Apartment Values Vary Greatly by Gangnam Accessibility, Spotlight on ‘Sujigucheong Station Lotte Castle Hive L’

- Walkable access to Shinbundang Line, known as the golden route of the southern Seoul metropolitan area
- Only 25 minutes from Sujigucheong Station on Shinbundang Line to Gangnam Station... Excellent accessibility to Gangnam

How much does having a station area with access to Gangnam affect the value of an apartment?

Apartments located in station areas with Gangnam accessibility form higher prices in all aspects such as sale price, jeonse (long-term deposit lease), and monthly rent compared to apartments without station area access. As a result, station area complexes continue to enjoy high popularity in the new housing market, with subscription competition rates reaching hundreds to one.

In fact, the ‘Dongtan Station Dieter Prestige’ apartment, supplied last May, recorded a competition rate of up to 809 to 1 in the first-priority subscription, marking the highest first-priority subscription competition rate nationwide this year. This complex is within walking distance of Dongtan Station on the Suseo High-Speed Railway (SRT), and the metropolitan wide-area express railway (GTX-A), scheduled for 2024, is also planned, drawing attention as a location with excellent Gangnam area accessibility.

The ‘Shinbundang Line,’ known as the golden route of the southern metropolitan area, is also considered a representative line driving price increases in the real estate market. The Shinbundang Line connects the southern metropolitan area and Seoul, running a total length of 31 km from Gangnam Station in Seoul through Yangjae, Pangyo, and Yongin Suji to Gwanggyo New Town in Suwon. With the Shinbundang Line dramatically improving Gangnam accessibility, complexes within walking distance of stations along the line lead local market prices and have become landmarks.

The Seongbok Station area complex, Lotte Castle Gold Town with an exclusive area of 84㎡, which moved in June 2019, was priced in the early 800 million KRW range (825.28 million KRW) immediately after move-in, but in February this year, it recorded a new high price of 1.495 billion KRW, rising by about 670 million KRW. This apartment evenly meets the requirements of a landmark complex such as station area, mall area (Lotte Mall), and large complex (2,356 households), leading apartment prices around Seongbok Station.

The Jayeon & Hillstate complex with an exclusive area of 84㎡ near Gwanggyo Central Station also saw its price rise from 1.245 billion KRW in June last year to 1.63 billion KRW in June this year, an increase of about 400 million KRW. Additionally, the Pangyo Prugio Granble complex with an exclusive area of 128B㎡ near Pangyo Station recorded a transaction price of 1.94 billion KRW in July last year and set a new high price of 2.38 billion KRW earlier this year, showing significant apartment price increases centered around station areas.

Real Estate Info Research Team Leader Kwon Il said, “The Shinbundang Line proves how important accessibility to Gangnam is in the metropolitan transportation network, and the tangible and intangible economic value brought by the Shinbundang Line is beyond imagination.”

Brand apartments within walking distance of Suji-gu Office Station on the Shinbundang Line to be supplied this month... attracting attention

Lotte Construction’s ‘Suji-gu Office Station Lotte Castle Hive L,’ scheduled to be supplied this month in Yongin City, Gyeonggi Province, is attracting attention as a double station area complex accessible to both Suji-gu Office Station on the Shinbundang Line and Jukjeon Station on the Suin-Bundang Line.

It takes only 25 minutes to get from Suji-gu Office Station to Gangnam Station, offering excellent Gangnam accessibility. Nearby are the Gyeongbu Expressway, Yeongdong Expressway, and National Road No. 43, providing easy access to Seoul and convenient regional transportation, earning high marks for transportation convenience.

Suji-gu Office Station Lotte Castle Hive L consists of 4 buildings, from 3 basement floors to 36 floors above ground, with a total of 715 households. All units are composed of a single exclusive area of 84㎡, which is highly preferred by demanders. It is supplied as a long-term general private rental housing product that allows stable residence like owning a home for 10 years, and subscription is possible without a subscription savings account, so it is expected to attract high interest even among low-score applicants or homeowners. In fact, anyone aged 19 or older living in the metropolitan area, including homeowners, can apply without a subscription savings account.

Benefits from the ongoing Yongin Platform City urban development project near the complex are also expected. The ‘Yongin Platform City,’ planned as a future-type complex self-sufficient city combining advanced industry, residential, commercial, cultural, and welfare spaces on a scale of about 386 soccer fields (830,000 pyeong), will open the Yongin Station on the Suin-Bundang Line as a transfer station to the metropolitan wide-area express railway (GTX-A line) scheduled for 2023.

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