Songdo 11 District Emerges as Korea's Venice... 'Songdo Jaipungyeongchae Grenoble' Draws Attention

The housing market is experiencing fluctuations in prices for residential facilities located near the sea, rivers, and lakes, offering a pleasant living environment, as the trend shifts from quantity to quality in housing preferences. In particular, apartments that are harmoniously integrated with pristine natural surroundings and well-designed environments are rising in value by hundreds of millions of won due to their rarity.

In fact, complexes near Gwanggyo Lake Park in Suwon, Gyeonggi Province, have seen prices increase by 200 to 300 million won compared to early this year. According to the Ministry of Land, Infrastructure and Transport's actual transaction data, the ‘Gwanggyo Jungheung S-Class’ apartment with a floor area of 84㎡ near Gwanggyo Lake Park was traded for 1.56 billion won on August 15, up 250 million won from 1.31 billion won at the beginning of the year, setting a new record for the highest price for 84㎡ units traded in Suwon this year.

In Hwaseong, housing prices near Dongtan Lake Park in Dongtan New Town are also rising. The ‘The Lake City Booyoung Complex 3’ apartment with 84㎡ in front of Dongtan Lake Park was traded for 720 million won in January and rose to 960 million won in July. Similarly, the ‘Dongtan The Sharp Lake Edu Town’ apartment with 84㎡ increased by 200 million won from 720 million won in January to 920 million won in August.

Waterfront park-adjacent complexes are also strong in the pre-sale market. On the 13th, ‘Cheonggye Riverview Xi’ in Yongdap-dong, Seoul, which enjoys the Cheonggyecheon stream right in front, received high praise from buyers as a landmark. As a result, 18,255 applicants competed for 397 units (excluding special supply), achieving an excellent average competition rate of 45.98 to 1.

An industry insider said, “Waterfront parks are harder to artificially create than green spaces and offer a different level of comfort, which increases the rarity value of residential facilities built nearby. Therefore, even during real estate market downturns, price drops are less severe compared to other complexes, and during upturns, prices rise significantly, leading to strong waiting demand for new supply near waterfront parks in the pre-sale market.”

Meanwhile, an unprecedented landmark is set to be launched in the 11th district of Songdo International City in Incheon, which is being developed as the Venice of Korea. The project, ‘Songdo Xi Punggyeongchae Grenoble,’ developed by GS Construction and Jeil Construction Co., Ltd., is scheduled for pre-sale in January next year.

‘Songdo Xi Punggyeongchae Grenoble’ is a project integrating five blocks (Rc10, Rc11, Rm4, Rm5, Rm6) and will be the largest complex in Songdo 11th district. It consists of 23 buildings (21 apartment buildings and 2 officetel buildings) ranging from 2 basement floors to a maximum of 47 floors above ground, with a total of 3,270 units: 2,728 apartments with floor areas from 84 to 208㎡ and 542 officetel units with 39㎡ floor area.

Blocks Rc10 and Rc11 feature apartments from basement level 1 to 29 floors above ground, while blocks Rm4 to Rm6 are mixed-use complexes with apartments and officetels ranging from basement level 2 to a maximum of 47 floors above ground.

By block, the composition is as follows: △ Rc10 block with 548 apartment units, △ Rc11 block with 469 apartment units, △ Rm4 block with 597 apartment units and 271 officetel units, △ Rm5 block with 504 apartment units, and △ Rm6 block with 610 apartment units and 271 officetel units.

‘Songdo Xi Punggyeongchae Grenoble’ is located on the waterfront, the core green infrastructure of Songdo 11th district, providing a pleasant living environment, and some units are expected to have permanent waterfront views.

The Songdo 11th district waterfront (phases 1-3, approximately 359,000㎡) is an artificial canal running through the center of the district. It has a total length of 4.98 km and a width of 40 to 60 meters. It connects the northern and southern waterways of Songdo, completing the Songdo waterfront.

The Songdo waterfront forms a square-shaped (‘ㅁ’ shaped) waterway totaling 21.17 km, connecting canals and retention basins. It improves water quality by allowing seawater inflow, manages water flow to prevent flooding, and creates waterfront spaces to enhance residents’ convenience and promote tourism, serving as a key infrastructure.

‘Songdo Xi Punggyeongchae Grenoble’ is positioned in the first row enjoying views of the Songdo 11th district waterfront. It is conveniently located within walking distance of large ecological parks (one site), seven waterfront parks, and commercial facilities such as ‘Mini Venice.’

The educational environment is excellent. Kindergarten and elementary and middle school sites are planned right next to the complex. Additionally, Yonsei University International Campus, Incheon Global Campus (hosting State University of New York, George Mason University, Ghent University, University of Utah) are nearby, and Inha University Open Innovation Campus (Inha University Songdo Campus) borders the site.

Living infrastructure is also abundant. The 800-bed Songdo Severance Hospital (construction started in December 2022, scheduled to open in December 2026) is within walking distance. Large shopping facilities such as Homeplus, Hyundai Premium Outlet (Songdo branch), and Triple Street are conveniently accessible. A large-scale commercial facility will be built at the center of the complex, and a large-scale central commercial facility within Songdo 11th district is also within walking distance.

Samsung Biologics is constructing its second bio campus on the south side of the complex, and Lotte Biologics is planning a mega plant on the Ki20 site. In addition, many R&D sites are planned in Songdo 11th district, indicating strong demand for proximity between residence and workplace.

The transportation network is excellent. Access to the Second Gyeongin Expressway, Third Gyeongin Expressway, and Yeongdong Expressway via Incheon New Port Road and Songdo Bio Road is convenient through Aam-daero. The Metropolitan Area 2nd Ring Road, which further improves metropolitan accessibility, is planned near the complex. This allows easy travel to Yongin, Suwon, Ansan, Siheung, Hwaseong, as well as central and southern metropolitan areas such as Anyang and Gwacheon, and even to Gangwon Province, Wonju, and Gangneung. Additionally, using Songdo Science Road, residents can easily access all of Songdo, Namdong Industrial Complex, Yeonsu-gu downtown, and other parts of Incheon city.

Community facilities include a fitness club, sauna, guest house, and daycare center, and a sky lounge befitting a landmark complex is also planned.

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