Banpo Mido phases 1 and 2, the last large-scale redevelopment site in Banpo-dong, Seocho-gu, Seoul, are picking up speed in their reconstruction. As the project proceeds faster than expected, home prices are rising sharply. News that the Seoul Express Bus Terminal in front of the complex will be redeveloped into a mixed-use building up to 60 stories tall is also acting as a positive factor.
According to the redevelopment industry on the 10th, the Seocho District Office in Seoul held a briefing the previous day to form a preparatory committee for establishing the association for the reconstruction of Banpo Mido phase 2 in Banpo-dong, Seocho-gu. Through an election on Jan. 7 next year, it decided to select one preliminary head of the preparatory committee and one preliminary auditor, and then set up the preparatory committee for establishing the association. To receive approval for establishing the association, a preparatory committee must be formed with a majority consent and then obtain approval from the mayor, county head, and others. Banpo Mido phase 1, where the redevelopment is progressing faster than phase 2, received approval to establish the association in September. It is currently preparing for integrated deliberations to obtain project implementation approval. It also plans to select a builder soon.
Banpo Mido is a large complex of apartments in a prime location directly opposite Express Bus Terminal Station, where lines 3, 7, and 9 run, with a maximum of 15 stories and 1,260 units. To the north is the express bus terminal, to the south are Seoripul Park and the Seoul Court Complex, and to the west it borders the Catholic University of Korea Seoul St. Mary's Hospital. Under the redevelopment plan, Banpo Mido phase 1 will be reborn with up to 49 stories and 1,739 units, and phase 2 with up to 46 stories and 558 units. Once reconstruction is complete, it is expected to have the tallest skyline among complexes in the Seocho-gu area.
Although reconstruction was decided after passing a safety diagnosis in 2017, expectations are growing as the reconstruction of Banpo Mido, which had progressed slowly for a while, gains momentum. It is also good news that the Seoul city government decided to redevelop the Express Bus Terminal area into a mixed-use complex of 60 stories or more combining office, commercial, and residential functions. The city said last month it would begin prior consultations to establish a development plan for the "Express Bus Terminal site (146,260㎡) mixed-use development project" proposed by private operators including Shinsegae Central and the Seoul Express Bus Terminal.
Amid a series of positives, apartment prices are rising quickly. A 84.96㎡ unit in Banpo Mido phase 1 that had a transaction at 3 billion won in May changed hands at 4 billion won in October. The sale price jumped 1 billion won in five months. The actual transaction price for a 71.49㎡ unit in Banpo Mido phase 2 rose by about 700 million won, from 2.51 billion won in May to 3.2 billion won last month.
With the complex expected to be a guaranteed hit, competition among builders to win the order is likely to be fierce. In Banpo, there is strong preference for Samsung C&T's Raemian brand, leading to assessments that Samsung C&T holds an advantageous position. Raemian One Pentas, Raemian Trinity One, and Raemian One Bailey are representative complexes in Banpo. An official at a construction company said, "Samsung C&T is focusing on Banpo Mido phase 1, so the bidding war for phase 2 is expected to be intense."