An Opening of Kwanghwamoon Residence Area

An era of urban residence area is starting around Kwanghwamoon, Seoul.

Naesoo and Sagik, which are located on the backside of Sejong Center for the Performing Arts (SPCA), have been holding 4,000 households of complex apartments and flats since the end of last year.

At the end of this year, a dwelling place for 15,000 people will be formed in this top political and economic area of Korea. Jongno is excited about the inflow of new residences, and the region’s shop keepers are looking forward to an increase of new customers. What is it like to live around Kwanghwamoon?

Excited Jongno—

A placard saying, “Welcome to your new residence” greets you when you turn towards the Seoul police station after passing Sagik Tunnel.

The placard supplied by the Jongno district office holds Jongno’s expectations and hopes.

Jongno’s population reached its peak in 1975 with 333,970 residents. However, an average annual exodus of 5,395 has resulted in the current population of 177,504.

The district leader, Kim Choong-yong, said, “As Kyunggi and Seoul high school moved to Gangnam due to its development, Jongno lost about 5,400 people every year.”

He also added, “Thanks to Kwanghwamoon residence town, we speculate it to be a population of 200,000 by next year. The district office’s tax income is very likely to increase.”

Commerce is excited as well. Three interior companies are working for “The Morning of Kyunghee Palace,” which is planning to open in May. Ten real estate agencies have opened up since the second half of last year.

Mr. K, who runs a restaurant at the backside of SCPA, happily said, “More inhabitants, more customers.”

Living Condition—

Housewife Jung Young-ja, who moved into Samsung Park Palace, Naesoo last December, said, “I cannot think of moving to anywhere else now.”

She listed environment, transportation, and protection as the positive aspects of living in Kwanhwamoon.

Although it is an urban center, Mt. Inwang and Sagik Park supplies fresh air and as the head police station is near, there are no worries about robberies.

The greenery area for each Jongno resident is 57.3m², which is four times larger than that of a resident of Seoul.

Mr. Kim of Jongno district office announced, “We are planning to increase the forestry area around Kwanghwamoon and to build a theme park for children.”

The negative point of living here is that there are no adequate shopping malls. Thus, vegetable and fish sellers go around the apartment area every morning with trucks.

Mr. P, who is planning to move into “The Morning of Kyunghee Palace,” said, “When I move in, I can walk to my office in Kyobo Building.” He expected the settlement of the city’s hollow phenomenon if the place proves itself to be worthy.

The inhabitant’s characteristics are also worthy of a note. A real estate agent said, “As there are Cheong Wa Dae, the National Police Agency, and the Government Building Management Service here, a lot of “powerful” households are due to move in.”

Quiet Real Estate Market—

Although 4,000 households are moving in, the agencies are very quiet.

Roh Jae-myeong of Ssangyong Public Intermediate Agency, said, “The inhabitants are real demanders who have offices around this area,” In other words, there are less transactions as there are no fake ones.

It is also hard to find a boom of house prices similar to Seoul’s. The balance due of purchasing houses is the same as that of 2002.

The price of royal floor of complex apartments like “The Morning of Kyunghee Palace” is 100 to 200 million won higher than the normal purchasing price. However, there are flats which are lower than the purchasing price. Flat’s rent price per pyeong is a deposit of 450,000 won, with monthly payments of 50,000 won.

Eun-Woo Lee libra@donga.com