Largest general pre-sale offering in Seoul in the first half of this year

Transit-oriented area near Dolgoji Station on Line 6, 30 minutes from City Hall

Adjacent to Jangwi Elementary School; GTX-C line expected to boost area further

A rendering of Jangwi Prugio Mark One [Daewoo Engineering]
A rendering of Jangwi Prugio Mark One [Daewoo Engineering]

Seoul's real estate market north of the Han River is reaching a turning point. The Seoul Metropolitan Government recently announced plans to pour 16 trillion won (approximately $10.5 billion) into the area to expand transportation infrastructure and create industrial and employment hubs, drawing fresh attention to a district long considered undervalued.

According to industry sources, the city unveiled a long-term development initiative in February called "Again, the Golden Age of Gangbuk 2.0." The plan centers on allocating 4.8 trillion won to a dedicated "Gangbuk Golden Age Fund" (tentative name) and 5.2 trillion won toward rail and road projects in the northern districts. Over the next decade, the city aims to concentrate key urban functions in newly developed hubs across Gangbuk, shedding its image as a bedroom community and building a new growth corridor to rival the southern districts.

Once the project is complete, northern Seoul is set to gain seven new transportation infrastructure projects — a cross-Gangbuk underground urban expressway, the Gangbuk Cross Line, the Ui-Sinseol Extension Line, the Western Line, the Dongbuk Line, the Myenmok Line and the Dongbu Arterial Underground Road — along with four major development hubs: the modernization of the East Seoul Bus Terminal, a green ecological urban center in the Sewoon district, development of the northern transit-oriented area around Seoul Station, and the Yongsan Seoul Core project.

Industry observers expect the large-scale, long-term development to narrow the gap between northern and southern Seoul while building broader expectations of rising property values in the area.

Residential development is also gaining pace. The Seoul Metropolitan Government is currently pursuing 20 urban renewal promotion projects (as of September 2025) aimed at improving living conditions, expanding infrastructure and restoring urban functions in neglected parts of northern Seoul.

One example is the Jangwi New Town project, which is redeveloping the area around Jangwi-dong in Seongbuk-gu and is expected to deliver roughly 33,000 residential units upon completion. The Gireum New Town project, covering the Gireum-dong area of Seongbuk-gu, is similarly set to supply a complex of approximately 6,300 units.

Development expectations are already feeding into home prices. Data from Real Estate 114 show that average home prices across the 14 autonomous districts north of the Han River in Seoul rose 5.65 percent in May (as of the 29th) compared with January, outpacing the city-wide average gain of 5.34 percent over the same period.

"The pre-sale market in northern Seoul has historically been undervalued relative to Gangnam, with limited investment demand," a real estate industry official said. "As new transportation infrastructure and economic hubs take shape, perceptions of the area will continue to shift in a more positive direction." The official added that securing a unit in a new complex now "could prove to be a sound strategy, given the future value once this Gangbuk development project is complete."

Against that backdrop, newly supplied complexes in northern Seoul are drawing considerable attention.

Daewoo Engineering plans to launch pre-sales this month for Jangwi Prugio Mark One, located at 68-37 Jangwi-dong, Seongbuk-gu, Seoul. The complex redevelops Zone 10 of the Jangwi New Town redevelopment district and will rise from five below-ground floors to 35 above-ground floors across 23 buildings, totaling 1,931 units. Of those, 1,032 units ranging from 39 to 114 square meters in exclusive use area will be offered in the general pre-sale — making it one of the largest general pre-sale offerings in Seoul's first-half market this year. Strong buyer interest is expected.

The complex sits in the transit-oriented area around Dolgoji Station on Seoul Metro Line 6, with City Hall Station — a transfer point for Lines 1 and 2 — and Sinsa Station — a transfer point for Line 3 and the Shinbundang Line — both reachable within about 30 minutes. Additional transportation improvements are on the horizon as well, including the Dongbuk Light Rail Transit line and the Greater Seoul Metropolitan Express Railway (GTX)-C line.

Nearby, a roughly 150,000-square-meter transit-oriented development project is under way around Gwangwoon University Station, planned to become a key economic hub for the northeastern district combining office, commercial and residential facilities with cultural and sports amenities.

Jangwi Elementary School sits directly adjacent to the complex, allowing children to walk to school safely — a feature Korean homebuyers prize. Several other schools are also close by, including Wolgok Middle School, Namdaemun Middle School, Jangwi Middle School and Seokgwan High School.

Residents will have easy access to daily conveniences including Jangwi Traditional Market, Homeplus, E-mart, Lotte Department Store and Hyundai Department Store. The complex is also near North Seoul Dream Forest, Odong Neighborhood Park, Wolgoksan and the Uicheon walking trail, offering a pleasant living environment.

"Jangwi Prugio Mark One is a complex where residents can enjoy transportation, education, lifestyle and natural amenities all from a prime location at the heart of Jangwi New Town," a Daewoo Engineering official said. "With a range of positive catalysts — including the Gwangwoon University Station transit-oriented development and the city's broader Gangbuk development plan — we expect strong interest from buyers who see significant future value in the project."

Meanwhile, Daewoo Engineering appears on track to comfortably meet its 5 trillion won urban renewal contract target for this year. The company has recorded 2.9153 trillion won in urban renewal contracts so far, having secured projects including the urban renewal-type redevelopment of the Sinimun Station transit-oriented area in Dongdaemun-gu and the redevelopment of the Sindaebang Station transit-oriented area in Dongjak-gu.


lucky@heraldcorp.com