Cheongnyangni, Rich in Development Prospects, Rises as a Hot Spot for Subscription

Thousands to Tens of Thousands of Applications Flood Each Sale
Competition for Applications Grows Fiercer Year After Year

High-rise mixed-use residential buildings bearing the name ‘Cheongnyangni’ continue to achieve blockbuster success in the subscription market. These ultra-tall mixed-use buildings, constructed by demolishing the red-light district and the fruit and vegetable market around Cheongnyangni Station in Dongdaemun-gu, Seoul, attract thousands to tens of thousands of subscription applications each time they are offered.

In particular, ‘Cheongnyangni Lotte Castle High Luce,’ which held its first-priority subscription on the 12th, recorded the highest competition rate nationwide this year despite the real estate market downturn. In the sales market, there is even talk that Cheongnyangni is a hot place for subscriptions.

53,988 Subscription Applications Gathered for Five Mixed-Use Complexes

According to the Korea Real Estate Board’s Subscription Home and the sales industry on the 15th, five mixed-use complexes around Cheongnyangni Station that have been sequentially offered since 2019 (‘Cheongnyangni Station Hanyang Susajin Graciel,’ ‘Cheongnyangni Station Harrington Place,’ ‘Cheongnyangni Station Lotte Castle SKY-L65,’ ‘Hillstate Cheongnyangni The First,’ and ‘Cheongnyangni Lotte Castle High Luce’) gathered a total of 53,988 subscription applications for 2,932 households (excluding special supply).

The first to be offered, Cheongnyangni Station Hanyang Susajin Graciel (April 2019), received 4,857 applications for 1,046 households (excluding special supply). Cheongnyangni Station Harrington Place (April 2019) had 3,636 applications for 117 households, and Cheongnyangni Station Lotte Castle SKY-L65 (July 2019) attracted 17,299 applications for 1,195 households. Following that, Hillstate Cheongnyangni The First, offered in May 2020, received 6,874 applications for 486 households.

This year, competition in the Cheongnyangni subscription market has become even fiercer. The first-priority subscription for Cheongnyangni Lotte Castle High Luce held on the 12th attracted 21,322 applicants for 88 households, recording an average competition rate of 242 to 1. This surpassed the previous highest competition rate this year nationwide, which was set by ‘Yeongdeungpo Xi Dignity’ in Yeongdeungpo-gu, Seoul, in April, which gathered 19,478 applicants for 98 households.

Highly Valued for Future Potential Due to Abundant Development and Transportation Benefits

The vibrant sculptures catch the eye at Cheongnyangni Station Hanyang Sujain Graciel.
[Photo by Hanyang]

Cheongnyangni, which has been gaining popularity in the subscription market year after year, is expected to see significant improvements in local convenience facilities as ultra-high-rise mixed-use buildings ranging from 40 to 65 floors are completed and occupied. Additionally, ongoing redevelopment projects and transportation infrastructure developments are leading demanders to highly value the future potential of the Cheongnyangni area.

Several redevelopment projects remain in Cheongnyangni. Cheongnyangni District 8 selected Lotte Construction as the contractor in May, and Districts 6, Jegi 4, and 6 are preparing to start construction within the next 2 to 3 years. Near Cheongnyangni Station, redevelopment projects are also underway in Miju Apartments and Jeonnong Districts 9 and 12, aiming to begin construction within 2 to 3 years.

Demand from the 14,000 households in Imun and Hwikyung New Towns is also anticipated. These areas are just one station away from Cheongnyangni Station. As the largest new town development in Dongdaemun-gu, large-scale complex sales are currently active. After the Hwikyung District 1 sale in 2017, Hwikyung District 3 completed 100% sales in a short period this April, and Imun Districts 1 and 3 plan to launch general sales this year.

In particular, Cheongnyangni Station is awaiting massive transportation benefits. In addition to the six lines currently operating at Cheongnyangni Station?Line 1, Suin-Bundang Line, Gyeongui-Jungang Line, Gyeongchun Line, KTX Gangneung Line, and Jungang Line?four new lines are planned: the Metropolitan Area Express Railway (GTX) Line B (Songdo-Maseok), GTX Line C (Deokjeong-Suwon), Myeonmok Line (Cheongnyangni-Sinnae-dong), and Gangbuk Transversal Line (Cheongnyangni-Mokdong). In the future, Cheongnyangni will become a ‘transportation hub’ with 10 lines (including planned lines) stopping there. Only three places in Seoul?Seoul Station, Samseong Station, and Cheongnyangni?will have two GTX lines stopping.

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