Upgrading Gapyeong Beyond Chuncheon and Sokcho... 'Gapyeong Xi' Draws Attention

Significant Changes in Real Estate Market as Xi Developments Appear in Chuncheon and Sokcho
Gapyeong Chosen by GS Construction... First Xi 'Gapyeong Xi' in Focus

The Xi brand is changing the flow of the local real estate market. It is not just the Xi brand apartments that are doing well, but it is revitalizing the entire region and even transforming the residential paradigm.

‘Sokcho The Ocean Xi,’ supplied in Sokcho last May, was offered at 13.72 million KRW per 3.3㎡, the highest price in the region at the time. Concerns about the high price were short-lived, as the brand power led to a high first-priority competition rate of 17.26 to 1, closing the subscription successfully. Moreover, in June, when the pre-sale rights of Sokcho The Ocean Xi were released, 236 transactions took place in just one month, which means more than half of the total 454 households changed hands.

Up to this point, many thought only Sokcho The Ocean Xi was thriving. However, after this complex was supplied, the flow of Sokcho’s real estate market completely reversed. According to the Korea Real Estate Board, apartment transactions in Sokcho were only 323 in May last year, but increased to 560 in June when Sokcho The Ocean Xi was supplied, and further rose to 1,114 in July. This was the first time since January 2018 that apartment transactions in Sokcho exceeded 1,000 units.

House prices also led the way. According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, in November last year, a pre-sale right for an 84㎡ unit on the 40th floor of Sokcho The Ocean Xi was traded at 642.7 million KRW, marking the first time an 84㎡ unit in Sokcho exceeded 600 million KRW. ‘Sokcho Cheongho I-Park’ also saw its 84㎡ units traded in the mid-400 million KRW range in June, then surpassing 500 million KRW with transactions at 550 million KRW in September, 520 million KRW in October, and 530 million KRW in November.

The same applies to ‘Chuncheon Park Xi,’ which began move-ins in November last year. It recorded the highest competition rate in Chuncheon at the time of its 2018 pre-sale, closing first priority subscriptions. The pre-sale price for an 84㎡ unit was 8.26 million KRW per 3.3㎡, but by December last year, listings appeared at 13.68 million KRW per 3.3㎡, reflecting a premium of over 60% compared to the pre-sale price. Additionally, the area around Samcheon-dong, where the complex is located, and the adjacent Onui-dong have seen active new apartment supply since, with sanitary landfill sites being redeveloped, establishing the area as a representative residential district in Chuncheon.

Real estate experts say, “When a landmark complex representing a region is established, it not only leads house prices but also makes local residents want to live in better homes.” They add, “It also attracts demand from other regions, upgrading the area beyond just residential facilities and revitalizing the real estate market.”

Meanwhile, GS Construction is drawing attention by choosing Gapyeong this time. The ‘Gapyeong Xi,’ scheduled for pre-sale in January, will be the first Xi in Gapyeong, expected to hold the titles of the tallest and largest complex. It will consist of six buildings, from three basement floors to a maximum of 29 floors above ground, with 505 units ranging from 59 to 199㎡.

It is important to understand why GS Construction chose Gapyeong. Gapyeong is one of the few non-regulated areas within the metropolitan area and is accessible to Seoul within about 30 minutes. Especially, Gapyeong Xi is within walking distance of Gapyeong Station, where using the ITX-Cheongchun train takes about 38 minutes to Seoul Sangbong Station and about 40 minutes to Cheongnyangni Station. Cheongnyangni Station, where six lines including Line 1, Bundang Line, and Gyeongui-Jungang Line intersect, is planned to have the metropolitan area express railway GTX B and C lines, the Myeonmok urban railway line, and the Gangbuk transverse line in the future, allowing indirect benefits from these developments.

Near the complex is Gapyeong Terminal, and access to Seoul and the metropolitan area is convenient via Gapyeong Bridge, National Route 46, and National Route 75. Additionally, the second Gyeongchun Expressway, a 33.6 km road connecting the Namyangju Geumnam Junction (JCT) in Gyeonggi Province and Dangnim-ri in Seomyeon, Chuncheon, is also planned.

Gapyeong is a rare area in the metropolitan region with no regulations across the entire region. Residents aged 19 or older living in Gapyeong, as well as those residing in Gyeonggi Province, Seoul, and Incheon, can apply for first-priority subscription regardless of household head status or home ownership, provided they have been subscribed to a housing subscription savings account for more than 12 months and meet the deposit requirements for each housing type. There is no restriction on re-winning, the loan-to-value ratio (LTV) is basically applied up to 70%, and most importantly, the resale restriction period is relatively short at six months from the announcement date of the winners.

Moreover, it offers a pleasant residential environment. It is close to representative metropolitan recreational spots such as the Bukhan River and Jaraseom Island, and nearby is Nami Island, a leading domestic tourist destination visited by about 1.52 million people in 2019. Gapyeong Xi is located with mountains surrounding the back of the complex and a river flowing in front, offering views of the Bukhan River and Jaraseom Island. Notably, Jaraseom Island was selected this year by the Korea Tourism Organization as one of the ‘Top 100 Night Views and Summer Night Walk Courses.’

The model house will be located in the Gapyeong area, and move-ins are scheduled for mid-2023.

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