Info. about Major Residential Area in Seoul - Jongno

 

 

Provding basic information of Seoul city for foreigners interested in Korean real estate

Major Resdential Areas Series - Jongno

Location of Jongno-gu

 

1. Information about Jongno

Basic Information about Jongno:

Jongno-gu, represented by Gyeongbokgung Palace and Myeongdong, has been the oldest central area in Seoul since ancient times. It is home to the oldest and largest business district, known as the CBD. Consequently, property prices are very high, resulting in fewer large apartment complexes. The predominant residential types are small apartment complexes, officetels, or older detached houses or villa complexes.

Transportation in Jongno:

The transportation infrastructure is excellent with many subway and bus lines, although traffic congestion is severe due to the downtown location. Additionally, the area has relatively poor access to Gangnam, making it a preferred residential area for those prioritizing CBD accessibility. Many people living in this area work in the CBD.

 

Education in Jongno:

Jongno's central area has many academies, but they mainly cater to adults and office workers, with relatively few catering to young students such as preschoolers or elementary school students. Generally, in Korea, areas with large apartment complexes tend to have better educational environments for young students.

 

Environment in Jongno:

Jongno boasts historic parks such as Gyeongbok Palace, Deoksug Palace, and Hanok Village, as well as the well-developed Cheonggye Stream. However, aside from these tourist parks, green spaces suitable for quiet walks in daily life are relatively scarce due to its urban nature. There are many mountains like Bukhansan and Inwangsan suitable for hiking instead.

 

Images of Jongno

 

2. Major large-scale development PJT in Jongno – Sewoon District

Sewoon district development

 

The development of Sewoon Shopping Center involves combining the small pieces of Sewoon Shopping Center with nearly 140,000 square meters of green space to be created in one of Seoul's most underdeveloped areas.

 

In the Sewoon District, 97 percent of the buildings are more than 30 years old, with 57 percent of wooden buildings being vulnerable to fire. The plan aims to transform this area into a green ecological city center where building forests and tree forests coexist, as established by the Seoul Metropolitan Government. In 2022, the Seoul Metropolitan Government announced that it would conduct high-density and complex development without restrictions on use in the district.

 

The development speed of Sewoon Shopping Center will likely be influenced by the negotiations between the owners and tenants. Currently, many merchants are making a living at Sewoon Shopping Center, and redevelopment would mean losing their livelihood. The Seoul Metropolitan Government is considering a plan to use land donated by private developers to create relocation spaces for tenants within the development area.

 

The recent government-led restructuring of distressed real estate project financing (PF) may also have an impact.

 

 

 

3. Representative APT in Jongno – Kyungheegung Xi

Kyungheegung Xi APT

 

The representative residential area Jongno is the Kyungheegung Xi, the largest apartment complex with over 1,000 units recently built. Located in Gyonam-dong, this large apartment complex is frequently mentioned in the media as a prominent landmark in the northern part of the city. Large apartment complexes are not easily developed closer to the CBD due to the high property prices. That's one of the reasons this apartment is valuable.

 

Regarded as one of the most prominent apartments close to downtown Seoul (Gwanghwamun, Euljiro, and Sungnyemun), it takes only a 15-minute walk to reach Gwanghwamun. While there are numerous apartments close to Yeouido or Gangnam, there are fewer apartments in close proximity to CBD.

 

As a result, many commuters to and from Gwanghwamun frequently visit this APT. Specifically, it is known to be popular among professionals such as doctors from Gangbuk Samsung Hospital or Severance Hospital, government officials, employees of large corporations, and lawyers from Kim & Chang.