[Report] "Magok Home Prices Rise, Draw Buyers to Gimpo"...Strong Interest in 600 Million Won 84㎡ Sujain Gracent

On April 3, despite it being a weekday afternoon, the model house for "Pungmu Station Area Sujain Gracent Phase 2," which opened near Pungmu Station in Gimpo, Gyeonggi Province, was bustling with visitors. In front of the model house, which was adorned with large banners reading "Subway Line 5 Gimpo-Geomdan Preliminary Feasibility Study Passed" and "Safe Walking Distance to School-Sau Elementary, Sau High, and Gimpo's Largest Academy District Right in Front," long lines of people waited even before the opening time. Mr. Han (39), an office worker living in Gangseo-gu, Seoul, commented, "The house prices in Magok-dong have risen too much, so I came all the way to Gimpo to have a look," and added, "If Line 5 extends to Pungmu Station, it will be convenient to commute to Seoul."

Interest in the Phase 2 complex has grown following the complete sell-out of Phase 1 in November last year, as well as the recent approval of the Seoul Subway Line 5 extension to Gimpo and Geomdan in the preliminary feasibility study. Most visitors to the model house cited the relatively low selling price, thanks to the price ceiling system, and the favorable location near Seoul’s Gangseo and Mapo districts as major attractions.

Model of the complex displayed at the model house of "Pungmu Station Area Sujain Gracent Phase 2." Saucho and Saugo streets are directly adjacent to the complex. The area with the lights on is the Phase 2 complex being offered this time, and the model of the Phase 1 complex (1,071 households) sold last year is displayed behind it. Photo by Seo Yoon Choi

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This complex, built by BS Hanyang in the Sau-dong area (Pungmu Station Area Urban Development Project, Block B1), will consist of 7 buildings, 2 basement levels to 28 above-ground floors, totaling 639 units. Of these, 509 units are 84㎡ and 130 units are 105㎡ in exclusive area.

The 84㎡ units are priced in the mid-600 million to low-700 million won range. This is comparable to prices of existing nearby apartments: for example, in January, an 84㎡ unit at "Gimpo Sau I-Park" in Sau-dong was sold for 618 million won, and in March, an 84㎡ (9th floor) unit at "Gimpo Pungmu Central Prugio" in Pungmu-dong was sold for 700 million won. In comparison, the appeal of a new development is considered significant.

From Sau Station on the Gimpo Gold Line (a 15-minute walk) or Pungmu Station (a 20-minute walk) in front of the complex, residents can transfer to the Airport Railroad and reach Seoul Station in about 40 minutes. When Line 5 is extended, it will be possible to travel directly to major business districts in Seoul such as Magok and Yeouido without transfers. Sau Elementary School is just a three-minute walk away, making this a so-called "Chopuma" (an apartment complex with an elementary school within its grounds) development. Sau High School is also a six-minute walk away. The largest academy district in Gimpo, located in Sau-dong, is directly adjacent to the complex. On the east side, the Inha University Gimpo Medical Campus is also planned to be established.

Kitchen space of the exclusive 105㎡ unit at the model house of Pungmu Station Sucian Gracent Phase 2. Large kitchen windows and ample storage space are applied to enhance both openness and practicality. Photo by Seo-yoon Choi

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The interior design features specialized layouts reflecting the latest residential trends, which drew the attention of visitors. Mrs. Lee (65), who visited from Incheon Geomdan with her husband, said upon entering the kitchen, "I've never seen such a large kitchen window before. It will let cooking smells out easily and makes the space feel more open." Whereas kitchen windows were once designed small for ventilation, they are now increasingly positioned to face the living room’s panoramic windows to maximize cross-ventilation and secure expansive views, reflecting the growing importance of dining areas. Both the 84㎡ and 105㎡ units feature wide kitchen windows.

The 105㎡ units include an "alpha room," enhancing space utilization. This extra room can be used as a study, storage, dressing room, or for any purpose the resident prefers. At the entrance, residents can opt for a "shoe bench" to sit while putting on or taking off shoes, as well as an enlarged shoe cabinet as part of the paid upgrade options. The improvements go beyond simple expansion of the floor plan, with careful attention paid to the convenience of frequently used spaces within the home.

Finger-pinch-prevention interior doors, which help prevent hand injuries, are available as an optional upgrade for both 84㎡ and 105㎡ units. Bathtubs are included as standard in both unit types. Ceiling heights are set at 2.42 meters for tray ceilings (where a portion of the ceiling is recessed upwards) and 2.3 meters for standard ceilings, which is 10-20 cm higher than in typical apartments, adding to the sense of openness.

On-site community amenities for residents include a dry sauna, shared office, study caf?, residents’ caf?, childcare center, coin laundry, golf practice range, fitness center, table tennis room, and kids’ lounge.

A sample bedroom of 105㎡ exclusive use at the model house of "Pungmu Station District Sujain Gracent Phase 2". An adjacent alpha room can be used as a study or dressing room, and a dressing room, vanity, and master bathroom are separately arranged inside to enhance convenience. Photo by Seo Yoon Choi

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The success of the large 105㎡ units remains a variable. These account for 130 out of 639 total units, making up 20% of the complex. The sales price for these units ranges from the mid-700 million to low-800 million won. In comparison, a nearby 100㎡ unit in "Gimpo Pungmu Central Prugio" was sold in February for 767 million won, indicating that the 105㎡ units are somewhat more expensive.

A local real estate agent commented, "Recently, smaller units, which require less capital and have higher turnover rates, are more popular. Many buyers feel burdened by the larger units, especially considering the deferred interest payments due at move-in in addition to interim payment interest."

In fact, at the nearby "Hoban Summit" in the Pungmu Station Area B5 Block, which was offered in October last year, the 84㎡A units recorded a high competition rate of 24.6 to 1 in the first round of subscriptions, but the larger 112㎡A (408 units) and 112㎡B (28 units) units only saw rates of 1.58 to 1 and 1.08 to 1, respectively. In the subsequent unsold unit subscription, 50 units were available, of which 49 were the larger 112㎡ models.

On the 3rd, visitors lined up in front of the model house of 'Pungmu Station Area Sujain Grasent Phase 2' in Sau-dong, Gimpo-si, Gyeonggi-do, waiting to enter before the opening. Photo by BS Hanyang

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The subscription schedule for Pungmu Station Area Sujain Gracent Phase 2 begins with special supply on the 13th, followed by first-priority applications on the 14th and second-priority applications on the 15th. Winners will be announced on the 21st, and the contract period for successful applicants will take place over three days from the 6th to the 8th of the following month. Move-in is scheduled for the first half of 2029.

A sales representative stated, "With an elementary and a high school right in front of the complex and the largest academy district in Gimpo within walking distance, interest is high among parents with school-aged children. Unlike new towns, residents can enjoy educational and living conveniences immediately upon moving in, without having to wait for infrastructure to be built."

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