"Everyone interested in real estate in Banpo-dong calls it the 'Old Banpo lottery.' If you just win the draw, the price gap with nearby complexes is over 2 billion won." (An employee at real estate agency A in Banpo-dong, Seocho-gu, Seoul.)
Samsung C&T's construction division is building Raemian Trini One in Banpo-dong, Seocho-gu, Seoul, and it is emerging as a "big fish" in Seoul's presale market in the second half of this year. This complex, which is rebuilding Section 3 of Banpo Jugong Complex 1, is called the "Banpo lottery" because, with its location directly adjacent to Gubanpo Station on Subway Line No. 9 and the application of the price cap system, winners can expect tens of billions of won in price gains.
At 4 p.m. on the 1st, as soon as I exited Exit No. 3 of Gubanpo Station on Seoul Subway Line No. 9, I could see the Raemian Trini One apartments under active construction right across the street. All the building frames were up, and a tower crane was moving construction materials. Aiming for move-in next June, workers on site were bustling to complete construction within the remaining eight months of the schedule.
According to the Banpo local real estate industry, as early as Oct.–Nov., a sales notice for the complex will be issued, followed by sales in Dec. The complex will comprise 17 buildings with 3 underground floors to a maximum of 35 floors, totaling 2,091 units. Of these, a total of 506 units of 59 square meters and 84 square meters of exclusive area will be supplied for general sale.
This amounts to about 20% of all general-sale apartments in Seoul in the second half of this year. According to Real Estate R114, the total general-sale supply in Seoul in the second half of this year is 2,626 units. Of this, Raemian Trini One (506 units) accounts for about 19.2%.
Local real estate agency officials in Banpo said with one voice that Raemian Trini One is essentially the "lottery" of Seoul's presale market in the second half of this year.
Raemian Trini One recently finalized its presale price at 84.84 million won per 3.3 square meters, and is being evaluated as coming in at half the going prices of apartments in Banpo-dong. Even though it is the highest price among areas where the price cap system applies, it is still significantly lower than neighboring complexes' prices.
An employee at real estate agency A in Banpo-dong said, "The biggest reason Raemian Trini One is called the Old Banpo lottery apartment is its price competitiveness," adding, "With the price cap system applied, the expected presale price for a 59-square-meter exclusive unit is under 2 billion won and for an 84-square-meter exclusive unit is also under 3 billion won, which is more than 2 billion won cheaper than other Banpo apartments nearby."
Given the surrounding market prices, demand in the Banpo real estate market expects at least 2 billion won in price gains, and local real estate industry officials say applications for Raemian Trini One will be heated.
In fact, apartment prices at leading nearby Banpo complexes are setting new record highs day after day. For Raemian One Bailey, regarded as the leading new Banpo complex in its third year since completion, an 84-square-meter exclusive unit set a record high when it changed hands for 7.2 billion won in Jun. this year. Units of the same size at Acro River Park and Raemian Prestige also transacted at record highs this year at 5.65 billion won (May) and 5.01 billion won (Jun.), respectively.
The head of real estate agency B in Banpo-dong said, "Typically, the period before the Chuseok holiday is one of the slowest off-seasons with few real estate transactions, but recently we have received quite a lot of purchase inquiries from people wanting to see homes," adding, "That means the buyer base for Banpo-dong apartments is solid, so when applications open for Raemian Trini One, the competition rate will be high."
Looking at the location of Raemian Trini One, it sits within the station area of Gubanpo Station on Subway Line No. 9. When construction is completed around next June, the subway station and the complex are expected to be connected underground.
From the complex entrance to Dongjak Station on Subway Line No. 4, it took about 14 minutes on foot via the Banpocheon dedicated pedestrian path. Access to major bridges such as Dongjak Bridge and Banpo Bridge and to Olympic-daero is also excellent, making it convenient to travel to major areas in Gangnam and across Seoul.