On the 18th in the afternoon, at Wirye Central Plaza in Changok-dong, Sujeong-gu, Seongnam, Gyeonggi. Final-stage construction of the "Wirye Line tram (streetcar)" stretched long between large commercial complexes. The Wirye Line tram consolidates Machon Station on Seoul Subway Line 5 with Bokjeong Station on Lines 8 and the Suin-Bundang Line and Namwirye Station on Line 8. The total length is 5.4 kilometers, it passes 12 stops, and it is set to open in the second half of next year.
The real estate market in Wirye New Town in Seongnam, Gyeonggi, was warming up. Major development projects were in the pipeline, including "POSCO Global Center" and the tentative "Bokjeong Station Smart City" development, and the light rail "Wirye-Sinsa Line," which has drifted for 17 years, was also taking shape.
On this day, fences were installed for the "Global Center" development project to build POSCO Group's research and development (R&D) base on Site 2 of the Wirye housing site development district in Changok-dong, Seongnam, Gyeonggi. With the groundbreaking ceremony for the Global Center held on the 17th, targeting a start in the first half of next year and completion in 2030, local residents were expecting a rise in real estate prices due to large-scale job creation.
A person surnamed Han in their 40s, who said they have lived in Wirye New Town for five years, said, "This year, the POSCO Global Center development was made official, and next year the Hyundai E&C consortium's Smart City development is said to break ground, so in five to six years Wirye will be transformed," adding, "If more people with means flock to Wirye, apartment prices will naturally go up."
The POSCO Global Center is a key hub of the Wirye fourth industrial cluster and will be built on a site of 49,308 square meters with five basement levels to 12 aboveground floors. The related project cost is estimated to reach 2.5 trillion won. The center is expected to house research and support staff of POSCO Holdings and major affiliates, serving as a key base in the capital region and an R&D hub.
With the Smart City development by the Hyundai E&C consortium near Bokjeong Station on Subway Line 8 also expected to take shape next year, Wirye residents generally said they expect economic growth accompanied by increases in population and employment. The Hyundai E&C consortium is pursuing a Smart City development in the Bokjeong Station area that will include an R&D center 2.2 times the size of COEX, as well as a department store, offices, officetels, a mixed-use shopping mall, a hotel, and a cultural center.
Officials at real estate agencies in Wirye said apartment buyers are highly interested in the Wirye-Sinsa Line light rail project, cited as the biggest transportation boon for Wirye. Expectations are high that once the Wirye-Sinsa Line opens, it will take 20 minutes to reach Samsung Station on Seoul Subway Line 2 from the tentative Wirye Central Plaza Station, allowing the area to capture commuter demand from Gangnam.
The Wirye-Sinsa Line is a light rail line that runs from Sinsa Station on Subway Line 3 to Wirye New Town. It was promoted as a private-investment project in 2008, but the project was delayed for a long time after failing to attract private capital due to economic feasibility issues. It was later converted into a fiscal project with the government directly injecting the budget. A preliminary feasibility study began in May, and work is underway on changes to the urban rail network plan and preparations to order the basic plan service next year.
An official at A Real Estate Agency in Changok-dong said, "Wirye Central Xi, the flagship apartment in Wirye, is now transacting at around 70 million won per 3.3 square meters, but if the Wirye-Sinsa Line passes the preliminary feasibility study next year, it will soar to the 80 million to 90 million won range," adding, "An 84-square-meter exclusive unit at Wirye Central Xi sold for a record 1.95 billion won last month, and a homeowner who listed at 2.2 billion won this month pulled the listing, saying it would go higher."
In major apartment complexes in Changok-dong and Jangji-dong in Wirye, many buyers are waiting to purchase while listings are scarce, creating a supply crunch. When word comes that a listing has appeared, it reportedly leads immediately to a record-high transaction, according to nearby real estate agents.
An official at B Real Estate Agency in Changok-dong said, "The government's Oct. 15 real estate measures tightened regulations by reducing the loan limit and imposing a two-year owner-occupancy requirement, but instead homeowners are pulling listings, causing a supply crunch," adding, "Since 'gap investment,' in which a landlord brings in a jeonse tenant and signs a sales contract, is impossible, when an owner-occupied apartment or a unit with a tenant-move-out condition comes on the market, it trades immediately at the price the owner asks."
An 84-square-meter exclusive unit at Wirye Central Xi in Changok-dong set a record at 1.84 billion won on the 3rd of last month, then set another record at 1.95 billion won on the 15th of the same month. A 59-square-meter exclusive unit set a record at 1.61 billion won on the 17th of last month, and a 74-square-meter exclusive unit also set a record at 1.84 billion won on the 17th of last month. An 84-square-meter exclusive unit at Wirye Raemian IPyeonhanSang in Changok-dong also changed hands at 1.7 billion won on Sept. 21, then set a new record at 1.71 billion won on the 13th of last month.
At Wirye Station Prugio Complex 6, an 83-square-meter exclusive unit changed hands at 1.65 billion won on the 19th of last month, setting a record. At Wirye Station Prugio Complex 4, an 83-square-meter exclusive unit also found a new owner at 1.7 billion won last month, setting a record. At Songpa Kumegreen Wirye Complex 24 in Jangji-dong, an 84-square-meter exclusive unit sold for 1.89 billion won on the 23rd of last month, and a 59-square-meter exclusive unit sold for 1.63 billion won on the 18th of last month, each setting new record highs.