GTX-B Passing Through Business District Spurs Consecutive Office-Tel Sales Along Route

Perspective view of 'Hillstate Cheonggye Central' in Hwanghak-dong, Jung-gu, Seoul (Provided by Hyundai Engineering & Construction)

[Asia Economy Reporter Lee Chun-hee] As the metropolitan area wide express railroad (GTX) plan gradually becomes more concrete, not only apartments but also officetels, an alternative residential product, are gaining attention along the routes.

In particular, a large number of officetels adjacent to the GTX-B line, which passes through major business districts in Seoul such as Yeouido, Yongsan, and Seoul Station, are scheduled to be launched. GTX-B is a high-speed rail network with a total length of 80.1 km connecting Maseok in Namyangju, Gyeonggi Province, Seoul, and Songdo in Incheon. It operates at an average speed of 100 km/h, which is about 3 to 4 times faster than regular subways.

After opening, the travel time between Songdo and Maseok, which previously took 130 minutes, is expected to be reduced to 50 minutes; Songdo to Seoul Station from 82 minutes to 27 minutes; and Yeouido to Cheongnyangni from 35 minutes to 10 minutes, significantly shortening travel times. The project has been accelerating since completing the preliminary feasibility study in August last year.

As the project gets on track, officetel prices along the route have recently shown an upward trend. According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system on the 13th, a 84㎡ (exclusive area) unit at 'Hillstate Songdo The Terrace' in Songdo-dong, Yeonsu-gu, Incheon, was traded for 412 million KRW on the 8th. Considering that the pre-sale price was 330 million KRW for this officetel, which moved in this year, this represents a steep price increase.

The GTX-B line's positive impact is also evident in the officetel subscription market. According to the Korea Real Estate Board on the same day, the subscription for 'Hillstate Yeouido Pine Luce,' launched in Yeouido-dong, Yeongdeungpo-gu, Seoul, in June, recorded an average competition rate of 18.5 to 1 and sold out within six days. Similarly, the 'Byeollae Xi The Star' officetel, introduced in Byeollae New Town, Namyangju-si, Gyeonggi Province, last October, was fully sold within two days of the official contract.

An industry insider said, "The GTX line is a major development benefit that not only improves Seoul accessibility from the outskirts of the metropolitan area but also significantly reduces travel time to key areas within Seoul, affecting officetel prices following apartments. As the project progresses rapidly recently, demand is concentrating on new officetels preparing for sale near the stations."

Hillsstate Sindorim Station Central in Guro-gu, Seoul (Provided by Hyundai Engineering)

Currently, a large number of new officetel sales are planned along the GTX-B line. Hyundai Construction will launch the residential officetel 'Hillstate Cheonggye Central' in Hwanghak-dong, Jung-gu, Seoul, in January next year. It consists of one building with 6 basement floors and 20 above-ground floors, totaling 522 units ranging from 34 to 51㎡. Using Dongmyo Station on Seoul Subway Line 1 near the complex, it is three stops to GTX-B Cheongnyangni Station. Also, within a 5-minute walk, using Sindang Station on Seoul Subway Lines 2 and 6 allows quick access to major business districts such as City Hall Station within 10 minutes, Yeouido Station within 25 minutes, and Gangnam Station within 30 minutes.

Hyundai Engineering is launching the residential officetel 'Hillstate Sindorim Station Central' this month in Sindorim-dong, Guro-gu, Seoul. It consists of one building with 6 basement floors and 20 above-ground floors, totaling 463 units ranging from 18 to 29㎡. Commercial facilities occupy floors 1 to 3, and officetels are located from floors 4 to 20. It is a double station area complex within walking distance of Sindorim Station, a transfer station for Lines 1 and 2, and Guro Station on Line 1. Using GTX-B Sindorim Station, it is three stops to Seoul Station and four stops to Songdo in Incheon. This allows fast travel to Seoul and the metropolitan area and is expected to benefit from improved transportation conditions.

Daelim Construction and Daelim Corporation are currently selling 'e-Pyeonhansesang City Bupyeong Station' in Bupyeong-dong, Bupyeong-gu, Incheon. It consists of three buildings with 6 basement floors and 20 above-ground floors, totaling 1,208 units ranging from 23 to 41㎡. The first floor houses 18 neighborhood living facilities, and floors 2 to 3 include 156 office units. It is a triple station area complex within walking distance of Bupyeong Station, a transfer station for Seoul Subway Line 1, Incheon Subway Line 1, and GTX-B.

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