Nine One Hannam 244㎡ Appraised Value 10.85 Billion KRW
Samsung-dong I'Park Record Broken After 6 Years
'Nine One Hannam,' a representative luxury high-rise residence in Hannam-dong, Yongsan-gu, Seoul, has simultaneously broken the record for the highest appraisal price and winning bid in the court auction market.
On the 28th, Myungdo Law Firm's Auction Research Institute announced that a unit with an exclusive area of 244㎡ in Nine One Hannam was put up for court auction with an appraisal price of 10.85 billion KRW. This is the first time the appraisal price for a multi-family housing auction has exceeded 10 billion KRW.
Nine One Hannam is a low-rise luxury housing complex consisting of 341 households built in Hannam-dong, Yongsan-gu, and residents moved in November 2019. To avoid the pre-sale price ceiling system in 2018, it was supplied under a lease-then-sale conversion condition, similar to Hannam The Hill in Hannam-dong. At that time, the lease deposit alone ranged from 3.3 billion to 4.8 billion KRW (monthly rent 700,000 to 2.5 million KRW), and two years later, the sale conversion price averaged 61 million KRW per 3.3㎡.
The official price of this apartment's 244㎡ unit this year is 10.67 billion KRW, ranking third highest nationwide for official prices of multi-family housing.
Until now, the highest price record in the multi-family housing auction market was held by I-Park in Samseong-dong, Gangnam-gu. The duplex penthouse with an exclusive area of 269.4㎡ in this apartment had an appraisal price of 9.9 billion KRW at the time of bidding in October 2018, which was the highest ever. Although the winning bid dropped to 8.375 billion KRW after one failed auction round and was sold in the second round, it still maintained the record for the highest price.
Nine One Hannam broke this record after about six years. This property was originally scheduled for bidding on the 9th of this month at the Seoul Central District Court, Western Branch, Division 1, but the creditor requested a change of auction date, which was accepted. The new bidding date is currently undecided.
Earlier, on the 16th, a 207㎡ unit in Nine One Hannam was sold at the first bidding round for 9.369 billion KRW, setting a new record for the highest winning bid, surpassing the I-Park record in Samseong-dong. This apartment's auction was initially scheduled for October 31 last year but was postponed twice before the first auction took place on the 16th of this month. Five bidders competed, and the winning bid rate soared to 119.35% of the appraisal price (7.85 billion KRW), making the winning bid more than 1.5 billion KRW higher than the appraisal price. The second highest bid was 9.06 billion KRW, and the third was 9.005 billion KRW, with the top three bids all exceeding 9 billion KRW.
Hannam-dong is a region where record-high transactions have been continuing recently. Nine One Hannam has set new record prices twice this year alone. A 206㎡ unit was sold for 9.7 billion KRW in January and for 9.95 billion KRW in February, both setting new all-time highs. Residents include BTS members RM and Jimin, Bae Yong-joon, and Big Bang's G-Dragon. Notably, G-Dragon made headlines in 2022 by purchasing a penthouse for 16.4 billion KRW entirely in cash.
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