"Now, only rising again is left. As inquiries about purchases, which had been dormant for a while, are increasing, two teams of customers have already made reservations to see apartments in Mabu-dong this weekend." (A official from a real estate agency in Mabu-dong, Giheung-gu, Yongin)
With the Yongin Platform City urban development project recently breaking ground, the real estate market near the project site is buzzing with activity.
At 11 a.m. on the 12th, Mabu-dong in Giheung-gu, Yongin, viewed from exit 1 of Suin-Bundang Line's Guseong Station, was comprised of established complexes and commercial properties built in the 1990s and 2000s. This area is expected to become a central axis of a specialized city supporting the cutting-edge semiconductor industry in Yongin by 2030.
The Gyeonggi Housing and Urban Corporation (GH) is promoting the Yongin Platform City urban development project by investing a total of 8.268 trillion won, in partnership with Yongin Special City, to build an economically self-sufficient city that integrates residential, commercial, industrial, and cultural facilities over an area of 2,729,000 square meters in Bogeong-dong, Mabu-dong, and Sin-gal-dong. The groundbreaking ceremony for the Yongin Platform City urban development project was held on the 11th.
GH and Yongin Special City plan to attract semiconductor industry corporations and artificial intelligence (AI) and bio-related corporations to the Yongin Platform City to promote the development of Yongin's fourth industrial sector.
Additionally, the plan is to efficiently link the metropolitan rapid transit line (GTX) centered around Guseong Station with the Suin-Bundang Line, Gyeongbu Expressway, and other metropolitan transportation networks to create a transportation hub in the southern metropolitan area.
According to the local real estate industry in Yongin, inquiries about prices for major apartments in Mabu-dong have been coming in since the day after the news of the groundbreaking (on the 12th), marking a resurgence in interest.
Mr. B, who operates a real estate agency in Mabu-dong, Giheung-gu, Yongin, noted, "Since hearing through the media about the groundbreaking ceremony for the Yongin Platform City, calls have increased asking if there are any properties up for urgent sale among apartments close to the project's center at Guseong Station," and explained, "Mabu-dong is divided into Yeonwon Village and Gyodong Village, and the apartment prices in Yeonwon Village, which is closest to Guseong Station, are responding most quickly to the development news."
Among the majority of apartments in Mabu-dong that can be reached within a 10-minute walk from Guseong Station, there are those located on flat terrain such as 'Samsung Raemian 1st', 'Yeonwon Village LG', and 'Blooming Guseong The Central'. The representative apartment in the area of new complexes near Guseong Station is classified as 'ePyunhan Sesang Guseong Station Platform City', which was completed last year.
According to officials from real estate agencies, the apartments in Yeonwon Village in Mabu-dong can use the GTX A line to reach Samsung Station in Gangnam, Seoul, in about 10 minutes starting at the end of 2028, which has continued to draw the interest of buyers.
Moreover, since Yongin Platform City is expected to be linked with the semiconductor clusters where Samsung Electronics and SK hynix are focusing large-scale investments, traders in the real estate agency believe that the underlying demand will be robust.
However, it was noted that prices have not been rising as they did during the overall buoyant real estate market from 2019-2021. Additionally, there are many interested parties anticipating approximately 4,000 housing units out of 10,000 planned in the Yongin Platform City development project.
Another official from a real estate agency in Mabu-dong said, "The Yongin Platform City urban development project wasn't announced suddenly; it's news that people in the area have already been aware of." They also said, "Prices have already been adequately reflected, and with the real estate market shifting downwards after experiencing about a 20% correction from the peak, most of the urgent sales have been exhausted."
He added, "While residents of major complexes in Yeonwon Village in Mabu-dong don't have any occupancy obligations, the rental yield (the ratio of rental price to sale price) is around 50%, meaning there are many buyers considering both real occupancy and investment. Once the development of the Platform City picks up and transport becomes available from Guseong Station to Samsung Station via GTX-A, apartment prices are certainly expected to rise due to having both development and transportation benefits."
In the vicinity of Guseong Station, the newly built Daejang complex 'ePyunhan Sesang Guseong Station Platform City' also has nearly all properties locked up. Another official from a real estate agency in Mabu-dong explained, "Currently, a 18th-floor apartment of 84 square meters was traded for 1.21 billion won on January 12, marking a peak price, and a sale right for a 27th-floor unit was traded for 1.197 billion won in February, setting a new record."