. It literally means 'digging out a large portion of the ground,' but it refers to the Boston Deep Underground Tunnel, which was completed in 2007, and this project. It usually runs from Boston's Logan International Airport to the tunnel section that passes under Boston's main strait and the downtown underground. The section is called .
The beginning dates back to 1982, and began with discussions to solve the chronic urban and transportation problems of the old city of Boston. The goal was to solve the congestion problem on the Central Artery (I-93), an overpassed highway that was an eyesore in downtown Boston, and to create more than 45 parks and squares by making the road underground. To this end, design began in 1984 led by MIT (Massachusetts Institute of Technology), and construction began in 1991 with the goal of completion in 1998. However, many problems were discovered during construction, and opening was delayed as additional construction was carried out to resolve them. did. In the end, it began sequentially opening in 2002, four years later than planned, and was finally opened in December 2007.
© Rose Fitzgerald Kennedy Greenway Conservancy
The opening was nine years later than expected, and as a result, $14.6 billion (approximately 20 trillion won based on the current exchange rate) was spent, more than five times the initially expected budget, and this enormous financial burden became the basis for those who argued that the project failed. do.
Despite the delay in the project and the resulting enormous financial burden, the average vehicle travel time was reduced by about 62% after the opening of the highway, which was found to reduce congestion costs of more than KRW 200 billion per year, and 45 parks and plazas were created in the upper space. By planting more than 26,000 trees, carbon monoxide emissions prior to the project were reduced by about 12%. In addition to these visible achievements, the demolition of the elevated highway that divided the city center directly connected Boston's downtown and the Atlantic waterfront area, showing the direction of growth of expansion, connection, and communication of the previously disconnected urban space.
In addition to the examples mentioned above, major developed countries such as the United States, France, Japan, Australia, Sweden, and Spain have been actively promoting and operating the construction of underpasses since the early 2000s, and in addition to the primary goal of improving traffic conditions, all of them have been designed to connect cities. We are also looking forward to the direction of growth of expansion and communication. In Korea, underground roads are also being promoted, focusing on sections connecting metropolitan areas and major nearby bases.
As a result of this project, the <Western Trunk Underground Road>, which opened on September 1, 2021, promoted duplexing of the above and below ground to solve problems such as habitual congestion on the Western Trunk Road and noise and fine dust in nearby areas. At the time of the project, it was expected that the traffic volume of about 50,000 vehicles would be dispersed and commute time would be shortened by about 20 minutes, and it is understood that the actual travel speed has significantly increased in most sections since opening.
In addition, the <Gyeongbu Dongtan Tunnel> straightened the 4.7km section between <Dongtan JC> and <Giheung Dongtan IC> of the Gyeongbu Expressway, and created a 1.2km section near Dongtan Station into a tunnel, opening both up and down routes on March 28 this year. Because it has 10 round-trip lanes, the width of the tunnel is 54m, and the connecting road at the top of the tunnel is planned to create a park with a total of 89,729㎡ (about the size of 12 soccer fields) by December 2024 and November 2026. With the opening of the <Gyeongbu Dongtan Tunnel> and the upper road and park, not only will traffic and use of Dongtan Station between the 1st and 2nd new towns of Dongtan, which had been separated into east and west by the Gyeongbu Expressway and difficult to communicate with, become smoother, but the creation of the park will also facilitate the use of Dongtan Station. It is expected that the urban environment will improve as a result.
These improvements in transportation and the urban environment are good news for the area and serve as good material to attract the attention of real estate investors. However, we would like to point out how and to what extent it will act as a positive factor, or in other words, what you need to be careful about when analyzing and applying the acquired real estate information.
