[비즈한국] "There isn't really any infrastructure to brag about in Geomdan New Town. Combined with the current political climate surrounding the impeachment, prices in most apartment complexes are just stagnant." (Realtor A in Wondang-dong, Incheon)
On the afternoon of the 2nd, the Wondang-dong and Bullo-dong areas of Seo-gu, Incheon, were bustling with construction for the Incheon Line 1 extension, which is set to open at the end of this month. This extension covers 6.8km from Gyeyang Station to Geomdan Lake Park Station, with three new stations: Ara Station, Sin-Geomdan Jungang Station, and Geomdan Lake Park Station. Once open, travel time to Gyeyang Station is expected to drop from 20 minutes to 8 minutes, and reaching Seoul Station will be possible in about 40 minutes.
While expectations for improved transportation are high, the actual trading atmosphere for apartments in the area does not reflect this. According to the Ministry of Land, Infrastructure and Transport's real estate transaction price system, an 84.89㎡ unit at 'Hoban Summit 1st' in Wondang-dong reached a price near its all-time high (820 million KRW) at 805 million KRW last September, but has since declined, recently trading for 725 million KRW.
The four major complexes often cited as the "leading apartments" in the area—'Ho-Woo-Geum-Pu' (Hoban Summit 1st, Umi Lynn The Signature, Kumho Eoullim Central, and Prugio The Venue)—are also not seeing active trading, and their sale prices remain largely unchanged.
Umi Lynn The Signature, considered a "royal complex" in Geomdan New Town, recorded 2-3 trades per month from January to February this year and 5-6 in March-April, but that number fell back to 4 in May. Based on the 84.97㎡ unit, the trading price hit a record high of 815 million KRW last September, but is now stalled in the high 700 million KRW range. Analysts suggest that because the transportation benefits were already "priced in," combined with the impeachment situation and a sluggish real estate market, trading has effectively halted outside of complexes currently undergoing move-ins.
Realtor B, located near Umi Lynn The Signature, explained, "The Incheon Line 1 extension benefits were already reflected in last year's prices, and while there are inquiries from some investors, it doesn't lead to actual trades. Only intermittent deals for low-to-mid-priced properties are happening, and except for a few complexes that started moving in early this year, most trading has dried up."
Now entering its fourth year of occupancy, Geomdan New Town is the final 2nd-generation new town in the metropolitan area, built across the Dangha-dong, Majeon-dong, Bullo-dong, and Wondang-dong areas of Seo-gu, Incheon. Due to relatively affordable pre-sale prices, it drew attention from 2030-generation end-users feeling burdened by housing prices in Seoul. However, the market response has failed to meet expectations due to a lack of essential infrastructure—such as transportation, medical, and daily amenities—and repeated delays in key development projects.
Lack of Infrastructure and Road Connections… Criticized as a "Half-Baked Benefit"
Even with the impending opening of the Incheon Line 1 extension, there is considerable discontent among residents who call it a "half-baked benefit." In particular, concerns have been raised that since there is a lack of connecting roads and infrastructure near the terminal, Geomdan Lake Park Station, it may actually be difficult to use the subway.
In response, the Korea Land and Housing Corporation (LH) is building temporary roads in time for the opening, but these are limited to the section between Sin-Geomdan Jungang Station and Geomdan Lake Park Station (approximately 360m) and the direction toward Bullo-dong. Access roads to the west and south remain inadequate.
Furthermore, because the temporary roads must be repaved with low-noise asphalt following environmental impact assessments, future demolition and reconstruction work are inevitable. As a result, citizens are expected to face inconvenience with construction continuing for more than a year after the line opens.
An LH official stated, "There is a road to the west of Geomdan Lake Park Station targeted for completion by the end of the year, and we are also reviewing an additional section connecting north and south. We plan to open them sequentially in the first and second halves of next year in consultation with the Incheon City Development Corporation."
"They say it's under review, but..." Key Projects Delayed One After Another
Expansion of daily living infrastructure remains sluggish as well. Talk of big-box supermarkets or high-level hospitals remains merely "planned," with no visible progress.
The medical complex site (16,528㎡) in Bullo-dong, Seo-gu, once saw discussions about attracting a major hospital, but it caused friction with the local community after iH (Incheon City Development Corporation) attempted to sell the site in parts. While the sale is currently on hold, analysts suggest that attracting a high-level hospital is unlikely due to profitability concerns.
The Northern Branch of the Incheon District Court was also scheduled to begin construction in 2023, but completion has been pushed back to March 2026. With site grading beginning last year, the actual opening is now expected only in the first half of 2027.
Expansion plans for major transportation networks, such as the extension of Seoul Subway Line 5 to Geomdan and Gimpo, and the GTX-D line, are also targeting completion in the mid-2030s, but with no concrete project plans in place, it is difficult to hold high expectations.
Realtor C near Ara Station noted, "To visit a big-box supermarket or a high-level hospital, you have to go all the way to Gimpo or Ilsan. There is no infrastructure around Ara Station to draw people in, so demand isn't increasing."
With market stagnation and infrastructure shortages overlapping, it is expected to take time for home prices to rebound. Seo Jin-hyung, a professor of real estate at Kwangwoon University, commented, "Unlike 1st-generation new towns that are aging or 3rd-generation new towns that are just starting, 2nd-generation new towns are struggling to attract attention. For the market to recover, various requirements like economic revitalization and infrastructure construction must be met. Given the many unresolved tasks like feasibility studies and resident negotiations, it will take a considerable amount of time."