The first purely private-sector apartment complex in South Korea's third-phase new towns is set to go on sale. Bando Engineering & Construction will offer Gyeyang New Town Caiiv Yuboraa next month on the AC3 and AC4 blocks of Gyeyang New Town in Incheon. Until now, public presales by Korea Land & Housing Corporation (LH) have dominated Gyeyang New Town, and the arrival of a private-brand complex is expected to widen the range of options for buyers.
Bando will sell the mixed-use residential complex next month on the AC3 and AC4 blocks, industry sources said on the 28th. The project comprises 16 buildings ranging from two basement levels to 15 floors above ground, with 1,110 units in total. The AC3 block will have 614 units and the AC4 block 496.
What stands out is access to the western part of Seoul. Residents can travel from Bakchon Station on Incheon Line 1 to Gyeyang Station, then transfer to the Airport Railroad to reach Gimpo Airport Station. From Gimpo Airport, passengers can switch to Lines 5 and 9 or the Seohae Line, or stay on the Airport Railroad to reach Magoknaru Station. From Gyeyang Station, the Airport Railroad also runs toward Seoul Station. Reaching major business districts such as Yeouido or Gwanghwamun requires at least two transfers. A plan to link the Daejang-Hongdae Line to Gyeyang New Town is also under way.
The AC3 and AC4 blocks differ in location and unit mix. The AC3 block, positioned toward Bakchon Station, is relatively closer to the station than AC4 and will house a community care center providing after-school care for elementary school children, aimed at dual-income families and others. The 92-square-meter floor plan will also be offered only on the AC3 block. The AC4 block is laid out in connection with a linear park. Buyers who prioritize public transit and childcare facilities may want to look at the AC3 block, while those who value park access may prefer AC4. Detailed floor plans, building and unit assignments and orientation have not yet been released. Specific product information is typically disclosed around the time of the official sale notice and the opening of the model house. For Caiiv Yuboraa as well, related details are expected to be released in stages ahead of next month's sale. Whether applicants may apply for both the AC3 and AC4 blocks has not yet been decided.
The surrounding neighborhood will begin taking shape in earnest from late this year. In Gyeyang New Town, 1,285 units on the A2 and A3 blocks are targeting their first move-ins in December. Infrastructure including schools and parks is scheduled to follow in stages alongside further housing supply. Gyeyang AX Park, intended to provide self-sufficient functions, is also being developed. In the adjacent Bucheon Daejang urban high-tech industrial complex, Korean Air, SK Innovation, SK hynix and DN Solutions have signed land purchase contracts, making corporate tenancy more concrete. Those companies are scheduled to move in between 2029 and 2031, so the resulting resident demand needs to be viewed over the medium to long term.
Everyday retail and services will likely depend heavily on existing urban centers in the early stages of occupancy. Gyeyang New Town does not yet have enough facilities such as large discount stores within its boundaries. The established Gyeyang area has Lotte Mart's Gyeyang branch and E-Mart's Gyeyang branch, but neither is within walking distance of the complex. Until the new town's neighborhood is complete, residents will likely need to drive to use facilities in the existing Bakchon, Gyesan and Jakjeon areas. As for education, sites reserved for a kindergarten, an elementary school and a middle school are placed near the complex. If the schools open as planned, children will be able to attend school from kindergarten through middle school within the new town, which counts as an advantage.
Locally, interest so far has come more from residents of Gyeyang District and nearby areas than from outside buyers. "The people inquiring now are mainly local residents, and there is demand to buy a newly built apartment," an official at a local brokerage said. "Even after selling their existing home, they would need to borrow another 100 million to 150 million won, but the mood is that presale prices for new apartments will keep rising, so it is better to buy even slightly earlier."
The presale price is seen as a key variable that will determine how the subscription goes. Public presale prices in Gyeyang New Town have also risen sharply of late. The highest presale price for an 84-square-meter unit on the A2 block, offered in 2024, was 584.11 million won, but 84-square-meter units on the A6 block offered this year averaged about 710 million won. The presale price for Gyeyang New Town Caiiv Yuboraa has not been set, but local market talk puts it at around 22 million won per 3.3 square meters. Applied to an 84-square-meter unit, that works out to the mid-700 million won range. The final price will be confirmed in the official sale notice.
