As the peak sales season begins, a wave of new apartment offerings is hitting Seoul's major New Town redevelopment zones. These projects boast competitive locations with excellent access to downtown and the Yeouido and Gangnam business districts, raising expectations for fierce competition among subscription applicants — though the potential impact of elevated prices remains to be seen.
Noryangjin: High Potential
*Close to Lines 1, 7 and 9; Prime Access to Downtown and Gangnam*
*La Classy Xi Define Opens Subscriptions on 14th*
According to the construction industry on the 13th, GS Engineering & Construction and SK Ecoplant will begin accepting first-priority subscriptions on the 14th for La Classy Xi Define, a redevelopment of Noryangjin Zone 6 in Seoul's Dongjak District. As the first project to go on sale in Noryangjin New Town — a 10,000-unit development spanning eight zones — the complex has captured significant market attention. Covering approximately 740,000 square meters across Noryangjin and Daebang-dong in Yeongdeungpo District, Noryangjin New Town was designated a redevelopment promotion district in 2006 but only broke ground last year, nearly two decades later.
La Classy Xi Define offers walking distance access to Jangseungbaegi Station on Line 7 and Noryangjin Station on Lines 1 and 9, providing easy connections to Yeouido, Gwanghwamun and Gangnam. The complex comprises 14 buildings up to 28 stories tall with 1,499 units, of which 369 units (59 to 106 square meters) will be offered to general buyers. "For dual-income couples working in Gangnam and Yeouido, Noryangjin is an attractive location," said a man visiting the model home.
Noryangjin New Town will feature an array of high-end residential brands: Autieur (Zones 1 and 3), Define (Zones 2, 6 and 7), Dièche (Zone 4), Summit (Zone 5) and Acro (Zone 8). This branding lineup reflects the area's competitive location and product quality. Beyond La Classy Xi Define, the first half of this year will see sales launches for Zone 8's Acro River Sky (987 units total, 289 for general sale) and Zone 2's Define Artia (404 units total, 299 for general sale).
Heukseok: A Near-Complete New Town
*Six of 10 Zones Already Occupied*
*Summit The Hill Expected to Set Record Prices*
Summit The Hill, a redevelopment of Heukseok New Town Zone 11, is also preparing for launch. It marks the first application of Daewoo Engineering & Construction's premium Summit brand in Heukseok New Town. The complex will consist of 25 buildings up to 16 stories with 1,515 units, of which 424 will be offered to general buyers. Heukseok Zone 9 (tentatively named Dièche Kentro Nine) is also expected to launch sales this year.
Heukseok New Town began its redevelopment journey when it was designated a redevelopment promotion district in 2006. Originally planned for 11 zones totaling 10,000 units, it now comprises 10 zones after Zone 10 was released from the redevelopment designation. Six of these 10 zones have completed move-ins, and with Zones 9 and 11 approaching sales launch, Heukseok New Town has effectively entered its completion phase.
Heukseok New Town is geographically close to Gangnam. Zone 11, the easternmost section of Heukseok New Town, once considered adding "Seo-Banpo" (West Banpo) to its complex name and is classified as part of the greater Gangnam area. Residents can effectively enjoy the Banpo and Bangbae lifestyle, and analysts suggest that as new high-rise buildings line the Han River, the location's competitive advantage will become even more pronounced.
Neither Noryangjin New Town nor Heukseok New Town is subject to price cap regulations. La Classy Xi Define is priced at an average of 76 million won per 3.3 square meters. Units of 59 square meters are priced between 1.956 billion and 2.209 billion won, while 84-square-meter units range from 2.287 billion to 2.585 billion won. For reference, nearby Sangdo Park Xi saw an 84-square-meter unit change hands for 2.15 billion won on the 30th of last month.
Summit The Hill could potentially set a new all-time high for apartment sale prices. Industry sources indicate an expected price of 85 million won per 3.3 square meters, which would surpass the previous record of 84.84 million won per 3.3 square meters set by Banpo Raemian Trinion (Banpo 3 District reconstruction). At the highest price per type, 59-square-meter units are projected at the high 2.1 billion won range, while 84-square-meter units could reach approximately 2.8 billion won. For comparison, a recent transaction for an 84-square-meter unit at Heukseok Hangang Centreville across the street was recorded at 2.47 billion won.
Jangwi: Benefiting from Loan Regulations
*Prices Under 1.5 Billion Won Drive Strong Demand*
*Large-Scale Prugio Mark One Draws Attention*
Jangwi Prugio Mark One, a redevelopment of Jangwi Zone 10 in Seongbuk District's Jangwi-dong, will also go on sale next month. A key attraction is that 1,031 of its 1,931 total units will be available for general sale. The complex is a super-station-proximity development just a three-minute walk from Dolgoji Station on Line 6 and is an "elementary school within" complex embracing Jangwi Elementary School.
Jangwi New Town was designated in 2005 with 15 zones targeting 24,000 units but drifted for years after some zones were released under the New Town exit strategy in 2014. Zones 1, 2, 4, 5 and 7 east of Dolgoji-ro have completed development, while Zone 6 (Prugio Radius Park) is under construction. Undeveloped zones to the west are also restarting their redevelopment processes.
Jangwi New Town's biggest advantage is price. While Gangnam-area home prices have skyrocketed, Jangwi New Town has benefited significantly from the loan regulation threshold of under 1.5 billion won. However, recently surging prices have become burdensome. Sale prices for 84-square-meter units at Jangwi Prugio Mark One are expected to be set in the mid-1.6 billion won range. Though slightly farther away, an equivalent unit at Raemian Jangwi First High changed hands for 1.36 billion won last month, suggesting the sale price is not necessarily low.
Park Ji-min, head of Wolyong Subscription Research Institute, predicted the subscription point scores needed to win would be around 50 for Noryangjin, 40 for Heukseok and in the 30s for Jangwi. "Noryangjin will likely be most popular given its potential as a residential base supporting Yeouido, but the high prices will be the key factor," Park said. "Large-scale New Towns are attractive because they inherently secure a mega-complex premium."
