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The evolution of Heukseok-dong continues. Heukseok-dong in Dongjak-gu is transforming from an old town, once filled with aging houses, into a representative new town of Seoul through the New Town project. Recently, as apartments built through the Heukseok New Town project continue to rise in value day by day, there is growing interest in whether this residential area can rival the nearby Banpo district.

Heukseok New Town is a redevelopment project carried out in the Heukseok-dong area of Dongjak-gu, Seoul, since the 2000s. Compared to other New Towns designated around the same time, such as Gajaeul New Town, its progress has been relatively fast.

The first phase of Heukseok New Town development includes complexes like ‘Heukseok Hangang Centreville’, ‘Heukseok Hangang Prugio’, and ‘Heukseok Hangang Centreville Phase 2’. Additionally, new landmarks such as ‘Heukseok New Town Lotte Castle Edufore’ and ‘Acro River Heim’ have been completed, solidifying its position as a New Town in the Gangnam area. In particular, starting with Heukseok District 3, redevelopment projects in other districts are also progressing one after another.

Once the Heukseok New Town development is completed, the Heukseok-dong area will be reborn as a large-scale redevelopment complex with a population of 29,211 and 12,201 households. As a New Town project in the Gangnam area, its future value is expected to be highly regarded.

In fact, as the completeness of Heukseok New Town improves, the residential value of the area is also rising accordingly. The average price per 3.3㎡ of apartments in Heukseok New Town was 17.65 million KRW as of April 2015, which increased to 34.5 million KRW per 3.3㎡ as of March 2020, marking a significant rise of about 16.85 million KRW (95%) over five years.

The increase is even more tangible when looking at the average price per household. The average apartment price per household in Heukseok New Town was 621.72 million KRW in April 2015, which rose by 577.2 million KRW (92%) over five years to reach an average of 1.19892 billion KRW as of March 2020.

For example, the ‘Acro River Heim’, which was occupied in 2018, currently has a market price of 2.3 billion KRW (50.34 million KRW per 3.3㎡) for the 113㎡ exclusive use type, and 2.1 billion KRW (61.48 million KRW per 3.3㎡) for the 84㎡ exclusive use type.

As Heukseok New Town establishes a clear presence in the real estate market, attention is also focused on the upcoming new supply complexes.

The most anticipated complex is ‘Heukseok River Park Xi’ located in Heukseok District 3.

Scheduled for supply in May, ‘Heukseok River Park Xi’ is a complex developed by GS Construction through the redevelopment of Heukseok District 3 at 253-89 Heukseok-dong, Dongjak-gu. Out of a total of 1,772 households, 357 will be offered to the general public. The complex consists of 26 buildings ranging from 5 to 20 floors, with exclusive areas from 39 to 120㎡.

Excellent living environment is another distinctive feature of ‘Heukseok River Park Xi’. It offers a pleasant residential environment due to its proximity to Seodal Mountain and the National Cemetery, and schools such as Eunro Elementary School and Chung-Ang University Affiliated Middle School are within walking distance, adding to its appeal.

In particular, Heukseok District 3, where ‘Heukseok River Park Xi’ is located, is the largest site within Heukseok New Town, giving it symbolic significance. Moreover, as this is the first time GS Construction’s ‘Xi’ brand is entering Heukseok New Town, it is expected to play a leading role in driving local market prices after completion.

An agent from a real estate office in the Heukseok-dong area stated, “As Heukseok New Town development passes the halfway point, its value has surfaced. With additional redevelopment complexes planned, attention is focused on the future value that Heukseok New Town will enjoy.”

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