The general sale price for 'The H Bangbae,' a reconstruction complex in Bangbae 5 District, Seocho-gu, Seoul, has been set at around 65 million KRW per 3.3㎡. The sale is scheduled for mid-next month.
Perspective view of Bangbae 5 District Reconstruction / Image provided by Bangbae 5 District Reconstruction Maintenance Project Association
According to the maintenance industry on the 22nd, Seocho-gu Office held a price ceiling system review committee meeting and set the sale price of The H Bangbae at 64.967 million KRW per 3.3㎡. This complex consists of 29 buildings ranging from 4 basement floors to a maximum of 33 floors above ground, with a total of 3,064 households, of which 1,244 households with exclusive areas of 59 to 114㎡ will be sold to the general public. The construction company is Hyundai Engineering & Construction.
This is the first new sale in Bangbae-dong in over five years since 'Bangbae Grangjai' in 2019. Considering that the adjacent 'Lotte Castle Arte' (moved in 2013) with an exclusive area of 84㎡ was traded for 2.26 billion KRW last month, there is an analysis that capital gains can be expected. Ham Young-jin, head of the Real Estate Research Lab at Woori Bank, said, "Considering the surrounding market prices and supply status, there is sufficient scarcity value within Bangbae-dong."
Meanwhile, as reconstruction complexes in the Gangnam area are successively going on sale in the second half of this year, it is expected that a considerable number of buyers aiming for capital gains will gather. In addition to The H Bangbae, 'Raemian Lebentus' in Dogok-dong, Gangnam-gu (308 households, Samho Apartment reconstruction) and 'Raemian Onepentas' in Banpo-dong (641 households, Shinbanpo 15th reconstruction) are also preparing for sale. These complexes share the common feature of being subject to the price ceiling system. The general sale price of Raemian Onepentas was set at 67.37 million KRW per 3.3㎡, the highest level ever since the application of the price ceiling system.
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