Bundang's <Good Morning Park>, which began construction in 2015 and opened in November 2023, eight years later (about four years later than planned), is built on the upper part of the Bundang-Suseo Expressway, one of the main roads connecting Bundang and Seoul. It is an upper park. A 1.59km (6-lane, round-trip) section of the Beolmal Underpass from Imae-dong Areum Samgeori to Yatap-dong on the Bundang-Suseo road, where an average of 180,000 vehicles pass every day, was covered with a structure and covered with soil to create a park. Strictly speaking, it is difficult to call it undergrounding, but it can be said to be a project that can have the same or similar effect as undergrounding by covering the road and creating a park on the upper part of the road. Above all, the pain of apartment residents near the road, who had been suffering from noise and dust, was resolved, and the road opened up a path for expansion and communication by connecting Imae-dong and Pangyo in Seongnam, which had been divided into east and west by the road.
We need to look at what impact these changes would have had on surrounding real estate from an investor's perspective. It is not difficult to predict that this will have a positive effect on real estate prices, as the long-standing wish of the apartment complex, which has suffered from noise and dust for over 20 years, has been resolved. Related media articles published in May 2024 can be found.
If there is a difference of more than 100 million won in the actual transaction price just due to the conversion of the upper part of the road into a park and its impact, it will be a very important basis for judging investments in similar cases scheduled in the future. Perhaps that is why the content of the article that mentioned the impact of this project and the changes that followed (differences in the amount of increase due to the conversion of the upper part of the park – the case of Arum Village fairyland and Imaechon revitalization) is mentioned verbatim in articles from various media outlets covering similar topics. do. However, the content of the above article appears to be different from the facts. It is not appropriate to mention in the text whether relevant research was insufficient when writing the article, for what purpose the article was written in a piecemeal fashion, or whether there was another intention, considering the intent of the text to briefly convey real estate common sense. . However, as a person who claims that it is different from the facts, it will be necessary to provide reasons and evidence for why it is different from the facts for the many interested investors. The reason and basis for denying the article in question can be found by looking at the actual transaction price of the Imae-dong apartment complex by adding and expanding the scope of the complex.
Looking at the actual transaction price data for 2019 and 2024, which is covered in the article based on the exclusive 80㎡ apartment in Imae-dong, there is a difference in the amount of increase between Arum Village Seongyeong and Samho Apartments, complexes that directly benefit from <Good Morning Park>. Even though it is the same direct benefit complex, you can see that there is a lot of difference. In the case of Arum Village Samho, compared to the Samsung Apartment in Imae-dong, right across from Tancheon, the difference in increase is about 30 million won, not the 100 million won difference mentioned in the media article. If you open the map to see why this difference occurred, You can see it clearly.
The reason why Arum Village Seonkyung’s increase was much greater than that of other complexes was because of the benefits rather than the benefits of <Good Morning Park>. This was possible because it was a direct beneficiary area of Seongnam Station. In the case of Arum Village Samho, which is not a direct beneficiary area, the increase is about 20 to 30 million won compared to Imae-dong Promotion or Samsung. Rather, this difference in increase is the direct impact that <Good Morning Park> had on surrounding real estate. It is much more logical to see it as a result of .
It is only natural that responsibility for investment decisions and results lies entirely with the investor.
Unfortunately, incorrect information delivered to investors, whether intentional or unintentional, leads to incorrect investments, and investors may suffer huge losses contrary to their judgment.
In the flood of investment information , receiving the right information or analyzing the information accurately is a very important factor in investment. It is information related to trends, and it takes a long time from the establishment of the plan to its completion, and there is a lot of room for variables to intervene during the project (in fact, it was delayed for several years due to various variables. In the case of 9 years, <high speed between Suseo and Bundang) The upper part of the road was completed 4 years later than originally planned) and it is not easy to comprehensively analyze and utilize it. Therefore, before using this information, investors must conduct thorough research and analysis in various fields and use it to make decisions. However, in the various environments an individual finds himself in, it is very difficult to make an accurate judgment based on personal research and analysis, and there is a high possibility of making an incorrect judgment. Therefore, a recommended method is to consult with or seek advice from in-depth and reliable partners, experts, or expert groups related to real estate regarding investment-related information or direction, and utilize the networks and systems established through them. In the midst of a flood of real estate information, we urge you to establish and execute an investment plan through careful information collection and proper selection.
