Low-rise apartments in Ilwonbon-dong, Gangnam-gu, Seoul—"Ga·Sang·Han·Cheong" (Garam, Sangnoksu, Hansol, Cheongsol)—have risen by as much as 1 billion won in a year, data show. Based on the standard 84-square-meter unit, prices hit 3 billion won. The gains reflect the development of Suseo Station as a southeastern transport hub and growing awareness that the reconstruction project leaves "prime revenue."
According to the Seoul Real Estate Information Plaza on the 22nd, an 84-square-meter unit in Hansol Village in Ilwonbon-dong sold for 3 billion won (5th floor) on Jul. 12. That is nearly 1 billion won higher than exactly a year earlier in Jul. 2024 (2.05 billion won). During the same period, an 84-square-meter unit at nearby Garam Apartment rose from 2.39 billion won to 2.78 billion won, and the same size at Sangnoksu jumped from 2.3 billion won to 2.63 billion won. In a year, prices climbed by at least 400 million won.
The low-rise "Ga·Sang·Han·Cheong" apartments in Ilwonbon-dong are surging within a year on the back of reconstruction plans. Hansol Village (570 households) was completed in 1994 and passed the reconstruction age threshold just one year ago. It consists of 63- and 84-square-meter units, with a floor area ratio stuck at 108%. Garam Apartment (496 households) and Sangnoksu Apartment (740 households) were completed in 1993 and have no small-size units. Cheongsol Village (291 households), located behind Sangnoksu, is a three-story complex with even fewer floors. It, too, was completed in 1993, with a floor area ratio of 89%.
These apartments drew attention after the Seoul city government released a readjustment plan last Nov. for the district unit planning zone of the "Suseo Housing Site Development District." The Suseo district is a housing site district created in the early 1990s on a 1,335,246-square-meter tract in the Suseo–Ilwon-dong area to ease Seoul's housing shortage. It contains 16 apartment complexes with about 12,400 households.
Buying interest has concentrated on "Ga·Sang·Han·Cheong" as the profitability of these reconstruction-eligible apartments has improved. The Seoul city government plans to upgrade the zoning of these low-rise apartments from Type 2 general residential area (7 floors) to a higher category, raising the floor area ratio to over 200% at maximum. They can later be rebuilt to 15–25 stories. All four apartments near Line 3 Ilwon Station have passed the detailed safety inspection. Among them, Hansol Village has seen the biggest price increase because it is free of commercial-area issues and is progressing fastest on reconstruction.
The head of A Real Estate Agency in Ilwonbon-dong said, "These apartments have low floor counts, so the profitability is very good. The complex size nearly doubles," adding, "If you own a 30-pyeong unit (84 square meters), you can move to a 40-pyeong unit after reconstruction with almost no additional contribution."
Expectations are also high that the Suseo Station area will transform into a "southeastern transportation and infrastructure hub." Suseo Station currently serves Seoul Subway Line 3, the Suin-Bundang Line, and GTX-A (Suseo–Dongtan section), and the GTX-A line is slated to extend to Seoul Station in 2026 and to Samseong Station in 2028. In 2029, Shinsegae Department Store's Suseo Station branch is expected to open behind SRT Suseo Station. Daemosan sits behind the complexes, and the school district—including Daemo Elementary, Daewang Middle, Jungsan High, and Jungdong High—is considered strong, drawing attention.
High-rise apartments across the street, Saemteo Village (628 households) and Mokryeon Town (650 households), also rose in price. Both were completed between 1993 and 1994, with floor area ratios reaching 249%. Even so, in terms of location alone, they are rated better than the apartments across the way. Samsung Medical Center is nearby. A 99-square-meter unit in Mokryeon Town sold for 3.13 billion won (3rd floor) on Aug. 1, rising about 400 million won from the previous transaction (2.75 billion won, 13th floor).
Yoon Ji-hae, senior researcher at Real Estate R114, said, "The nearby Gaepo-dong area has been rebuilt into new stock, sharply pushing up prices, and there appears to be some 'trickle-down effect,'" adding, "It was a somewhat overlooked part of Gangnam, but buying interest is gathering on the development news."