Namyangju Wangsuk New Town, Average Land Sale Competition Rate 24 to 1... Leading the 3rd Generation New Towns

Block B-11 Records 46 to 1 First-Priority Competition Rate, Block B-14 Reaches 26 to 1
Public Pre-Sale from 2022 to 2023 Achieves Maximum Competition Rate of 42.2 to 1
Demonstrates Distinct Competitive Edge Compared to Other 3rd Phase New Towns

Namyangju City, Gyeonggi Province (Mayor Joo Gwang-deok) announced on the 16th that Wangsuk New Town is solidifying its leading position among the 3rd phase new towns by recording high competition rates in pre-sale and joint housing site sales.

Aerial view of Wangsuk New Town Advanced Industrial Complex. Provided by Namyangju City

Wangsuk New Town is the largest among the 3rd phase new towns in the metropolitan area, with land compensation completed and complex development and housing construction underway, aiming for completion in 2028.

In particular, it is attracting high interest from both actual demanders and investors based on △ excellent accessibility to Seoul △ solid transportation infrastructure △ plans as a self-sufficient new town.

According to Korea Land and Housing Corporation (LH), the average competition rate for major joint housing site land sales in Wangsuk New Town exceeded 24 to 1, with Block B-11, sold in December last year, recording a competition rate of 46 to 1 in the first priority, and Block B-14 recording 26 to 1.

This is an outstanding result compared to other 3rd phase new towns such as Gyeyang in Incheon and Daejang in Bucheon, proving high popularity despite the real estate market downturn and economic slowdown.

Perspective view of Wangsuk New Town. Provided by Namyangju City

Also, in the public pre-sale conducted from 2022 to 2023, a maximum competition rate of 42.2 to 1 was recorded. Reasonable sale prices and various housing types are analyzed as the main factors positively evaluated by actual demanders.

Wangsuk New Town stands out for its locational advantage as a transportation hub. It includes the Metropolitan Area Express Railway (GTX-B) and the extension of Subway Line 9, providing excellent accessibility to Seoul and major metropolitan areas.

It also plans to have self-sufficient new town functions such as an urban high-tech industrial complex covering 1.2 million square meters. Along with this, various resident convenience facilities and large green spaces will be created to provide a spacious and high-quality residential environment.

Mayor Joo Gwang-deok said, “According to the Wangsuk New Town metropolitan transportation improvement plan, we will strive to supply the metropolitan transportation network, including GTX-B, the extension of Subway Line 9, and the construction of Suseok Bridge, as quickly as possible to realize the principle of transportation first, then residence.” He added, “Through this, Wangsuk New Town will establish itself as a transportation hub connecting Seoul and northeastern Gyeonggi Province.”

Mayor Joo also added, “Wangsuk New Town is a core project to grow Namyangju City into a 1 million mega city, and we will actively support it to become a city that guarantees sustainable development and improves citizens’ quality of life through attracting future strategic industries.”

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