The transaction volume for the 'Miryung·Miseong·Samhok 3rd (Mimi Sam)' in Wolgye-dong, Nowon-gu, considered the largest reconstruction project in northern Seoul, has recently increased significantly. Analyses suggest that the nearby 'Seoul One I-Park', embroiled in controversy over its high sales prices, has inadvertently benefited from this situation. As expectations for the future value of 'Mimi Sam' grow, it is believed that the current price range is undervalued.
According to the Seoul Real Estate Information Plaza on the 19th, the number of sales transactions for 'Mimi Sam' totaled 31 from the past three months (Oct. 15, 2024, to Jan. 15, 2025). This ranks 10th in the sales transaction volume of Seoul apartments and 1st in Nowon-gu. The gap compared to the second-ranked Taerung Harrington Place (17 transactions) in Nowon-gu is substantial. During the same period last year, 'Mimi Sam' had only 14 transactions.
The market reports that three favorable conditions converged for 'Mimi Sam'. Firstly, many believe that the controversy over the high sales prices of the 'Seoul One I-Park' launched in November last year has provided a reflective benefit. Although the 'Seoul One I-Park' recorded an average competition rate of 14.94 to 1 in the first-round application, about half of the larger units (exclusive areas of 105㎡, 112㎡, 120㎡) fell short of expectations. However, it successfully sold out during the second application and non-priority application.
'Seoul One I-Park' is being developed in conjunction with the Gwangwoon University station area development, a key project of HDC Hyundai Industrial Development. By the time this project is completed in 2029, numerous amenities including hotels, shopping malls, and offices will be established in the area. At that point, 'Mimi Sam' can expect to achieve greater profits considering its future redevelopment project. The market anticipates that the 'Seoul One I-Park', which was sold for around 1.4 billion won per exclusive 84㎡, will reach a minimum of 1.6 to 1.7 billion won after the Gwangwoon University station area development.
'Mimi Sam' is currently being traded at prices about 20% lower than its peak in 2021. An exclusive 59㎡ unit exchanged hands for 805 million won (9th floor) on the 4th of this month and for 760 million won (1st floor) on the 8th. The highest price recorded was 980 million won in September 2021. The city of Seoul approved a revised district unit plan for the 'Wolgye 2 district', including 'Mimi Sam', last year, and it is now preparing for the designation of a maintenance district. The Wolgye 2 district, which includes 'Mimi Sam' and 'Samhok 4th', is set to evolve into a mixed residential complex with approximately 6,700 units in the future.
Park Hapsu, an adjunct professor at the Konkuk University Graduate School of Real Estate, noted that 'Mimi Sam' has the advantage of a view of the Jungnangcheon stream, making it superior to 'Seoul One I-Park' in terms of location only, adding that 'significant development profits are expected from the redevelopment'. 'Mimi Sam' is a complex completed in 1986 with a total of 3,930 units. While it consists mostly of small to medium-sized units, an analysis indicates that its profitability is quite good as the floor area ratio stands at 131%.
Additionally, with the opening of the GTX-C line at Gwangwoon University Station in 2031, 'Mimi Sam' will also benefit. Gwangwoon University Station is already a double station where Line 1 and the Gyeongchun Line pass, which will further enhance the transportation network. Once the GTX-C line opens, it will be possible to travel from Gwangwoon University Station to Samsung Station in 10 minutes with three stops. Furthermore, the undergroundization project of the Dongbu Expressway aims to open in 2029. The underground section will stretch 12.5 km from Seongbuk-gu Seoggwan-dong to Gangnam-gu Daechi-dong, reducing travel time from the existing 50 minutes to around 10 minutes.
Ham Young-jin, the head of the real estate research lab at Woori Bank, said that while 'Seoul One I-Park' is newly built, there is a demand that has shifted toward 'Mimi Sam' due to price burdens. However, he warned that a significant amount of time and high construction costs will be required for redevelopment, indicating that a long-term approach is necessary.