2298 Public Housing Units Including Goyang Changneung and Godeok Gangil 3 Complex to Begin Pre-Subscription from the 30th

Additional Supply of Reduced Share-Type Housing Planned Next Year
Priced According to Sale Price Ceiling System... 84㎡ Around 500 Million Won

[Asia Economy Reporter Cha Wanyong] On the 30th of this month, a preliminary subscription will be conducted for 2,298 public housing units in Goyang Changneung, Yangjeong Station area, and Godeok Gangil 3rd Complex. The 'Nanum-type' and 'General-type' public sales, including special youth allocations, are priced 20-30% lower than market prices.

The Ministry of Land, Infrastructure and Transport announced on the 28th that as a follow-up measure to the '500,000 Public Sale Housing Supply Plan,' preliminary subscriptions for 2,298 units will be implemented starting on the 30th. The target areas include Goyang Changneung (877 units), Yangjeong Station area (549 units), Godeok Gangil 3rd Complex (500 units), and Namyangju Jinjeop 2 (372 units).

The view of Goyang Changneung District as seen from Bukhansan. The apartment complex at the front is Samsong District, and the green area behind it is Changneung District.
[Image source=Yonhap News]

Nanum-type and General-type Public Sales Priced 20-30% Below Market

Among these, Goyang Changneung and Yangjeong Station area will be supplied as Nanum-type public sale housing. 'Nanum-type' allows buyers to purchase at prices below 70% of market value, and after a mandatory residence period of 5 years, if the housing is repurchased by the public sector, the buyer can receive 70% of the profit or loss from the sale. Additionally, loans up to 80% of the sale price are available for up to 40 years at an interest rate of 1.9-3.0% per annum.

The quantity of Nanum-type public sale units has been slightly reduced from the original plan. Goyang Changneung was adjusted from 1,322 units to 877 units due to some design changes needed. The Ministry of Land, Infrastructure and Transport explained that the reduced units will be additionally supplied next year through design changes, and if necessary, they are also considering securing other blocks within the Goyang Changneung district to supply more than the originally planned quantity.

For Namyangju Jinjeop 2, considering the real estate market situation, the quantity was adjusted from the originally planned 2 blocks with 754 units to 1 block with 372 units. The excluded block will be supplied next year after considering consumer demand and market conditions.

The 500 units supplied in Godeok Gangil 3rd Complex are land leasehold housing where the land is publicly owned and only the buildings are sold. Since the land price is excluded from the sale price, it can be sold at a price lower than the surrounding market price. Buyers pay land lease fees.

The 372 units supplied in Namyangju Jinjeop 2 are general-type public sale housing, supplied at about 80% of market price under the sale price ceiling system. These are sale houses without profit-sharing conditions. Depending on income and qualification requirements, Didimdol and Bogeumjari loan options are available.

Godeok Gangil Located in Seoul City Center, Goyang Changneung and Others Also Transportation Hubs

All these areas boast excellent locations. Goyang Changneung is located between Ilsan New Town and Seoul city center, serving as a transportation hub equipped with Subway Line 3, Gyeongui-Jungang Line, and the planned GTX-A Line, and is conveniently connected with the nearby Samsong and Wonheung districts for comfortable living conditions.

Especially, the S3 block to be supplied this time plans to establish kindergartens and elementary schools near the complex, and secure a pleasant residential environment with parks for rest and walking.

Yangjeong Station area is a station area district where Yangjeong Station (Gyeongui-Jungang Line) is located, about 13 km from Jamsil, offering excellent access to the Gangnam area. To the north of the district is the Suseok-Hopyeong expressway, and to the south is the Seoul-Yangyang expressway, facilitating convenient metropolitan transportation. The area is planned to be developed as a mixed-use city combining residential and industrial functions through attracting advanced industries.

The S5 block to be supplied this time is within 500 meters of Yangjeong Station, with planned elementary and middle schools nearby, and Yulseokcheon stream flowing below, providing both educational and natural environments.

Godeok Gangil 3rd Complex is located in Seoul city center, with the Han River to the north and Mangwolcheon stream to the south. It has excellent residential environment with kindergartens, elementary and middle schools nearby, and outstanding transportation accessibility being adjacent to Olympic-daero and Gangil IC.

Namyangju Jinjeop 2 district plans to establish Pungyang Station (Lines 4 and 9 planned), and the opening of National Road 98 (Sudong to Onam) crossing Namyangju east to west is scheduled, facilitating easy access to Seoul and the northwest region of Gangwon. It also shares living zones with Byeollae New Town and Wangsuk New Town, and is planned to be developed to enjoy abundant green spaces (such as Suraksan Mountain and Wangsukcheon stream) and convenient urban infrastructure simultaneously.

The A7 block to be supplied this time is within 400 meters of the planned Pungyang Station (Lines 4 and 9), with kindergartens and elementary and middle schools nearby, offering excellent living and educational environments.

Prices Range from 200 to 300 Million KRW for Units Under 60㎡, 300 to 500 Million KRW for 74㎡ to 84㎡ Units

The estimated preliminary subscription prices are calculated according to the sale price ceiling system. For the three districts this time, units under 60㎡ are priced in the 200 to 300 million KRW range, and units between 74㎡ and 84㎡ are priced in the 300 to 500 million KRW range.

Eligibility for preliminary subscription is reviewed based on the announcement date of the preliminary subscription resident recruitment notice, but for residence requirements in the relevant area, applicants can apply if they reside there as of the preliminary subscription announcement date, and must fulfill the residence period by the main subscription resident recruitment announcement date.

For Nanum-type, 80% of the total quantity is allocated to special supply, divided into youth (15%), newlyweds (40%), and first-time homebuyers (25%), with the remaining 20% allocated to general supply.

For General-type, 70% of the total quantity is allocated to special supply, divided into newlyweds (20%), first-time homebuyers (20%), multi-child families (10%), elderly parent support (5%), and institution recommendation (15%), with the remaining 30% allocated to general supply.

Special supply applications will begin sequentially from February next year, with winners for Godeok Gangil 3rd Complex announced on March 23, and winners for Goyang Changneung, Yangjeong Station area, and Namyangju Jinjeop 2 announced on March 30.

Won Heeryong, Minister of Land, Infrastructure and Transport, said, “This preliminary subscription will be a great opportunity for youth, newlyweds, and non-homeowners to secure housing in excellent locations at affordable prices,” and added, “We will continue to steadily promote the supply of 500,000 public sale housing units so that non-homeowner real demand groups such as youth can realize their dream of owning a home.”

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