Dong-A Apartment, considered the flagship redevelopment complex in Seongsu-dong, Seongdong District, Seoul, set a record high that surpassed the prices of major redevelopment complexes in the Gangnam area.
According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system on the 11th, the exclusive 95㎡ (supply area 31 pyeong) at Seongsu Dong-A Apartment changed hands for 2.99 billion won on Dec. 11 last year. That is 190 million won higher than the record high in Oct. (2.8 billion won).
Previously, the exclusive 52㎡ at this apartment also transacted at a record high of 1.82 billion won on July last year. The current asking price is above 2.4 billion won.
This transaction is drawing attention because prices in Seongsu-dong have outpaced those of most redevelopment complexes in the traditionally affluent districts of Gangnam, Seocho and Songpa.
In fact, the highest actual transaction price for the exclusive 95㎡ (31 pyeong) at Seongsu Dong-A Apartment, 2.99 billion won, exceeded by more than 100 million won the top price for the same size at Olympic Family Town, a large complex in Songpa District (2.83 billion won).
It also far surpassed the top prices of 2.4 billion to 2.75 billion won for the exclusive 81–116㎡ at Bangbae Samho 1st in Seocho District and 2.56 billion won for the exclusive 95㎡ at Jamsil Woosung 4th.
It is higher than redevelopment complexes in prime Gangnam locations such as Gaepo Hyundai Buildings 200 and 220 (exclusive 77–82㎡, 2.35–2.59 billion won), Gaepo Woosung 8th (exclusive 79㎡, 2.7 billion won), and Ilwon-dong Pureun Maeul (exclusive 84㎡, 2.67 billion won).
The top price for the exclusive 52㎡ (17 pyeong) at Seongsu Dong-A Apartment also surpassed the highest actual transaction price at Kkachi Maeul in Suseo-dong, Gangnam District (exclusive 39㎡, 1.65 billion won).
The steep rise in Seongsu Dong-A Apartment's prices stems from the scarcity of its location and its overwhelming project feasibility. The complex was completed in 1983 and is now in its 44th year, consisting of three buildings with 390 households. It is a super-station-area complex directly adjacent to Exit 1 of Seoul Forest Station on the Suin-Bundang Line.
Located in a quasi-industrial zone rather than a general residential area, the complex could receive a floor area ratio of up to 400% if redeveloped. In particular, its immediate proximity to ACRO Seoul Forest, which holds the record for the highest apartment transaction price in Seoul (exclusive 274㎡, 29 billion won), is seen as a powerful positive factor.
A representative at a certified real estate agency in Seongsu-dong said, "If the redevelopment of Seongsu Dong-A Apartment is completed, it will share views of Seoul Forest and is expected to become an ultra-high-rise, high-end residential complex comparable to ACRO Seoul Forest, and that expectation is reflected in prices," adding, "Because it is a redevelopment candidate complex that can enjoy both the rare Han River and Seoul Forest views even within Seongsu-dong, it is regarded as more valuable than most new complexes in the three Gangnam districts."
Currently, a reconstruction preparation committee has been formed for Dong-A Apartment. The Dong-A Apartment Reconstruction Preparation Committee held a second residents' briefing on the 10th to prepare a plan for establishing the reconstruction and maintenance plan.