From next month, major construction companies such as Daewoo E&C, Hoban Construction, and BS HanYang will begin apartment sales in Sawoo-dong, Gimpo. Some of the five apartment complexes being developed through a public-private joint development project, the "Pungmu Station Area Development Project," which involves joint investment from Gimpo City and private financial and construction companies, will be available in the market.
Since the apartment complexes are being sold at the same time and in the same location, it is expected that the fortunes of the construction companies will vary based on sales performance. The competition among companies to set the selling price is also expected to be fierce.
According to sources in Gimpo City and the construction industry on the 3rd, the sale of apartments being developed as part of the Pungmu Station Area Development Project will begin in October. The project, located in Sawoo-dong, Gimpo, covers an area of 873,763 square meters and plans to include over 5,900 apartments and officetels, totaling more than 6,900 units, with a population planned at over 17,000.
The development, conducted through a public-private partnership model, involves the Gimpo Urban Corporation (50.1% equity) and a consortium led by Korea Development Bank (49.9%). A special purpose company (SPC) named Pungmu Station Area Development Co., Ltd. has been established to oversee the project. Daewoo E&C, Hoban Construction, and others have also participated as investors.
The project will be divided into six blocks, consisting of five apartment complexes and one mixed-use complex. Blocks B1 to B5 will be comprised of apartments, while C5 will host the mixed-use complex. In terms of the number of units per block, ▲B1 will have 640 units, ▲B2 will have 1,070 units, ▲B3 will have 1,500 units, ▲B4 will have 688 units, and ▲B5 will have 950 units. The unit count for the mixed-use complex C5 has not yet been determined.
In terms of construction companies, BS HanYang will develop the B1 and B2 blocks, Daewoo E&C will handle B3, and Hoban Construction will be in charge of B4, B5, and C5. The site is located between Sawoo Station and Pungmu Station on the Gimpo Gold Line. B1 and B2 are closer to Sawoo Station, while B4, B5, and C5 are nearer to Pungmu Station. B3 is located in the middle. In the vicinity of Pungmu Station, Inha University Hospital is also set to be established.
Among the five blocks being developed as apartments, four have already begun construction. Daewoo E&C plans to sell the B3 block next month. This block will be the largest among the five and is centrally located. The project has been named "Pungmu Station Prugio the Mark." It will cover a land area of 77,582 square meters and a total floor area of 246,812 square meters, consisting of two underground floors and 29 above-ground floors. A representative from Daewoo E&C remarked, "Sales and construction are expected to take place in October."
Hoban Construction will also begin sales for the B5 block in October. The project will be named "Gimpo Pungmu Hoban Summit." It will cover a land area of 58,927 square meters and a total floor area of 181,523 square meters, consisting of nine buildings with 956 units. The complex will feature mid to large-sized apartments, including standard sizes of 84 square meters, 112 square meters, and 186 square meters. A representative from Hoban Construction mentioned, "We plan to start sales around October 17." BS HanYang, which is responsible for the construction of the B1 and B2 blocks near Sawoo Station, is also planning to begin sales in the second half of the year, but the project name and timing have yet to be determined.
Industry insiders expect the selling prices based on standard sizes (84 square meters) to be in the mid-600 million won to over 700 million won range. This is because the similar-priced nearby Geomdan New Town has also surpassed the 600 million won mark. For instance, the "Geomdan Lake Park Station Jungheung S-Class" sold in July had prices ranging from 599 million won to 617 million won for standard floors above the 6th floor with an area of 84 square meters.
Though the five blocks have similar locations and conditions, some believe that in terms of scale and brand recognition, Daewoo E&C may be preferred over Hoban Construction and BS HanYang. It suggests that the complex developed by Daewoo E&C, consisting of over 1,500 units under the Prugio brand, may gain slightly more popularity during the initial sales.
An industry representative noted, "The area near Pungmu Station boasts the best accessibility to Seoul in Gimpo and already has most of the infrastructure in place, such as hospitals and schools, so it is likely to succeed in sales." However, he added that the initial sales rate may vary by block and construction company. He further explained, "Large construction companies, like Daewoo E&C, might have slightly higher selling prices than mid-sized companies due to higher construction costs, but many people prefer their brand recognition."
Park Ji-min, director of the Moryong Subscription Research Institute, stated, "Since educational facilities such as elementary schools are also planned to be built close to Seoul, it's unlikely that the selling prices will be set significantly lower than the market rate. I expect the prices to be set around 650 million to 700 million won. This will likely become the most expensive apartment in Gimpo in the future."