"The Most Rational Choice in Cheongna"... 'Cheongna Arc One Prugio' Offers Price Competitiveness and Future Value

- Basic Construction Cost Soars 17.8% in Three Years... Price Ceiling Complexes Gain Popularity
- "Today's Sales Price Is the Lowest"... 'Cheongna Arc One Prugio' Launches Under Price Ceiling in Cheongna International Business District

As raw material prices and labor costs continue to rise, the sales prices of newly launched apartments are also repeatedly reaching record highs. As a result, prospective buyers are increasingly drawn to housing complexes subject to the government-imposed price ceiling system (Bunsangje), which offers both price competitiveness and future value.

Real estate experts point out that "as construction cost indices continue to rise, it is inevitable that the sales prices of future apartment developments will also increase," adding, "In fully developed new towns like Cheongna International City, where residential land supply is nearing completion, securing a unit in a complex currently offered under the price ceiling is the most rational home-buying strategy."

Basic Construction Cost Keeps Rising... The Later You Buy, the More Prices Surge

The basic construction cost, as announced by the Ministry of Land, Infrastructure and Transport, is the most critical indicator for determining the sales price of units in complexes subject to the price ceiling. Recently, due to high inflation and rising raw material prices, the basic construction cost has been climbing rapidly.

According to Ministry of Land, Infrastructure and Transport notices, the basic construction cost per square meter was 1.976 million won in September 2023. In the most recent announcement, it was 2.328 million won, marking a 17.8% increase over three years.

This rising trend in sales prices is also seen in actual cases in newly planned cities. In Incheon’s Geomdan New City, where new launches occur every year, the average price for an 84-square-meter unit at 'Geumgang Pentarium The Cielo Phase 1,' offered in April 2021, was 467.44 million won. In comparison, 'ePyunhansesang Geomdan Well County,' launched in September 2023, was priced at 555.91 million won—an increase of nearly 100 million won in just two years. This year, prices have climbed even higher, with 'The Sharp Geomdan Lake Park,' launched in June, selling 84-square-meter units for 631.9 million won.

This means that the longer buyers wait to purchase, the more funding they will need to secure a unit.

Cheongna International City: Supply Drought Among Major Incheon New Cities

Amid this trend of rising prices, the scarcity value for new constructions in Cheongna International City is increasing significantly. Unlike Songdo, Yeongjong, and Geomdan—other major new cities in Incheon, where new launches and move-ins continue—Cheongna has seen a de facto halt in new sales and move-ins since 2021, resulting in a prolonged supply gap.

According to Real Estate R114, Cheongna has had no new multi-family housing move-ins since 2021. In contrast, Songdo will see 1,017 units move in by 2027 and 2,433 by 2028; in Geomdan, about 7,500 units are moving in this year alone, with more than 5,000 set for 2027; and in Yeongjong, around 1,000 multi-family units move in each year until 2029.

The key issue is that this supply drought in Cheongna will not be easily resolved, as the city is entering the final stage of residential supply.

Amid this backdrop, news of new supply in the Cheongna International Business District—considered a core location within Cheongna International City—has been drawing attention from prospective buyers. The subject of this attention is 'Cheongna Arc One Prugio,' which is to be supplied in Block M5 of the Cheongna International Business District.

The Cheongna International Business District, which will host 'Cheongna Arc One Prugio,' faces uncertainty regarding the concrete timing of subsequent new residential sites after the supply to M5 Block. Consequently, 'Cheongna Arc One Prugio,' currently being supplied under the price ceiling, is expected to see demand for its price competitiveness and scarcity value continue to rise.

The complex will consist of six buildings—five basement floors to a maximum of 49 above ground—comprising 1,855 units in total (three apartment buildings and three officetel buildings). Of these, the apartments will include 620 units of 84 square meters and 248 units of 103 square meters, for a total of 868 apartments. The officetels will offer a total of 987 units of 105, 121, and 136 square meters. Combined with the nearby 'Cheongna Peak One Prugio' (1,056 units), the two will form a large Prugio brand town of 2,911 units.

The complex also features a design focused on enhancing residential convenience. Apartments will offer expanded storage spaces such as pantries and dress rooms by type, as well as dry powder rooms and separate laundry rooms. The residential officetels boast multi-balconies and high ceilings to increase a sense of space and openness. Furthermore, the shared community facilities for apartments and officetel residents will be equipped with fitness and golf club amenities, a sauna, a greenery café, and other sports, leisure, and daily convenience functions. There will be a dedicated pet lounge, and every apartment and officetel unit will be provided with a personal storage room.

The development will also provide special educational services. With Jongro M School set to open within the nearby 'Cheongna Peak One Prugio,' residents’ children from both Peak One Prugio and Arc One Prugio will be eligible for a 30% tuition discount for two years under a joint program.

'Cheongna Arc One Prugio' thus aims to increase residential convenience by combining apartments and residential officetels, offering a diverse array of daily living and educational services. It is particularly notable for providing not only living space but also sports, leisure, and education-related amenities integrated into daily routines, enabling residents to enjoy greater convenience without leaving the complex.

A project official stated, "The ongoing increases in construction costs are only adding to the scarcity value of new home supply within Cheongna International City. As 'Cheongna Arc One Prugio' will be supplied under the price ceiling and will feature a large-scale community, enhanced storage, and special educational services, we expect sustained interest from genuine buyers seeking value."

Meanwhile, the model home for 'Cheongna Arc One Prugio' will be set up in the Cheongna International City area of Incheon.

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