Subscription Market Heats Up: Where Are the Prime Complexes? Gimpo Bukbyeon 2 'Cantavil The Edition' Draws Attention

- Housing Prices Rise, Fierce Competition Even for High-Priced Developments
- Strong Interest in New Apartment Supply Near Geolpo-Bukbyeon Station

The real estate market in the Seoul metropolitan area is heating up. As concerns over continued housing price increases and supply shortages intensify, buyers eager to secure high-potential "prime complexes" are actively moving to get ahead. Against this backdrop, the area around Geolpo-Bukbyeon Station in Gimpo, which is set to benefit from large-scale development and expanded transportation networks, is emerging as one of the key regions in the metropolitan area’s subscription market for the second half of the year, drawing significant attention from prospective buyers.

■ A Dramatically Changed Real Estate Market... Subscription Market Heats Up

According to the Korea Real Estate Board, apartment prices in the metropolitan area have been on the rise since the end of February this year and continued to climb through September. Notably, in the fourth week of September, prices rose by 0.07%, marking an acceleration in the upward trend.

In particular, as the number of new apartment units supplied in the metropolitan area is expected to decrease in the long term-from about 110,000 units this year to around 89,000 units next year-concerns over supply shortages are growing, and demand for new developments is also increasing.

As the market improves, subscription competition rates are also rising. Even developments that recently sparked controversy over high pre-sale prices have seen fierce competition since September. In Gwangmyeong, the exclusive 84 square meter units at Cheolsan Station Xi exceeded 1.5 billion won, yet still recorded an average competition rate of 38 to 1 for first-priority applicants. Similarly, in Suwon, Mangpo Station Prugio Le Marc, with units of the same size selling for over 1.2 billion won, saw an average competition rate of 14 to 1, reflecting intense demand.

Kwon Il, head of research at Real Estate Info, stated, "With ongoing housing price increases and concerns over supply shortages, end-users eager to secure complexes with clear future value are becoming increasingly active. As a result, new developments in areas with solid advantages such as transportation and development are expected to maintain high popularity in the second half of the year."

■ Major Complexes to Draw Strong Interest in the Second Half

Amid this market atmosphere, a development in the Geolpo-Bukbyeon Station area of Gimpo-considered one of the "prime complexes" in the metropolitan area’s subscription market for the second half of the year-is attracting attention. Daewon Co., Ltd. (co-CEOs Jeon Eung-sik and Kim Doo-sik), a comprehensive construction company known for its "Cantavil" residential brand, plans to launch "Cantavil The Edition" in November as part of the Gimpo Bukbyeon District 2 urban development project. With the surrounding area transforming into a large-scale residential town and transportation infrastructure set to improve, high interest from buyers is anticipated.

Cantavil The Edition will be located in Bukbyeon-dong, Gimpo-si, Gyeonggi-do, and will consist of a total of 612 units with exclusive areas of 66, 84, 104, and 127 square meters.

Cantavil The Edition Region Map

The Gimpo Bukbyeon District 2, where Cantavil The Edition will be built, is rapidly developing into a new residential town, with large-scale apartment complexes being constructed and additional transportation infrastructure, such as the extension of the Gimpo Gold Line, planned for the area.

The value of the area has already been proven through the successful sales of nearby complexes. Previously, both Gimpo Bukbyeon Umi Lin Park Reeve (Bukbyeon District 3, 1,200 units) and Hangang Sujain Ovcent (Bukbyeon District 4, 3,058 units) sold out completely. Furthermore, with additional development in Bukbyeon District 5, the area is expected to further solidify its status as a large-scale apartment town. In addition, Hangang Metro Xi (Phase 2), which was occupied in 2020, saw its exclusive 84 square meter units trade at 1.1 billion won in 2021, leading the Gimpo market and signaling further value appreciation.

The area also boasts excellent transportation infrastructure. Residents can use Geolpo-Bukbyeon Station on the Gimpo Gold Line to reach Gimpo Airport Station in about 16 minutes and Magoknaru Station in about 24 minutes. Further improvements are planned, including the extension of Subway Line 5 and GTX-D, as well as the extension of Incheon Line 2 to Geolpo-Bukbyeon Station. In addition, access to Seoul is convenient via Gimpo Hangang-ro by car.

The infrastructure allows residents to enjoy both the old and new downtowns of Gimpo. Nearby amenities include CGV, Gimpo Market, Gimpo City Hall, Gimpo Woori Hospital, Gimpo Sports Complex, Traders Wholesale Club, and Homeplus, making it easy to access the commercial district around Gimpo City Hall.

The area also offers a strong educational environment for children. Students can attend Gimpo Elementary School, Gimpo Middle School, Gimpo Girls’ Middle School, Gimpo High School, and Sau High School, while the remodeled Jungbong Library and the academy district around Sau Station are also easily accessible.

The product appeal of the complex is also noteworthy. Even the smaller unit types will feature spacious layouts with options such as an alpha room, pantry, and four-bay design. The 104 and 127 square meter units will be duplex penthouses, adding a touch of luxury, and terraces will also be included in the design.

A local real estate agent commented, "The area is transforming into a large-scale branded town, and significant transportation improvements are planned, greatly enhancing future value. In addition, the differentiated product appeal has led to steady inquiries for a long time."

Meanwhile, Daewon Co., Ltd. has successfully supplied the "Cantavil" brand in affluent Seoul districts such as Apgujeong in Gangnam-gu and Mok-dong in Yangcheon-gu. The company has also introduced leading apartment complexes in major city centers such as Mapo and Yeongdeungpo, as well as in key cities nationwide including Misa in Hanam, Dongtan, and Busan. Despite the overall PF risk in the construction industry and rising interest rates, Daewon maintains top-tier financial stability, with a debt ratio of 67.1%, a current ratio of 331%, and a quick ratio of 280%.