Relief Amid 'Supply Drought' in Songpa and Wirye... All Eyes on the Nearly 13 Trillion Won Songpa·Wirye The Grid Mixed-Use Development

Large-Scale Development Uniting Jobs, Commerce, and Housing Begins
"Hillstate Songpa The Grid" Scheduled for Pre-Sale in September

The “Wiryeseong Bokjeong Station Area Mixed-Use Development Project” has recently broken ground, marking the start of full-fledged implementation to transform the area around Bokjeong Station, located at the intersection of Songpa-gu in Seoul and Wirye New Town. This development spans 219,000 square meters.

The Bokjeong Station Area Mixed-Use Development is a large-scale project combining Songpa·Wirye The Grid, the POSCO Global Center, and a transfer center. Upon completion, as originally planned, an integrated mini self-sufficient new town will take shape, combining workspaces, commercial facilities, R&D, and residential units.

What stands out even more than the scale of the development itself is the timing. The Songpa·Wirye area has, in recent years, experienced a scarcity of newly available land and housing. Against this backdrop, the launch of a large-scale development in the heart of the area is particularly notable.

In fact, according to data from Real Estate R114, only about 7,800 apartment units were supplied in Songpa-gu, Seoul, over the past three years. While most new supply has come through reconstruction, the majority of these projects are still at the association stage and will take considerable time before residents can move in. The situation is even clearer in Wirye New Town, where residential land development is in its final phase and there is little land left to be sold for new housing.

In areas where new apartments are scarce, demand for new construction tends to build up. Songpa, among the most desirable residential districts in Seoul, has seen only a handful of recent completions, resulting in significant pent-up demand—both from those wishing to upgrade from older homes and from professionals commuting to Gangnam and Pangyo. With few options available, the Bokjeong Station development stands out in particular.

Songpa-Wirye The Grid Project Site Panorama

The core component of the Bokjeong Station Area Mixed-Use Development is “Songpa·Wirye The Grid.” This project comprises Blocks 2 and 3 (for mixed-use) and Block 1 (for urban support facilities), spanning approximately 219,000 square meters of land and offering a total floor area of roughly 1.66 million square meters. The total project cost is estimated to be around 13 trillion won.

The first to move forward is Mixed-Use Block 2, which recently started construction. This site will house workspaces, a branded shopping mall, and “HMG Future Complex” (Hyundai Motor Group’s research hub), a facility for mobility and physical AI research.

For Mixed-Use Block 3, Hyundai Engineering & Construction plans to deliver “Hillstate Songpa The Grid” in September. The residential complex will have four basement levels and 16 floors above ground, with units ranging from 34 to 119 square meters and a total of 1,393 residences. As the first residential offering at “Songpa·Wirye The Grid,” there is strong anticipation of demand tied to the establishment of work and research facilities in the area.

The other two pillars of the Bokjeong Station Area Mixed-Use Development are advancing in parallel. The POSCO Global Center, with a land area of about 49,000 square meters, held its groundbreaking ceremony in November last year. POSCO Holdings and other major group affiliates will move in, using the site as an R&D hub. The Bokjeong Station Transfer Center Mixed-Use Project is moving forward with the development of a transfer center and a complex comprising residential, commercial, and work facilities.

Of particular note, the strategy of concentrating residential, commercial, work, and R&D facilities at high density around transit hubs—creating so-called “compact cities”—reduces social infrastructure costs and maximizes self-sufficiency. This is establishing a new trend in future-oriented real estate development.

The location is also worth noting. The Bokjeong Station area is located midway between Gangnam Business District (GBD) and Pangyo Techno Valley (PBD), effectively serving as a bridge between these two business clusters. In addition, through the development of a transfer center adjacent to Suseo Station, a new Shinsegae Group retail facility with a business area of about 83,000 square meters is planned. Once both projects are complete, the Gangnam lifestyle zone, traditionally centered on Banpo, Samseong, and Jamsil, will extend further southeast.

The area is also set to benefit from exceptional transport links. Bokjeong Station is a double transfer station served by the Suin-Bundang and Line 8 subway lines, providing easy access to Jamsil, Munjeong, Pangyo, and the Gangnam area. The Wirye Tram, connecting Macheon Station, Bokjeong Station, and Namwirye Station, began trial runs this year, aiming for official opening in December. The Wirye Shinsa Line, which will link Wirye New Town with Samseong and Sinsa stations, passed a preliminary feasibility study this March, speeding up the project and promising improved access to Gangnam upon completion. Additionally, the Wirye Gwacheon Line connecting Bokjeong Station to Government Complex Gwacheon Station in Gyeonggi Province is also in progress.

An industry official noted, “In the early stages of development, many buyers look closely at future infrastructure enhancements. As this is the first residential offering in a tightly supplied area, it is expected to attract sustained attention from genuine end users.”

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