Newly built complexes including Jangwi Xi Radiant enter 1.6 billion won range for 84㎡ units
Villa gap investment picks up with initial outlays of 300–600 million won
Zones 8, 9, 11, 14 and 15 advance on parallel public and private redevelopment tracks
There aren't many listings for move-in rights to 84-square-meter units in Zones 6 and 10, which are under construction, so you're looking at a transaction price of 1.6 billion to 1.7 billion won ($1.1 million). It's hard to call that cheap, but the mood is that prices could reach 2 billion won by the time residents move in three or four years from now.
Investment interest in the remaining redevelopment zones of Jangwi New Town in Seoul's Seongbuk-gu is intensifying as the long-running urban renewal project reshapes the neighborhood. Actual transaction prices at major complexes that have recently opened or broken ground have surged, pushing the 84-square-meter unit — widely known as the "national standard" floor plan — above 1.6 billion won. Inquiries from investors eyeing future price gains relative to their initial outlay are also on the rise.
According to the Ministry of Land, Infrastructure and Transport's real estate transaction disclosure system, a presale right for an 84-square-meter unit at Jangwi Xi Radiant — developed through the redevelopment of Zone 4 — changed hands June 27 for 1.65 billion won (11th floor), setting a new record high. That marks a 200 million won increase in a year compared with a June 2025 transaction at 1.45 billion won (23rd floor). It is the first time an 84-square-meter unit in a Jangwi-dong apartment complex has exceeded 1.6 billion won.
The same floor plan at Kkumiui Sup I'Park, which redeveloped Zone 7, traded at 1.22 billion won (27th floor) in June last year but hit a new record high of 1.62 billion won (11th floor) on July 20 — a rise of 400 million won in a year. Move-in rights for an 84-square-meter unit at Prugio Radius Park in Zone 6, currently under construction, also traded at 1.19 billion won (25th floor) last June but have recently climbed to 1.55 billion won (18th floor).
As prices at completed and under-construction complexes rise rapidly, inquiries are flooding in for investment properties in zones still in the early stages of development. The head of Agency A in Jangwi-dong said there is strong interest in Zones 8 and 9, where the Seoul Housing and Urban Development Corporation (SH) and Korea Land and Housing Corporation (LH) are each pursuing public redevelopment, and that investors looking at Zones 14 and 15 have also been increasing. He added that privately led redevelopment zones, unlike public redevelopment zones, are not subject to the land transaction permit system and carry no owner-occupancy requirement, and gap investment inquiries continue to come in.
The agency head added that the current premium on such properties stands at around 400 million to 500 million won. He said a property in Zone 15 that would entitle the buyer to a future 84-square-meter move-in right is priced at around 830 million won, with a jeonse deposit of 200 million to 300 million won attached, putting the initial investment at roughly 500 million to 600 million won. He noted that some two-room villa units can be approached with an initial outlay in the mid-300 million won range, drawing demand from buyers seeking move-in rights through small-scale gap investment.
Ministry of Land, Infrastructure and Transport transaction data shows that a multi-unit residential property with a land rights area of 34 square meters in Zone 15 sold for 800 million won on June 13. The property is considered sufficient to qualify for an 84-square-meter move-in right if redevelopment proceeds. A multi-unit property with a land rights area of 30 square meters in Zone 8 also traded at 665 million won on July 8.
The head of Agency B in Jangwi-dong said that when SH held a project briefing for Zone 8 two years ago, the projected pre-sale price for an 84-square-meter unit for association members was described as around 800 million won, but the prevailing expectation now is that it could rise to around 1 billion won. The member pre-sale price for Jangwi Xi Radiant was reportedly around 400 million to 500 million won back in 2022. While the pre-sale cost burden has grown, investors calculate that a safety margin of around 500 million to 600 million won remains achievable, given that newly built 84-square-meter units within Jangwi New Town are now trading from the 1.6 billion won range.
Jangwi New Town was once dismissed as a "half-finished new town" after a significant number of its zones were dropped from the redevelopment plan, sapping the project's momentum. But as the remaining zones accelerate and prices at existing complexes climb, perceptions are shifting.
Zone 6 completed its presale in 2024 and is set for move-in early next year. Zone 10 has broken ground and launched its general presale last month. Zones 8 and 9 are advancing as public redevelopment projects led by SH and LH, respectively; each zone has already selected its contractor — Samsung C&T for Zone 8, and a consortium of DL E&C and Hyundai E&C for Zone 9. Zones 14 and 15 are awaiting project implementation approval, while Zone 11 is proceeding as a transit-oriented long-term jeonse housing redevelopment project.
Agency B's head said that when Jangwi Xi Radiant went on sale, market sentiment was poor, leaving a substantial number of units unsold and prompting a large-scale unrestricted subscription round. At the time, falling home prices and a string of negative factors led many prospective buyers to hold back. "The mood has changed now," he said, adding that rapid project progress combined with rising prices in the surrounding area is reigniting interest.
Ko Jun-seok, a professor at Yonsei University's Sangnam School of Management, said that unlike its troubled past reputation, Jangwi New Town, once complete, will become Seoul's largest flatland new town with more than 30,000 households.
Ko added that zones designated under the fast-track integrated planning scheme may carry owner-occupancy requirements, but some privately led redevelopment zones still leave room for investment-oriented entry. He described Jangwi New Town as one of the last remaining redevelopment sites in Seoul where investors can gain exposure to the future value of new apartments at a relatively affordable entry cost.
quq@heraldcorp.com
