Songjeong-dong, Seongdong-gu, Emerges as a Core Redevelopment Site

In particular, the water reclamation center is slated to become a park twice the size of Children's Grand Park, and Songjeong-dong is being evaluated as Seoul's last gem, where residents could enjoy two premiums at once: waterfront and park.

Jeon Eun-seong said, "I see the value of the Han River extending out to Jungnangcheon," stressing the future value of Songjeong-dong.

Currently, 30-pyeong apartments at Seoul Forest I-Park Riverforest trade at high prices of roughly 4.5 to 5 billion won. Jeon Eun-seong asked, "If Seoul Forest I-Park Riverforest goes to 4.5 or 5 billion won, how high do you think an apartment complex in Songjeong-dong could go?" and forecast that such a complex in Songjeong-dong could reach a price level of 3.8 to 4 billion won. This is because its access to the Jungnangcheon waterfront is equal to or better than that of Seongsu-dong.

Interest in Seongsu-dong redevelopment is high, but investing there currently requires an entry cost of around 4 billion won. Jeon Eun-seong acknowledged the high profitability of investing in Seongsu-dong, saying, "Everyone knows about Seongsu-dong redevelopment. To invest now takes 4 billion won. People invest 4 billion now because it will become 7 billion, so even investing now, it will be 7 billion." However, investing early in Songjeong-dong could secure a safety margin of roughly 2 billion won after zone designation, making it a more attractive alternative for small-scale investors. Accordingly, Songjeong-dong is drawing attention as an investment destination in the early stage of redevelopment, where large returns can be expected with a relatively smaller initial outlay than Seongsu-dong.

Narrow roads and insufficient infrastructure make vehicle access difficult and new construction hard, so comprehensive redevelopment is more efficient than developing individual houses. The area also applied for Seoul's Rapid Integrated Planning support in 2021, so local residents' will and the prospects for redevelopment are considered high.

Jeon Eun-seong described the movement: "We're trying to change the district name now. If you go to a real estate office to change it to Seongsu-dong 2-ga Ido, there's a register you sign. We want to change it." Given Seongsu-dong's high recognition and brand value, the name change is expected to positively affect Songjeong-dong's property value.

Jeon Eun-seong asserted, "Among the expanding waterfronts, it's the top. Even with Anyangcheon, Hongjecheon, Jungnangcheon and Tancheon ahead, no place can see prices rise as much as Songjeong-dong." It is cited as virtually the only alternative for securing an apartment sale right in neighboring Seongsu-dong, and investing in homes priced at 600 million won or less allows use of tax benefits, further boosting its investment appeal.