Apartment complexes in so-called "shuttle-seok" areas—neighborhoods served by Samsung Electronics (005930.KS) and SK hynix (000660.KS) commuter shuttle buses with good subway access—have been setting new price records this year.
A 59-square-meter unit at Central Prugio in Cheonggye-dong, Dongtan-gu, Hwaseong, sold for 820 million won on January 7, marking an all-time high. The price represents a 24.68% increase from the average transaction price of 657.67 million won in the same month last year. Despite not being located near a traditional subway station, the complex has attracted strong end-user demand due to shuttle bus service to SK hynix's Icheon campus.
A planned tram line in front of the complex will provide easy access to Dongtan Station. "More than half of recent buyers are SK hynix employees," said an agent at a real estate office in the complex. "Many people these days carry shuttle route maps with them while house hunting."
A representative from a nearby real estate office noted that some buyers are making preemptive purchases ahead of next year's bonuses. "One buyer who signed a contract for Central Prugio last month scheduled the final payment to coincide with their bonus payout about a year from now," the representative said.
Seongbok Station Lotte Castle Gold Town in Seongbok-dong, Suji-gu, Yongin, also set a new record in the 1.7 billion won range last month. The complex is served by both Samsung Electronics and SK hynix shuttle routes, generating strong demand from workers seeking proximity to their workplaces. "Until early this year, about half of transactions involved Samsung Electronics employees, and there were many SK hynix workers too," said an agent in Seongbok-dong. "It's also convenient for commuting to Pangyo and Gangnam, making it popular among dual-income couples."
Gangdong-gu in Seoul and Hanam in Gyeonggi Province are also favored by SK hynix Icheon campus employees. Misa Riverside Central Xi in Pungsan-dong, Hanam—another complex on the shuttle route—saw a 96-square-meter unit trade at 1.63 billion won on December 4, setting a new high. "People move here from other parts of Hanam after seeing the shuttle routes," said an agent at the complex. "Some are already coming to view homes in anticipation of next year's bonuses."
As apartment prices rise along shuttle routes, even workers at other companies are looking to move to complexes near Samsung Electronics or SK hynix shuttle stops. A recent social media post stated: "The number one consideration when office workers buy homes these days is whether Samsung Electronics or SK hynix shuttles pass by. Since massive bonuses inevitably flow into real estate, shuttle routes are basically money pipelines." The post, which offered to share shuttle route maps, drew more than 2,000 comments.
Expectations are particularly high that housing demand and prices will rise in Cheongju, Icheon, Yongin, and other areas served by shuttle buses, amid projections that SK hynix bonuses next year could exceed 1 billion won per employee. Online communities for office workers have been sharing posts asking whether Samsung Electronics or SK hynix shuttles run near neighborhoods like Geumho-dong or Oksu-dong, or suggesting that tracking where SK hynix employees plan to buy property is the key to making money in real estate.
