“An Apartment That Feels Like a Resort”…
383 Units at the ‘Kim Bujang’ Complex to be Released
New Geomdan Royal Park City II, now in its second year of occupancy in Wanggil-dong, Seo-gu, Incheon, is a place whose true value you can only understand by visiting and walking through it rather than looking at a map. Walking through the main gate, colorful European gardens and teahouses catch your eye, making you wonder if this is an apartment or a resort for relaxation. A 430m-long water path flows through the complex, with over 100 fountains spraying cool water, surrounded by 4m-tall Blue Angels, silver osmanthus, zelkova, and sawtooth oak trees, showing off their fresh green colors. The landscaping ratio is 38%, double the legal standard, with 1.8 million flowers and trees planted inside and outside. Construction costs for landscaping alone exceed 3.8 million KRW per 3.3㎡, higher than luxury reconstruction projects in the Gangnam area.
Known to the public as the filming location for the drama 'The Story of Manager Kim Who Works at a Large Corporation and Owns a Home in Seoul,' which ended last year, 'New Geomdan Royal Park City II' is now releasing 383 company-owned units, originally planned for lease, for general sale. Units of 74㎡ and 84㎡ are being supplied, with prices reaching up to 667 million KRW and 737 million KRW, respectively. Two years ago, at the time of the initial sale, it faced controversy over high prices compared to the surrounding market, but the current atmosphere has changed. With the 84㎡ units of major complexes in the nearby Geomam New Town exceeding the high 700 million KRW to 800 million KRW range, and some new builds reaching 900 million KRW, its price competitiveness has increased. Since the complex is already completed, buyers can move in immediately after paying the balance, and early payment discounts are available, attracting interest from actual residents.
Buffet, Golf, Movie Theater, Yacht... Luxury Enjoyed for the Low 100,000 KRW Range Per Month
'New Geomdan Royal Park City II' is often called "a resort rather than an apartment." This is no exaggeration. Comprising 1,500 units in 15 buildings from two basement levels to 29 stories, the complex operates 38 community facilities and 13 residential services, allowing for a "one-stop" lifestyle from dining to entertainment.
For dining, the Trinity Lounge provides a buffet-style "three meals a day" service with rotating menus for about 10,000 KRW per meal. Residents can handle breakfast, lunch, and dinner within the complex. The sports facilities in the community are also hotel-grade. The 50m double-decker indoor golf driving range is equipped with GDR (Golf Distance Reduction) systems at every stall, and professional golfers are stationed there for lessons. There is also a fitness center with Technogym equipment, a premium fitness brand, and a hotel-style swimming pool, including a dry sauna.
Residents can also find 'Royal Legend Heroes,' where they can enjoy seven sports including screen baseball, soccer, archery, and basketball. Bringing facilities popular at Lotte World in Jamsil into an apartment complex is a first in Korea. Additionally, the 'Royal Cinema Lounge,' an exclusive movie theater for residents, screens current releases, and the 'Royal Music Room,' a space dedicated to music and performance, is also in operation. The resident-exclusive yacht service using two 55-passenger power catamarans and the train service for complex landscaping tours are special services rarely found in existing apartments.
While one might worry about management fees given the abundance of community facilities, according to DK ASIA, the management fee for an 84㎡ unit is known to be in the high 100,000 KRW range per month. They keep costs down by operating under a direct management system without external outsourcing. In April, DK ASIA ranked first in the brand reputation survey of 17 developers conducted by the Korea Corporate Reputation Research Institute.
1.8 Million Trees and 100 Fountains Become My Front Yard
The complex's greatest charm comes from its lush, green landscaping. 1.8 million trees and over 100 fountains become "my front yard," offering rest unlike anything found in the city.
The landscaping of 'New Geomdan Royal Park City II' was designed with the motif of the gardens of 'Villa d'Este' in Italy, a 16th-century Renaissance building and a World Heritage site. It is said that DK ASIA Chairman Kim Jung-mo personally oversaw the selection of tree species, the brightness of walking path lights, and even the height of railings and corner finishes to bring the fountains and waterways famous in those gardens into the complex.
It is meticulously composed to stimulate the residents' five senses, not only with the scenery for the eyes but also with the sounds for the ears and scents. The front of the 15 buildings are decorated with different landscapes, such as a rose garden full of floral scents, or a Safari World and Aesop Village, which one might see at Everland theme park. The atmosphere changes after sunset. As the ambition to create a "City of Light," night landscape lighting installed throughout the complex illuminates the trees and waterways with a soft glow, drawing admiration. The 55m-long skywalk connecting two teahouses beside the waterway is also a special charm.
The park donated to the City of Incheon is decorated more beautifully than parks in most metropolitan new towns, becoming a landmark visited by local residents every weekend. A blue promenade surrounding the complex has been created, and a massive rye flower field and an 8km-long red clay path have been laid out on the nearby vacant lot. The developer also replaced streetlights near the complex, planted roadside trees, and built a unique shuttle bus stop. It is unusual for a developer to directly maintain land unrelated to sales performance.
Once the Royal Park City Development is Complete, It Will Reborn as a New Town with 36,500 Households
Despite its high product value, there were concerns about 'New Geomdan Royal Park City II' regarding the uncertainty of completing the infrastructure and living environment because it is not a government-led new town. However, the atmosphere is changing as the Eco Meta City development plan, which the City of Incheon is promoting with DK ASIA, is getting into full swing. Eco Meta City is a plan to develop about 2 million square meters in the northern part of Incheon, including Royal Park City, into an eco-friendly residential and business complex. The first phase of the private-led project, centered around the Sawol Village area, is moving relatively quickly and is currently going through licensing procedures.
The second phase of DK ASIA's Royal Park City project, which will build 16,800 households on a total site of 2.6 million square meters, has also begun. DK ASIA is picking up the pace by recently signing a financial agreement with Hana Bank and a legal partnership with Kim & Chang Law Firm in succession. Once the second phase is completed, the Royal Park City area will be transformed into a new town with a total of 36,500 households, on par with the Sanbon New Town in Gunpo.
The rise in surrounding house prices due to the increase in new apartment sale prices caused by rising construction costs and the shortage of jeonse is another factor drawing attention to the complex. The 383 units of 'New Geomdan Royal Park City II' are being supplied at the same sale price as two years ago, and can be accessed from the high 600 million KRW range for an 84㎡ unit. Although it was evaluated as having a high sale price at the time of the initial sale, it is now evaluated as having secured price competitiveness because it is significantly lower than the market price of new apartments in the nearby Geomdan New Town. In fact, DK ASIA additionally supplied 197 units of 'Geomam Station Royal Park City' in March, and 1,682 applications were received in just one day, recording an average competition rate of 8.54 to 1. An official from DK ASIA said, "We are confident that it is far superior to apartments in nearby new towns in terms of product value.“
Subscription applications will be accepted through the website on the 25th, and winners will be announced on the 26th.