Refer Report

The development of old residential areas in Bangbae-dong and Seocho-dong, Seocho-gu, known as the ‘original Gangnam area’ in Seoul, is picking up speed. Bangbae-dong, where housing redevelopment is actively underway, will be transformed into an apartment complex with over 10,000 households in the future. In Seocho-dong, Shindonga Apartment is in the process of being demolished, and Jinheung Apartment has finalized a rapid integration plan. As the development of Seocho and Bangbae-dong is nearing its end, attention is being paid to whether it can regain its reputation as the original affluent area.

12,000 new apartments in Bangbae-dong

According to the maintenance industry on the 2nd, 13 redevelopment, reconstruction, and street housing maintenance projects are underway in Bangbae-dong, Seocho-gu. The number is close to 12,000 households. There are four large complexes with more than 1,000 households. Bangbae-dong, which used to have a strong image of old villas, multi-family homes, and single-family homes, is transforming into a high-end apartment residential area.

Bangbae District 5, Bangbae District 6, and Bangbae Samik are expected to be sold in the second half of the year. ‘DH Bangbae’ in Bangbae District 5 has already started recruiting residents. Last month, 58,684 people applied for the first round of applications for 650 out of 1,244 general sales units, recording an average competition rate of 90.3 to 1. Hyundai Construction will be in charge of construction, building 3,064 units in 29 buildings with 4 underground floors and 33 above-ground floors.

‘Raemian One Perla’, which is located in Bangbae District 6, has also entered the groundbreaking stage. Samsung C&T Construction Division will build 16 buildings with a maximum of 22 floors above ground, and a total of 1,097 households. Of these, 465 households with exclusive areas of 59 and 84㎡ will be offered for general sale. Occupancy is scheduled for November 2025.

DL E&C is planning to sell ‘Acro Ritz County’, a high-end residential brand Acro, on the site of the Bangbae Samik Apartment in the second half of the year. There will be 8 apartment buildings with 5 underground floors and 27 above-ground floors, with 707 households. This means that in the second half of the year, nearly 5,000 new apartments will be supplied in Bangbae-dong alone.

Bangbae District 13 and Bangbae District 14 have entered the final stages of demolition, which is the final stage of reconstruction. These complexes are expected to be transformed into ‘Bangbae Forest Zai’ and ‘Bangbae Le L’, respectively, with GS Construction and Lotte Construction in charge of construction. Bangbae Shindonga received management disposition approval, and Bangbae District 7 received business execution approval. Bangbae Shindonga will be rebuilt into ‘Otier Bangbae’ by POSCO E&C. Bangbae District 7 is in the construction selection stage.

Seocho-dong’s purpose has been upgraded to provide more flexibility for reconstruction

Seocho-dong, where reconstruction projects are progressing quickly, has relatively fewer remaining redevelopment sites compared to Bangbae-dong. The Shindonga Apartment, the last remaining of the so-called “Five Eagle Brothers” and the most important project sites in Seocho-dong, is in the final stages of demolition and is about to begin construction. The complex, which DL E&C is constructing, has been named “Arc de Seocho.” It will consist of 16 buildings with 4 underground floors and 39 above-ground floors, and 1,161 households.

In the vicinity of Gangnam Station, there are growing expectations for redevelopment through the upward change of the use zone. Seocho-dong Jinheung Apartment is currently undergoing redevelopment with a maximum of 59 floors and 857 households. It is the first complex to have its use zone changed to quasi-residential in order to create an ‘urban complex housing complex’ where you can enjoy the convenience of Gangnam city center, such as jobs, leisure, and shopping. Seocho Woosung 5th was completed in 1998 and has not yet reached its redevelopment period. However, since it is close to Gangnam Station and is included in the Seoul City district unit plan, there are growing expectations for redevelopment through the upward change of the use zone.

The area around Bangbae and Seocho-dong has convenient transportation and an excellent educational environment. Bangbae-dong has easy access to Sadang Station, Isu Station, and Bangbae Station, while Seocho-dong has Gangnam Station, Kyodae Station, Sinnonhyeon Station, and Yangjae Station. These areas are playing a significant role as new apartment supply sources in Gangnam due to redevelopment projects. Apartment prices are also strong. The exclusive 59㎡ of Seocho-dong’s ‘Seocho Grand Zai’ recently changed hands for 2.5 billion won, and the market price has entered the era of 100 million won per 3.3㎡. An official from Seocho-gu A public official said, “There are high expectations that the area around Bangbae and Seocho-dong will regain its status as a high-end residential area due to the large-scale redevelopment project.”

Reporter Kim So-hyun alpha@hankyung.com

Source: Korean