Gimpo Enters New Supply Gap... Scarcity Value Highlights ‘Hangang Prugio Riverfront’

Major Urban Development Projects Near Completion...
No New Supply Planned for 2027 Yet

2,432-unit 'Hangang Prugio Riverfront' Along Han River in Gimpo Stands Out for Its Scarcity Value

The apartment market in Gimpo, Gyeonggi Province, is entering the final phase of a large-scale supply cycle. Gimpo, which has seen a massive influx of new housing in recent years, is expected to experience a temporary restriction on new apartment supply. Previously, most collective housing in Gimpo was delivered through a series of major urban development projects; however, with upcoming projects still requiring approval processes and site preparation, it will take considerable time before new units are actually released to the market.

The city of Gimpo is currently undertaking large-scale development projects such as the Pungmu Station Area Urban Development Project and Hangang Cinepolis Industrial Complex. According to Gimpo Urban Corporation, approximately 6,600 units of collective housing within the Pungmu Station Area have all been supplied, and Hangang Cinepolis has also successfully completed residential sales, with the supply of mixed-use apartments now underway.

Recently, a significant volume of new apartment units has been supplied to Gimpo. According to data from Real Estate R114, the number of apartment units supplied in Gimpo was 4,258 in 2024, 7,681 in 2025, and 5,367 this year, adding up to roughly 17,000 units over the past three years.

However, apart from these large-scale projects, it will likely be difficult to expect new apartment supply for some time. This is particularly true for new residential sites or urban development projects, as multiple stages—such as project planning, obtaining permits, securing land, site preparation, commencement of construction, and eventual sales—are required.

Indeed, follow-up development projects currently underway in Gimpo, such as Galpo 4 and Gamjeong 4 Districts, are still in progress. According to Gimpo Urban Corporation, Galpo 4 District is undergoing the compensation process this year, and Gamjeong 4 District began the negotiated compensation phase in June. It is likely to take time before these districts appear as supply in the sales market.

As a result, there is concern that the Gimpo housing market may soon enter a "supply gap period," during which new sales volumes will be limited following the recent surge of large-scale supply. In particular, while Gimpo's major development projects are expanding the city’s future residential infrastructure, any widening time gap until the next new supply may fuel interest in already-supplied complexes among prospective buyers.

If new supply in Gimpo is restricted, prospective buyers are likely to compare existing sales complexes according to move-in timing, unit composition, and the availability of living infrastructure.

A real estate expert stated, "When considering new supply in the housing market, one must consider not only the number of units but also their location and product competitiveness. As Gimpo, which had previously seen a frenzied market, comes to the end of a large-scale supply cycle, the scarcity value of complexes that have already begun or confirmed sales is likely to increase if new supply becomes limited going forward."

Amid this trend, ‘Hangang Prugio Riverfront’—currently on sale in Hangang Cinepolis, Gimpo—has garnered significant attention. As one of the last large-scale residential sales within Hangang Cinepolis, and with contracts soon to begin following completion of the application period, the project is attracting interest based on its premium location in the Hangang Belt and the anticipated results of the preliminary feasibility study for the Incheon Subway Line 2 extension.

Supplied by Hangang Cinepolis Development Co., Ltd. and constructed by Daewoo Engineering & Construction, ‘Hangang Prugio Riverfront’ will be built in Hyangsan-ri, Gochon-eup, Gimpo. The project will consist of 12 buildings, from 4 basement floors to 38 above-ground floors, offering 2,432 apartment units ranging from 84 to 180 square meters in exclusive area. It will also include 250 residential officetel units and neighborhood amenities, making it a large mixed-use complex.

‘Hangang Prugio Riverfront’ boasts a prime location along the Han River. The complex has direct riverfront access, with permanent views of the Han River for most units (excluding some). With a maximum height of 38 floors, it is expected to become a rare large-scale riverside landmark in the region.

The complex also provides excellent residential conditions. It is conveniently located near the planned Punggok Interchange on Gimpo Hangang Road, National Route 48, and the Seoul Metropolitan Outer Ring Expressway (Gimpo Interchange), allowing easy access to major business districts in western Seoul such as Magok and Yeouido. The extension of Seoul Subway Line 5 has passed its preliminary feasibility study, and the Incheon Subway Line 2 extension to Goyang (tentatively named Cinepolis Station) is also underway. When Incheon Line 2 is extended, access to Seoul will be further enhanced with transfers available to the GTX-A line at KINTEX Station.

Furthermore, the complex will have a planned kindergarten at its entrance, with an elementary school (scheduled to open in March 2029) and a planned middle school within walking distance. Large shopping centers such as Emart Traders and Gimpo Premium Outlets are nearby, and the Inha University Hospital Medical Campus is expected to open in 2031.

The community facilities in the complex are also notable. A central plaza of approximately 5,950 square meters (about 1,800 pyeong) will be built at the heart of the complex. The ‘Greenery Lounge’ residents' amenity center will include an indoor gymnasium, fitness club, golf club, sauna, and various cultural spaces such as a cinema room, kids' club, reading room, shared offices, and a guesthouse. Additionally, approximately 1.4 parking spaces per household will be secured, and individual storage units will be provided for each residence on the underground floors.

The model home for ‘Hangang Prugio Riverfront’ is located in the Pungmu-dong area of Gimpo, Gyeonggi Province.

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