Jangwi New Town, Shedding the 'Half' Label... 6,500 Housing Units for Sale and Public Redevelopment Gains Momentum

GS Construction to Supply Total of 2,840 Households This Month, Daewoo Construction to Supply 3,641 Households Next Year
Public Redevelopment to Proceed in Remaining Areas Where Projects Were Canceled

Jangwi New Town area. /

[Asia Economy Reporter Cha Wanyong] Although it is Seoul's largest New Town, Jangwi New Town (Jangwi Redevelopment Promotion District) had earned the stigma of being a "half-baked New Town" due to half of its maintenance zones being canceled. However, it has regained vitality. The previously canceled zones have successively resumed redevelopment projects, and about 6,500 households will be supplied through sales in three zones (4, 6, and 10) this month and in the first half of next year.

According to the urban maintenance and real estate industry on the 23rd, GS Construction is scheduled to launch sales this month for "Jangwi Xi Radiant," a redevelopment project in Jangwi Zone 4. The project will apply the single brand "Xi" to a total of 2,840 households, of which 1,330 units with exclusive areas ranging from 49 to 97 square meters will be available for general sale. Next year, Daewoo Construction plans to sell "Prugio" apartments in Jangwi Zones 6 and 10, with 1,637 and 2,004 households respectively.

Zones 12 and 13 (2014), 8, 9, and 11 (2017), and 15 (2018), which had canceled projects due to decreased profitability caused by the real estate market slump following the financial crisis after the New Town designation, are now preparing for full-scale development by either resuming redevelopment or switching to public projects (such as public redevelopment, rapid integrated planning, and public housing projects by the Seoul Housing Corporation).

The areas where development has proceeded as planned include Jangwi Zone 2's "Kkumui Sup Kolon Haneulchae" (a total of 513 households), which was sold in April 2015; Jangwi Zone 1's "Raemian Jangwi Fore County" (939 households) in August 2016; Jangwi Zone 5's "Raemian Jangwi First High" (1,562 households) in October of the same year; and Jangwi Zone 7's "Kkumui Sup I-Park" (1,711 households) in July 2018. All these complexes have now been fully occupied.

An industry insider said, "Although the residential conditions are excellent, Jangwi New Town had many old houses, but new apartments are being supplied one after another, and this year, apartments by major construction companies are also being sold, greatly improving the residential environment. Projects that were halted due to the 2008 financial crisis are being resumed through public redevelopment, and Jangwi New Town, which had the stigma of being 'half-baked,' is attempting a turnaround."

Meanwhile, Jangwi New Town is evaluated as an area with excellent transportation, education, and convenience facilities, as well as natural environment. To the south, there are Seoul Subway Line 6 stations: Sangwolgok, Dolgogi, and Seokgye stations. Vehicle access is easy via Hancheon-ro and Bukbu Expressway. Using Dongbu Expressway and the Inner Ring Road, other areas can be conveniently reached. Nearby, GTX-C Line and Dongbuk Line are also planned.

Nearby are Jangwi Elementary School, Jangwi Middle School, Namdaemun Middle School, Seokgwan Middle School, Seokgwan High School, as well as Hankuk University of Foreign Studies and Korea National University of Arts. Residents can enjoy park facilities such as Buk Seoul Dream Forest, Odong Neighborhood Park, and Uicheon Riverside Road Park, as well as the Jungnangcheon Stream walking trail and waterfront park flowing east of Jangwi New Town. Convenience facilities such as E-Mart, Hyundai Department Store, Lotte Department Store, and Kyung Hee University Hospital are also accessible.

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