Bundang Line Extension Brings Significant Benefits... Interest in 'The Sharp Osan Elifore' Grows

The real estate market in Osan, Gyeonggi Province, is emerging as the 'hot place' in the southern metropolitan area this year. Housing prices continue to rise, and unsold units are virtually 'zero.' The real estate boom sweeping southern Gyeonggi is heating up Osan, adjacent to Suwon, Uiwang, and Dongtan.

According to KB Real Estate Live On, apartment prices in Osan rose 7.62% in March compared to January, ranking third among metropolitan cities. Only Goyang (10.26%) and Hanam (8.37%) had higher increases than Osan.

Record-high prices are also being set. 'The Sharp Osan Central,' which moved in last July, saw its 84㎡ unit traded for 660 million KRW in December last year. This is 1.8 times higher than the original sale price, making it the most expensive apartment in Osan. Listings are limited to only one or two per brokerage, and asking prices continue to rise. The 'Seodongtan Station The Sharp Park City,' the largest single apartment complex in Osan with 2,400 households, also saw its 84㎡ unit traded for 625 million KRW in March, up about 60 million KRW from the previous transaction, highlighting the upward trend.

The apartment pre-sale performance is also strong. 'Lotte Castle Sky Park,' a large complex of 2,339 households launched in Wondong, Osan, at the end of last year, sold out 100% in a short period. In April this year, 'Hoban Summit Granville' and 'Hoban Summit La Terrace' in the Segyo district had fierce competition with first-priority subscription rates of 16.6:1 and 14.6:1, respectively.

Osan also attracts attention as a clean area with almost no unsold units. According to the Ministry of Land, Infrastructure and Transport, as of February this year, there were only four unsold units in Osan. Additionally, Osan city statistics show that the population has been increasing annually since 2015, with a 7.7% increase as of March this year compared to 2018.

Why is Osan popular? Undervalued with major transportation benefits pending

The reason Osan is gaining popularity is that apartments in Osan can be purchased at prices comparable to the rent prices in Dongtan and Uiwang, making it undervalued. For example, in Dongtan 2 New Town, 'Dongtan Station Unam Firstville' saw a sharp rise in rent prices since last year, with an 84㎡ unit rented for 500 million KRW in March. In Dongtan 1 New Town, the 84㎡ unit at 'Daeun Village The Sharp' rented for 530 million KRW, and in Uiwang, the same size unit at Baegun Valley's 'Harrington Place 2 Complex' was rented for 550 million KRW earlier this year. These rents are higher than the sale price of 445 million KRW (standard floor) for the 84㎡ unit at Osan Lotte Castle Sky Park, which was sold in December last year.

Transportation is one of the key location factors in the pre-sale market. Osan is attracting demand due to several upcoming transportation benefits. A representative example is the extension of the Bundang Line (Osan~Dongtan~Giheung), included in the '4th National Railroad Network Plan' announced by the Ministry of Land on the 22nd. Once the Bundang Line is extended to Osan, access times to Gangnam, Bundang, and Pangyo will be significantly reduced, and transfers at Dongtan Station to SRT, GTX-A (planned), and the Indeokwon~Dongtan double-track railway (planned) will become easier. Additionally, a tram connecting Osan and Dongtan is under development, and the Pilbong Tunnel connecting Dongtan New Town is scheduled to open in December this year, drawing attention.

Real estate experts say, "Apartment prices in the metropolitan area often adjust to match prices in neighboring regions," adding, "It is expected that prices will follow those in Dongtan, Suwon, and Uiwang, so now is the optimal time to buy a home before prices rise further."

Now is the right time to buy a home, attention focused on ‘The Sharp Osan Ellifore’

As the Osan real estate market heats up, POSCO Construction is drawing attention with a new apartment sale in May. The project is 'The Sharp Osan Ellifore,' located throughout Osan city, consisting of 927 households with units of 59, 75, and 84㎡.

At The Sharp Osan Ellifore, residents can enjoy a large-scale neighborhood park planned within the Segyo 2 district as if it were their own garden, and the proximity to an ecological stream provides a pleasant living environment. Additionally, it directly borders Segyo 2 district, allowing shared infrastructure within the housing district, and the residential belt is expanding further west, which is also noteworthy.

The Sharp brand is highly preferred in Osan. 'Seodongtan Station The Sharp Park City,' which moved in 2019, is the largest single apartment complex in the area with 2,400 households and has symbolic significance. Recently, the 84㎡ units have surpassed 600 million KRW in sale price, and 'The Sharp Osan Central,' which moved in last year, has established itself as the most expensive apartment in Osan.

A sales official said, "Inquiries from buyers eager to purchase a home before prices rise further are increasing," adding, "Especially after the announcement of the Bundang Line extension, inquiries from customers have surged not only in Osan but also from other regions."

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