IPARK Hyundai Development Company (Hyunsan) is speeding up development around Gwangun University Station and Gongneung Station in Nowon District, Seoul. Analysts say the company aims to link the two areas facing each other across the Jungnangcheon stream and grow them into an "IPARK brand town."
On the 5th, the urban renewal industry said IPARK Hyunsan recently changed the development method for the Gongneung Station area in Nowon District, Seoul, from a rental housing REIT to an in-house sales project. To do this, IPARK Hyunsan terminated its construction contract with its affiliate HDC I'Park No. 2 REIT. Instead, it directly purchased 6,971.6㎡ of land in the Gongneung-dong area of Nowon District owned by the REIT for 131.9 billion won. In effect, it took over the project rights and moved to develop the site directly.
The Gongneung Station area development is a project to build a mixed-use residential complex with 397 homes in total, ranging from six underground floors to 28 above ground, on 375-4 Gongneung-dong, Nowon District, the former KT Gongneung branch site. A groundbreaking ceremony was held in Mar., with completion targeted for 2030 and move-in for 2031. For the company, this is expected to increase the share of in-house projects and improve profitability.
The industry views this change in project method not as a simple restructuring of the development scheme, but as a strategic move linked to the nearby Gwangun University Station area project. From the Gongneung Station area site, IPARK Hyunsan is pushing "Seoul One," a 4 trillion won Gwangun University Station area development about 1 kilometer away across the Jungnangcheon stream, in the Wolgye-dong area of Nowon District.
Seoul One is a core project for which IPARK Hyunsan has even finalized a headquarters transfer. The site will include the Seoul One I'Park apartments as well as a hotel and office and commercial facilities. The pre-sale right for an 84㎡ exclusive-use Seoul One I'Park unit traded this year for 1.8116 billion won, up more than 400 million won in just four months. This strengthens the case for a "townification" strategy that ties Gongneung Station area and Seoul One into a single residential, commercial, and cultural belt.
IPARK Hyunsan has also shown interest in reconstruction projects near Gwangun University Station. A representative case is the reconstruction of the Samho 4th Apartments adjacent to "Mimi-sam" (Miryung, Miseong, Samho 3rd), considered the biggest reconstruction candidate in northern Seoul. If the company also wins these projects, observers say a large-scale brand town could form along the Jungnangcheon stream, connecting IPARK residential complexes with commercial and cultural facilities.
An IPARK Hyunsan official said, "The change in the Gongneung Station area development method was a decision to further secure business feasibility and supply products that match customer demand," adding, "As we reviewed areas that could be linked with Seoul One and considered a townification strategy, we took into account both operational efficiency and development speed, given that the Gongneung Station area is in the same zone."