsan Maintenance Depot site, scheduled for the second half of 2022, is also subject to change.

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