– Public Sale Prices for 84㎡ Units in Phase 3 New Towns Surpass 700 Million Won
Still Retaining a Safe Margin Compared to Neighboring Seoul
– S-BRT Network Connecting Gimpo Airport, Gyeyang, and Daejang Set for Launch
Private Development Appl
As a result of rising construction and raw material costs, the final pre-sale prices for the main subscription phases in the Phase 3 new towns have increased by more than 100 million won compared to the estimated figures presented during the pre-subscription period. Nevertheless, given the relentlessly soaring apartment prices in Seoul, these new towns still maintain a ‘half-price’ level of price competitiveness, prompting genuine homebuyers preparing to purchase their first homes to turn their attention to Incheon Gyeyang Technovalley (Gyeyang New Town), which borders the southwest region of Seoul.
According to recent information from the Housing and Urban Guarantee Corporation (HUG) and Korea Land & Housing Corporation (LH), the confirmed final pre-sale price for the exclusive 84㎡ units in the Incheon Gyeyang A6 Block public sale is set at approximately 700 to 720 million won. Based on supply area, this translates to about 21 million won per 3.3㎡. This is a jump of about 178 million won (33.8%) compared to the estimated price of 527 million won at the time of the pre-subscription in 2021.
Additionally, other major Phase 3 new towns, including Namyangju Wangsuk and Goyang Changneung, have also seen the main subscription prices for their exclusive 84㎡ units rise to around 700 million won, with the increased construction costs being fully reflected in the final sale prices.
As pre-sale prices for even public sale complexes surge, the financial burden on those waiting for subscriptions has grown. However, the market largely views these new towns as still offering an “attractive alternative compared to the entry barriers for Seoul.”
Gyeyang New Town remains a frequent point of comparison despite increasing price pressure, thanks both to its adjacency to Seoul and because the actual supply schedule is becoming concrete.
According to statistics from Korea Real Estate Board, Seoul apartment sale prices have been on a steady upward trend for more than 80 consecutive weeks, with the increase now spreading to outlying areas. In particular, the average sale price of apartments in Gangseo-gu, Seoul—which directly borders Gyeyang New Town—has reached about 48 million won per 3.3㎡. Given this, the going market rate for an exclusive 84㎡ apartment in Gangseo-gu, Seoul is between 1.2 and 1.5 billion won. In comparison, the supply price for an 84㎡ unit in Gyeyang New Town, at the 700 million won range, amounts to only about half that of adjacent Seoul districts.
Gyeyang New Town’s residential value is further supported by a robust transportation network and a host of major infrastructure benefits that quickly connect residents to Seoul’s downtown. Gyeyang physically adjoins Gangseo-gu, Seoul, enabling seamless sharing of daily infrastructure. By using Bakchon Station on Incheon Subway Line 1, residents can reach Gimpo Airport Station—serviced by five different rail lines (Lines 5 and 9, Airport Railroad, Seohae Line, and the Gimpo Gold Line)—in just three stops. From there, it takes around 20 minutes to reach Magok District and about 30 minutes to reach Yeouido.
Medium-to-long term expansion of rail infrastructure is becoming more tangible. The confirmation of the “GTX-D Y-shaped Line,” set to drastically improve western metropolitan transit, is expected to enable 30-minute commutes between the Gyeyang and Bucheon Daejang area and the Gangnam business district (Samsung Station). Moreover, the Gyeyang extension of the Daejang-Hongdae Line (Bucheon Daejang to Hongdae Entrance), aiming to open in 2031, is raising expectations for its inclusion in the 5th National Rail Network Construction Plan as LH resumes its economic feasibility study and local governments intensify their efforts to secure the route. During the initial phase of move-ins, the S-BRT (Super Rapid Bus Transit) connecting Gimpo Airport Station and Bucheon Daejang will be put in place first to minimize commuting gaps.
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Real estate experts said, “Considering the ongoing supply shortage of new apartments in Seoul and the rise in labor and construction costs, a sale price in the 700 million won range for public land in the metropolitan area still provides a relatively safe margin.” They added, “Gyeyang, in particular, will be the first among the Phase 3 new towns to begin move-ins this December (in A2 and A3 Blocks), and starting in October, private sales such as ‘Bando Ubora’ and ‘Daebang Ellium’ will be offered successively. Therefore, the subscription enthusiasm among genuine homebuyers in their 20s to 40s who seek close proximity to work is unlikely to cool any time soon.”
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