A Cheonggyecheon View Is Worth 70 Million Won

The Cheonggyecheon area from Jongno through Dongdaemun and Seongdong-gu, Seoul is emerging as a comfortable, environment-friendly, residential area, now that the Cheonggyecheon stream has opened after 47 years.

New town development projects are underway in Jeonnong-dong and Dapsimni-dong, Dongdaemun-gu and in Wangsimni, Seongdong-gu. Redevelopment projects are in progress in Hwanghak-dong, Jung-gu, and in Sungin-dong, Jongno-gu.

Housing prices are sky-high and apartment sales are steady.

This is due to the green areas and resting places along the Cheonggyecheon, which has been changed from an unpleasant area with an elevated road full of noise and noxious gas pollution to a greenway.

Special Demand by Cheonggyecheon Sends Housing Prices Soaring-

What is called the “Cheonggyecheon view” has raised the prices of the area’s apartments. The reason is because the adjoining apartments to Cheonggyecheon command a fine view of nearby parks and public squares, as well as the refreshing stream flowing through central Seoul.

The price of 32-pyeong Hyundai apartment in Majang-dong, Seongdong-gu, is around 310 million to 350 million won, up 70 million won from July 2003, when the restoration project started.

The unit price of a Cheonggye Byuksan apartment in Hawangsimni-dong, Seongdong-gu, is now above 10 million won per pyeong, although it was 7.9 million won per pyeong just before the commencement of the restoration. The market price of 34-pyeong units is around 400 million won, over 60 million won higher than before.

Prices of the apartments for redevelopment have also increased. The 11-pyeong price of a Samil apartment in Hwanghak-dong, Jung-gu, which is to be developed into 34-pyeong-unit of Lotte Castle, a mixed-use apartment, topped 250 million won. In 1999, when a construction company was not decided, the price was just around 30 million to 40 million won.

In particular, housing redevelopment areas in Hwanghak-dong and Sungin-dong feature plenty of green areas, including parks between redevelopment apartment sites and the Cheonggyecheon streamside.

Cheonggyecheon Markets New Apartments Coming One After Another-

Sales of apartments because of the Cheonggyecheon effects are coming in succession.

According to the construction industry, in the recent depressed real estate market, Cheonggyecheon is the most favorable area for apartment sales.

Sales of Lotte Castle in Hwanghak-dong, which have been delayed so far, will start from the end of October. A total of 1,870 apartment units are to be built in the Hwanghak-dong area through redevelopment.

Dongbu Construction is planning to redevelop the Sungin-Four district in Jongno-gu into 416 apartment units. A total of 194 of the units will go on sale to the public.

Hyundai Engineering & Construction will sell 108 apartment units among 288 units to be built in the Sungin-Five district.

Doosan Industrial Development Co., which is overseeing the redevelopment of the Yongdu-Two district in Dongdaemun-gu, will sell 136 apartment units out of a total of 433 units.

imsoo@donga.com