While the nationwide real estate market has yet to recover from its slump, high-priced apartments in Banpo-dong, Seocho-gu, Seoul continue to set new record prices. Since last year, led by Banpo’s flagship properties Raemian One Bailey and Acro River Park, the era of home prices exceeding 10 billion KRW has fully begun, solidifying the area’s image as an affluent neighborhood.
According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, in January, a 101.97㎡ unit at Raemian One Bailey in Banpo-dong, Seocho-gu, Seoul was traded for 4.95 billion KRW, setting a new record price. The previous transaction price for the same area was 4.7 billion KRW in September 2023, meaning the price rose by 250 million KRW in just four months. A 59.96㎡ unit in the same complex was also sold in March at a record high of 2.98 billion KRW, which is 70 million KRW higher than the previous transaction.
At Banpo-dong’s Acro River Park, an 84.99㎡ unit set a new record price of 3.87 billion KRW on March 22, and then was traded again on the 25th for 3.95 billion KRW, continuing the streak of record-breaking prices. Other unit types, such as the 59.98㎡, have also reached new highs this year.
Earlier, these two complexes raised Banpo-dong’s status by trading at the 10 billion KRW level last year. In January 2023, a 200.93㎡ unit at Raemian One Bailey was sold for 10 billion KRW, followed by a 234.8㎡ unit at Acro River Park trading for 11 billion KRW in October. At the time, the industry paid great attention to the fact that apartment transactions exceeding 10 billion KRW appeared for the first time in Banpo-dong, rather than luxury villas or detached houses.
Besides the flagship properties, a 198.22㎡ unit at Raemian Prestige was traded for 7.4 billion KRW in February, surpassing the previous record of 5.52 billion KRW set in August 2021. In Jamwon-dong, classified as part of the Banpo living area, a 97.47㎡ unit at Banpo Lael also broke its all-time high by selling for 3.8 billion KRW in April.
The industry expects that record prices and ultra-high-end transactions exceeding 10 billion KRW will continue to increase in Banpo. Large-scale redevelopment projects are progressing at the fastest pace in the Gangnam area, and the residential infrastructure?including large parks, the Han River, school districts, and major hospitals?is among the best in Gangnam, making further price increases highly likely.
Amid this, “The Palace 73,” being built on the former Sheraton Palace Hotel site, is attracting attention. As an ultra-high-end complex with a maximum sale price reaching 50 billion KRW, it is expected to become a symbolic work representing high-end residential living not only in Banpo-dong but throughout the Gangnam area.
The Palace 73 consists of two buildings, ranging from four basement floors to 35 above-ground floors, offering a total of 73 units, including 58 apartments and 15 officetels. It is the first residential facility in Korea designed directly by the architectural master Richard Meier. To fully realize the design philosophy of this world-renowned architect, Samsung C&T Construction Division, ranked first in construction capability evaluations, was selected as the contractor. Additionally, through a business agreement with global company Samsung Electronics, cutting-edge technology will be applied to the complex, promising to complete it as a masterpiece.
The Palace 73 recently unveiled a gallery created in collaboration with domestic art masters. It has been praised as an artistic and emotional space where residents can directly and indirectly experience the lifestyle they will enjoy.
In particular, the developer The Land collaborated with top experts from various fields?from living and furniture to media art?to present the gallery as an artistic experiential space. To allow visitors to experience The Palace 73’s lifestyle, they partnered with artist Choi Byung-hoon, a pioneer in art furniture and Korea’s first-generation furniture designer; Jo Eun-sook, head of Jo Eun-sook Art & Lifestyle Gallery, known as a master in art and lifestyle; and Kim Hyo-jin, who is credited with establishing the vintage Nordic furniture culture in Korea through the opening of “Densk” in 2008.
Furthermore, through collaboration with Paul C, founder of the world-renowned new media content company Beam Interactive, daily life at The Palace 73 is presented as an emotional experience. Paul C is a highly skilled artist who has won three of the world’s top design awards and four major ministerial awards in Korea, and is known as the only Korean among the world’s top 100 media artists.
The gallery, reborn through the hands of these masters, is located in Sinsa-dong.
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