Banpo Reexamined as One Bailey Moves In: A Look into the History of the Upscale Neighborhood

As One Bailey, considered a rival to Acro River Park, begins occupancy, the value of Banpo-dong in Seocho-gu as a luxury residential area is also being re-evaluated.

Seocho-gu boasts the highest apartment prices in Seoul. According to Real Estate R114, as of August, the average apartment sale price in Seocho-gu is 73.18 million KRW per 3.3㎡, surpassing Gangnam-gu to become the most expensive housing market in South Korea. In particular, Banpo-dong has the highest housing prices within Seocho-gu at 96.72 million KRW, which is over 30 million KRW more expensive compared to Cheongdam-dong in Gangnam-gu (65.10 million KRW).

Banpo-dong, which began establishing itself as a representative affluent area in South Korea since the 1970s, was one of the first areas developed in the Gangnam region. Banpo Jugong Complex 1, where former National Assembly Speaker Park Byeong-seok is known to have lived for about 40 years, was built during this time. Currently, reconstruction projects are underway for complexes 1 to 4 of Banpo Jugong Complex 1, which, along with Apgujeong Hyundai and Seocho-dong Sampoong, established themselves as premier upper-class apartments in Gangnam.

During the 1980s and 1990s, the upscale villa neighborhood of Seorae Village in Banpo 4-dong emerged. Known for its relatively quiet and pleasant environment, this area became home to luxury villa complexes and was featured in various media as the residence of prominent figures such as the late Kim Woo-joong, former chairman of Daewoo, as well as celebrities like actor Hwang Jung-min.

Since the 2000s, reconstruction projects along the Han River near the Seoul Express Bus Terminal area began to take shape, solidifying Banpo-dong’s image as a luxury apartment district. Through reconstruction, Banpo Xi was completed in 2008, followed by Raemian Firstige in 2009, and in 2016, Acro River Park gained fame as the first “100 million KRW per pyeong apartment.” It is known that figures such as Hanjin Group Chairman Cho Won-tae, actor Gong Yoo, singer Sung Si-kyung, and former baseball player Park Chan-ho have resided in this area.

A new chapter is about to be written in the history of Banpo-dong’s affluent neighborhood, which has housed numerous political and business leaders, famous entertainers, and sports stars. This area, already boasting the highest housing prices in South Korea, is preparing to transform into an ultra-high-end residential district with prices easily exceeding 10 billion KRW.

One Bailey, which recently began occupancy, already signaled the era of 10 billion KRW homes in Banpo earlier this year when a 200㎡ exclusive-use unit was sold for 10 billion KRW. Acro River Park, competing for the top apartment position in Banpo alongside One Bailey, currently has 234㎡ units listed between 16 billion KRW and up to 20 billion KRW (according to Naver Real Estate). Additionally, The Palace 73, with a maximum sale price exceeding 40 billion KRW, is currently being sold, and supply is expected from The H Class (reconstruction of Banpo Jugong Complex 1, blocks 1, 2, and 4), Raemian Triniwon (reconstruction of Banpo Jugong Complex 1, block 3), as well as Maple Xi in Jamwon-dong (integrated reconstruction of Shinbanpo Hanshin District 4), which is classified within the Banpo living area.

A real estate expert in the Banpo area stated, “Banpo has established itself as the best residential area where conglomerate heads and famous entertainers reside, offering a quiet living environment in Gangnam while being densely equipped with various living infrastructures such as Shinsegae Department Store and Seoul St. Mary’s Hospital,” adding, “With the formation of the 10 billion KRW housing market, Banpo will grow into the top affluent area in Gangnam.”