"The location is the best even compared with nearby complexes. However, the sale prices are so high that it seems actual buyers are hesitating." (A real estate agent at Office A in Cheolsan-dong, Gwangmyeong, Gyeonggi)
On the afternoon of the 8th, after getting off at Cheolsan Station and crossing one crosswalk, I saw the model home building for "Cheolsan Station Xi," being sold by GS Engineering and Construction through the Gwangmyeong 12R district redevelopment project in Gwangmyeong, Gyeonggi. Beside it, a construction site fence was erected and work was underway inside.
The complex will be built with seven basement floors to 29 aboveground floors, 19 buildings and a total of 2,045 households. Of these, 650 units are scheduled for general sale this month. Move-in is scheduled for the first half of 2029.
The complex was originally named "Cheolsan Skycity Xi," but the name was changed to Cheolsan Station Xi to highlight its proximity to Cheolsan Station. In fact, the complex is located a 2–3-minute walk from Cheolsan Station (based on adult men in their 30s), making it clearly an area with station access. However, the units for general sale will be located relatively farther from the station.
Using the two-lane road that runs across Cheolsan Station and the complex as a reference, the right side is complexes 1 and 3, and the left side is complex 2. Even from the farthest complex 3, you can reach the station within a five-minute walk. In fact, it took about six minutes on foot from the outermost part of the construction site to Cheolsan Station.
The living infrastructure is also cited as a strength. It is adjacent to Dodeoksan wildflower complex and Dodeoksan Park, offering a pleasant residential environment, and some units offer views. Around Cheolsan Station are clustered public offices such as Gwangmyeong City Hall, Gwangmyeong Citizens' Hall, Gwangmyeong Tax Office, Gwangmyeong Police Station and the Suwon District Court, and Cheolsan Rodeo Street, with banks, hospitals and restaurants, is also within walking distance.
It is expected to become a "chopuma" (an apartment embracing an elementary school) complex, housing Gwangdeok Elementary School. However, access to middle and high schools is poor. Cheolsan Middle School, where assignment is possible, is about a 25-minute walk, or about 15 minutes by public transportation. High schools are at similar distances.
A real estate agent at Office B in Cheolsan-dong, Gwangmyeong, said, "Although middle and high schools are somewhat distant, it is new and closer to the station than nearby complexes, so the location is good," and added, "There is considerable interest within Gwangmyeong, and some inquiries are coming from outside Gwangmyeong. Ultimately, the sale price is the key."
However, the relatively high sale price is seen as an obstacle. On the 2nd, the Gwangmyeong 12R district redevelopment association and the contractor GS Engineering and Construction agreed on an average sale price of 42.5 million won per 3.3 square meters. Accordingly, the sale prices were set at: ▲39 square meters (exclusive) 569.5 million won ▲49 square meters 770.66 million won ▲59 square meters 1.10652 billion–1.111661 billion won ▲74 square meters 1.298 billion–1.34834 billion won ▲84 square meters 1.519 billion–1.576 billion won. The 84 square meter unit, known as the 국민평형, was priced at more than 1.5 billion won. This is the first time in Gwangmyeong that a sale price for an 84 square meter unit exceeds 1.5 billion won.
Ongoing conflicts over construction costs influenced this. GS Engineering and Construction and the association agreed in March to increase construction costs by 704.7 billion won. It appears the increase was reflected in the general sale prices.
Compared with a similarly sized move-in right for "Cheolsan Xi the Heritage" (reconstruction of Cheolsan Jugong complexes 8 and 9), which moved this year and traded for 1.52 billion won last month, it seems difficult to expect a large price gap.
A real estate agent at Office C in Cheolsan-dong said, "There is a lot of interest, but the sale prices are still too high," adding, "Every time there is a new sale, prices have always been set high, and even considering that, this sale price is expensive. It will be a burden for real buyers."
Experts also said the location is good but high sale prices and loan regulations that make access difficult for anyone other than actual buyers are likely to have an impact. Park Ji-min, head of the Monthly Subscription Research Institute, said, "The location can be considered the best in Gwangmyeong, but with a sale price set comparable to the highest-priced new complexes in Gwangmyeong, residents of Gwangmyeong will have big concerns. They know the location is good, but they'll wonder whether they should follow this price," and added, "In Gwangmyeong, new complexes have continued to be priced high, and since 2022 there has not been a day when subscriptions closed on the same day. Local subscription applications are likely to be undersubscribed, and some competition for certain types may occur in other areas' subscriptions."
He added, "Gwangmyeong's small population will also affect the number of applicants," and said, "Also, with recent loan regulations causing the subscription market to be driven mainly by actual buyers, the impact of high sale prices is expected to be greater."