On the morning of the 12th at 10 a.m., after getting off at Deokso Station on the Gyeongui-Jungang Line in Namyangju, Gyeonggi Province, the road to the ‘Deokso Station Raon Private Riverfore’ apartment construction site was a blend of old shops and newly constructed apartments.
Near Deokso Station, new town development was gradually taking place across a total of nine zones, including Deokso 5-A Zone, 5-B Zone, Zone 3, and Zone 4. When the new town development is completed, about 9,000 new homes are expected to be created.
Among these, the Deokso Station Raon Private Riverfore apartment is a new complex that is transforming the Deokso District 2 Zone at 453-15 Deokso-ri, Wabu-eup, Namyangju, Gyeonggi Province, into a structure with three underground floors and 29 above-ground floors, consisting of 10 buildings with a total of 999 units.
As the complex name includes Deokso Station, I walked nonstop from the station to the complex, and it took 5 minutes and 30 seconds to reach the closest building. The farthest buildings from Deokso Station took over 7 to 8 minutes. The road from Deokso Station to the complex had one inclined section and about two areas where the road surface was not paved.
In the Deokso real estate industry, it was noted that Deokso Zone 7 and Urban Zone 1 have completed occupancy, and once Urban Zone 2 and Deokso Zone 6 complete occupancy next year, the effects of creating a new city could become evident.
Additionally, as Wabu High School and Deokso High School, noted for their prestigious academic districts, are located near Deokso Station, there is a high demand for newly constructed complexes among parents who are particularly interested in their children's education.
An official from a real estate agency near Deoksori said, “Currently, it feels rural since development is just beginning, but once the development progresses sequentially, the area around Deokso Station could very well be referred to as Deokso New Town, evolving into a new residential area with approximately 9,000 units.” They added, “Using buses, cars, and subways, it is possible to reach bustling areas in Gangnam, such as Jamsil, within one hour, leading to numerous inquiries for apartment rentals and purchases from newlyweds.”
On the other hand, there are views that the balcony extension construction costs and the general selling prices of the complex are somewhat high. The balcony extension construction costs for the Deokso Station Raon Private Riverfore are ▲59㎡ 21.7 million to 26.5 million won, ▲84㎡ 39.4 million to 39.6 million won, and ▲114㎡ 38.4 million to 49.5 million won.
The recently sold Hillstate Deungchon Station apartments in Deungchon-dong, Gangseo-gu, Seoul, had balcony extension construction costs of 12.2 million to 14.2 million won for the standard 84㎡ size. The Acro Ritz County apartments in Bangbae-dong, Seocho-gu, Seoul, also had balcony extension construction costs of 12.657 million won for the standard 84㎡.
The selling price for the complex is set at 23.5 million won per 3.3㎡. The selling price for the 84㎡ type is in the early 800 million won range, while the 59㎡ type is in the late 500 million won range. The 114㎡ type can be acquired for around 1.3 billion won to early 1.4 billion won.
A 50-year-old resident in Deoksori, referred to as Mr. B, noted, “Existing members might think the price is reasonable, but if one purchases the standard size (84㎡) in a general sale and expands the balcony, 850 million won will be needed.” He added, “This isn’t Seoul, but Namyangju, and development is still incomplete, so the price seems high.”
An official from a real estate agency near the complex, referred to as Mr. C, stated, “The Hansol Riverside Village Apartment, which is regarded as the leading complex in Deokso, has asking prices of 700 million to 800 million won for the standard 84㎡, while Deokso I-Park and Deokso Dongbu Centerville also have asking prices of 600 million to 700 million won.” He added, “While the prices appear high compared to existing apartments around Deokso Station, once the development projects are activated in the future, the current prices may seem attractive.”
The sales schedule for the Deokso Station Raon Private Riverfore will begin with special offers on the 16th, followed by first priority applications on the 17th and second priority applications on the 18th. A total of 348 units in sizes of 59, 84, and 114㎡ will be offered in the general sale. The winners will be announced on the 24th, and the contract signing will take place over three days from January 6 to 8 next year.