‘Geomdan Station Geumgang Pentarium The Siglo Phase 2’ Continues Success as the Next Complex

by Choi Bongseok

Published 14 Mar.2022 13:03(KST)

- Large-scale projects like Geomdan Station area development progressing smoothly
- 'Geomdan Station Geumgang Pentarium The Siglo 2nd Phase' sales upcoming

[Geumgang Pentarium The Siglo Phase 2 Perspective View at Geomdan Station]

Series apartments that introduce a second phase complex following the first phase in the same area are gaining popularity. Having already verified the location and product quality that were key factors in the success of the first phase, these developments continue the momentum, establishing themselves as coveted residential areas by creating brand towns.

The biggest advantage of subsequent complexes is the halo effect from the first phase. The infrastructure facilities, such as transportation and lifestyle amenities, which are highly valued in the housing market, have essentially been validated through the earlier phase. Additionally, the brand’s excellence and product quality have earned high trust among buyers.

Moreover, the synergy created by the first and subsequent complexes is a unique benefit of series apartments. Located in the same area under the same brand, they form a brand town and have a high potential to become landmark properties that dominate local market prices. If a premium has been added to the first phase, the subsequent complexes can also expect capital gains.

Because of this, areas with subsequent complexes record high subscription competition rates for each sale. At the end of last year, ‘Daejeon Haneulchae Sky& 2nd Phase’ in Jung-gu, Daejeon, achieved an average 13:1 ratio in first-priority subscriptions, closing all unit types and selling out quickly. Earlier, ‘City OCELE 4 Complex’ in Michuhol-gu, Incheon, recorded an average 44.6:1 ratio in first-priority subscriptions, significantly surpassing the 17:1 ratio of City OCELE 1 Complex (sold in June 2021).

A real estate official said, “When a subsequent complex is introduced, the location excellence and local recognition have already been firmly established through the earlier complex, so actual buyers tend to choose these properties. Especially where the same brand complexes cluster to form a town, many become representative complexes of the area, which can also lead to price increases.”

Meanwhile, Geumgang Housing plans to launch ‘Geomdan Station Geumgang Penterium The Siglo 2nd Phase’ in March at RC4 Block of Geomdan New Town, Seo-gu, Incheon, forming a ‘The Siglo’ brand town. It will consist of a total of 547 households, including 483 apartments with a net area of 84㎡ and 64 officetel units (net 39㎡).

Most notably, the adjacent RC3 Block’s ‘Geomdan Station Geumgang Penterium The Siglo 1st Phase (486 households)’ recorded an average 57.2:1 ratio in first-priority subscriptions last year, setting a new record for the highest competition rate in Geomdan New Town and achieving a quick sell-out, which has heightened interest in the subsequent sale.

Like the first phase, it boasts the best location within Geomdan New Town, promising high future value. It is adjacent to the ‘Geomdan New Town 101 Station Area Development Project (Next Complex),’ which enhances its future value. Around the planned new station on the Incheon Subway Line 1 extension from Gyeyang Station, cultural, commercial, and office facilities worth approximately 1.2 trillion KRW (about 49,500㎡) will be developed. Especially, once the new station opens, transfers to Lines 5 and 9 at Gimpo Airport Station will become easier, significantly improving access to Seoul.

It is also ideal for raising children. Within walking distance are Incheon Ara Dream Kindergarten, Haedeun Elementary School, Incheon Ara Middle School, and Incheon Ara High School, with Geomdan 1 Elementary School scheduled to open in the future. The proximity of Incheon Seo-gu English Village and Incheon City English Village is another notable feature.

The pleasant living infrastructure also attracts attention. To the south of the complex lies Maechon, and a riverside park is being developed along the nearby Gyeyang Stream, allowing residents to enjoy walking and exercising by the stream. Additionally, the Incheon District Court Northern Branch (planned) and Incheon District Prosecutors’ Office Northern Branch (planned) will be located next to the complex, ensuring a residential environment free from harmful facilities and providing a demand base of legal professionals with purchasing power.

Geumgang Housing’s solid construction capability is another advantage. Geumgang Housing focuses on the housing business under its own brand ‘PENTERIUM’ and ranked 36th in the 2021 construction capability evaluation, gaining attention in the housing market. Last year, it launched the premium residential brand ‘THE SIGLO’ for mixed-use complexes and achieved sell-outs in Geomdan and Dongtan, earning consumer trust.