"Feels Like Living on a Cruise Ship"... Jaw-Dropping 'That World' European Mansion Vibes at Forges Hangang [Report][Real Estate AtoZ]

Controversial Record-High Pre-Sale Price Becomes 'Ordinary' After Market Surge in Two Years
Han River Views and Premium Community Facilities Signal Re-Evaluation of Gwangjang-dong, a Traditional Affluent Area
Forges Hangang Welcomes Residents, Ignit

'Forges Hangang' in Gwangjang-dong, Gwangjin-gu, Seoul, began welcoming residents this week. With a pre-sale price of 1.377 billion won per 3.3 square meters, it set a record for the highest price at the time, sparking curiosity about what makes this complex special. Driven by this curiosity, I visited the former Han River Hotel site. Passing through the exotic and grand entrance gate, I was greeted by a 140-meter-long private road lined with cypress trees and elegant fountains on both sides. It truly felt like entering a European aristocrat's mansion.

Exclusive 223㎡ living room with a Han River view at Forges Hangang. Provided by MDM Plus.

Upon opening the front door of one unit, the panoramic view of the Han River through the living room's floor-to-ceiling windows was simply breathtaking. The high ceilings, reaching about 2.72 meters, and the transparent curtain wall windows created the illusion of being aboard a cruise ship floating on the Han River. The claim that it offers an even closer and more unobstructed view of the river than the nearby Walkerhill Hotel was no exaggeration. Notably, not only the living room but also each bedroom was designed with curtain walls, allowing residents to enjoy open Han River views from every corner of the home. In line with its 'hyper-luxury' label, the interiors are fitted with premium German kitchen furniture from Zeymatic and appliances from Gaggenau, which also caught my eye.

Heading to the community facilities on the first basement floor, I discovered another world. The approximately 3,300-square-meter space, reserved exclusively for the 128 households, features an indoor swimming pool facing the Han River, a hotel-style sauna, a screen golf room, and a cinema room. The powder rooms and showers in the sauna are designed for private use. The keyword 'private,' which defines the community facilities, is most evident here. The cinema room, which can be reserved, is equipped with custom-made high-end sound systems. It truly felt as if a five-star hotel membership had been brought into the complex itself.

Cypress trees and a fountain appear upon entering the gate of Posez Hangang. Photo by Oh Yu-kyo.

Forges Hangang consists of 128 units, ranging in size from 84 to 244 square meters (penthouse). The average pre-sale price was 1.377 billion won per 3.3 square meters. Although there was controversy over the high price at the time of subscription, only a few unsold units remain today. Now, 1 year and 9 months after subscriptions closed, as prices of other riverside apartments have soared, some say the pre-sale price now seems 'ordinary.'

In January last year, when subscriptions opened, the highest pre-sale price for the 84-square-meter unit at Forges Hangang (4.4 billion won) was similar to that of Raemian One Bailey in Banpo-dong, Seocho-gu, which recently recorded an actual transaction at 7.2 billion won. During the same period, Trimage in Seongsu-dong, Seongdong-gu, rose from 4.3 billion won to 5.49 billion won, and Hyundai Apartments (10, 13, 14th complexes) in Apgujeong-dong, Gangnam-gu, jumped from 4.3 billion won to 6.5 billion won. Jamsil Jugong 5th Complex in Jamsil-dong, Songpa-gu, which had a lower market price than Forges Hangang's pre-sale price, surged by nearly 1.5 billion won to reach a record high of 4.525 billion won. Among the core complexes leading the current market within the Han River Belt, actual transaction prices are rising at a remarkable pace.

Gwangjang-dong, where Forges Hangang is located, is a traditional affluent neighborhood in northeastern Seoul, home to prestigious schools such as Daewon Foreign Language High School and Kyungbok Elementary School. However, there had been no new supply for 13 years since Hillstate Gwangjang in 2012. The arrival of Forges Hangang is now seen as an opportunity to reevaluate the area's potential value. Recently, the market price for standard-sized apartments in Gwangjang-dong has surpassed 2.5 billion won. Reconstruction activities are also picking up in older nearby complexes such as Gwangjang Geukdong 1st and 2nd, Walkerhill Apartments, and Gwangjang Hyundai 5th Complex.

Exclusive Han River 216㎡ Type Room with Han River View. Photo by Oh Yugyo.

Kim Hakryeol, head of Smart Tube Real Estate Research Institute, said, "Forges Hangang has set a new standard in Gwangjang-dong, where supply had been cut off, by showing that such homes are possible." He added, "Gwangjin-gu, located near Gangnam and Seongsu, is the 'last piece of the Han River Belt,' and is only now beginning to be reevaluated in earnest." He continued, "While most redevelopment projects in Gangnam and Seongdong have taken shape, opportunities still remain in Gwangjin. Starting with Forges Hangang, both Gwangjang-dong and Gwangjin-gu are highly likely to transform into a premium residential belt along the Han River."