Revival of the Wealthy Bangbae-dong Neighborhood... Rush of Reconstruction Complex Sales

147 Households at Acro Ritz County Next Month
465 Households at Raemian One Perla for General Sale
High Residential Preference in Gangnam 8 School District
Transforming into a High-End Apartment Complex

Reconstruction complexes in Bangbae-dong, Seocho-gu, Seoul, are continuing to be offered for sale. Bangbae Samik and Bangbae District 6 are set to be launched within the year. With new complexes being built, the Bangbae-dong area is expected to transform into a high-end apartment complex neighborhood, drawing attention to whether the subscription boom will continue. The recently launched DH Bangbae (Bangbae District 5) received 58,684 first-priority subscription applications, resulting in all types being fully booked.

According to industry sources on the 6th, Acro Ritz County, which reconstructed Bangbae Samik, will be launched next month, and Raemian One Perla, which reconstructed Bangbae District 6, will be launched at the end of November.

Sequential Sales of Bangbae Samik and Bangbae District 6

‘Acro Ritz County,’ which reconstructed Bangbae Samik, will be built with 8 buildings ranging from 5 basement floors to 27 above-ground floors, totaling 707 households. Among these, 147 households will be offered for general sale. It is located near Bangbae Station on Line 2, with good access to the Seocho academy district and adjacent to Sangmun High School. The sale price is expected to be set at around 65 million KRW per 3.3㎡, similar to DH Bangbae.

Assuming the sale price is around 65 million KRW per 3.3㎡, the exclusive area of 59㎡ is estimated at around 1.7 billion KRW, and 84㎡ at around 2.3 billion KRW. According to the Bangbae Samik project implementation plan change approval currently under public inspection in Seocho-gu, the cooperative member sale prices were 1.1 billion KRW for 59㎡, 1.3 billion KRW for 75㎡, 1.4 billion KRW for 84㎡, and 1.6 billion KRW for 110㎡. Move-in is scheduled for the second half of 2026.

‘Raemian One Perla,’ which reconstructed Bangbae District 6, will be built with 16 buildings ranging from 4 basement floors to 22 above-ground floors, totaling 1,097 households. Among these, 465 households sized 59 to 84㎡ will be offered for general sale. Raemian One Perla is close to Naebang Station on Line 7 and within a 10-minute walk to Isu Station on Lines 4 and 7. It is adjacent to the Bangbae academy district and near Bangbae Elementary School, Seomun Girls’ Middle and High School. The general sale price is expected to be set at around 67 million KRW per 3.3㎡, similar to One Pentas. Move-in is scheduled for November next year.

Subscription Boom Expected to Continue

With DH Bangbae recently recording high subscription competition rates, Bangbae-dong is gaining attention again. Despite the high sale price, DH Bangbae recorded an average first-priority subscription competition rate of 90.28 to 1 and a special supply rate of 47.26 to 1. Bangbae-dong is an area subject to the sale price ceiling system, which is analyzed to have contributed to the potential for future capital gains.

The average sale price per 3.3㎡ of DH Bangbae, launched last month, was 64.95 million KRW. By exclusive area, prices were 1.7 billion KRW for 59㎡, 2.2 billion KRW for 84㎡, 2.5 billion KRW for 101㎡, and 2.7 billion KRW for 114㎡. Nearby Bangbae Gran Xi recorded new high prices last month with 1.88 billion KRW for 55㎡ and 2.32 billion KRW for 74.6㎡. The 84㎡ unit was traded at 2.87 billion KRW in the same month. This apartment complex was occupied in 2021.

Bangbae-dong borders Banpo-dong in Seocho-gu and Dongjak-gu and was developed in the 1970s and 1980s. It is evaluated to have good business potential as it is a mix of medium-sized apartment complexes mainly with large floor areas and detached houses. Unlike redevelopment, it has the advantage of no obligation to supply rental housing as infrastructure is already in place. It is a representative Gangnam 8 school district area with high residential preference, housing Seomun Girls’ Middle and High School, Dongduk Girls’ Middle and High School, Seoul High School, and Sangmun High School.

There are 10 reconstruction projects underway in the Bangbae-dong area, including Bangbae Districts 5 and 6, which have started construction, and Bangbae Samik. Among these, Bangbae Districts 13 and 14 have received management disposition approval, and Bangbae Districts 7 and 15 and Bangbae Shin Samho have received cooperative establishment approval.

Jung Bohyun, Chief Researcher at NH Investment & Securities, explained, "Bangbae-dong is a traditional affluent area with residents having high incomes, and despite recent cost dispute issues such as increased contributions and construction costs, projects are progressing relatively smoothly. For projects reconstructing detached houses and multi-family houses, purchase plans should be established considering redevelopment or housing types, rights value or contributions based on land shares, and expected safety margins."