“Earned 4.8 Billion Won” – Is This for Real? Complex That Drew 90,000 Applicants Now Hits 10 Billion Won

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[The Financial News] A new member has joined the so-called “10 billion won apartment club.” The complex in the spotlight is Raemian One Pentas in Banpo-dong, Seocho District, Seoul, which welcomed its first residents in June 2024.
According to actual transaction data from the Ministry of Land, Infrastructure and Transport on the 12th, a 191m2 (approximately 74 pyeong) exclusive-use unit at Raemian One Pentas changed hands for 10 billion won on March 23. This marks the first 10 billion won deal in the complex. The previous high was 9.1 billion won in July 2024, meaning the price jumped by 900 million won in one leap.
In Seocho District, several redeveloped complexes that have been transformed into high-end residential estates—such as Raemian One Bailey and Acro River Park—had already joined the 10 billion won club. With this latest transaction, Raemian One Pentas has now been added to the list of complexes with 10 billion won apartment deals.
The complex was sold in July 2024 using a post-sale system. It is a 641-unit apartment complex created through the redevelopment of the Sinbanpo 15th Complex. During the first-round subscription, it was labeled a “lottery complex,” attracting 93,864 applicants for 178 units, and recording an average competition ratio of 527.3 to 1.
At the time of sale, the highest price for a 191m2 unit was 5.2 billion won. Considering that one such unit traded for 10 billion won this March, the owner realized an immediate capital gain of about 4.8 billion won.
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Meanwhile, due to a series of government regulations, transactions of 10 billion won or more have dropped sharply this year.
Data from the Ministry of Land, Infrastructure and Transport show that, as of the 12th, there have been a total of four apartment transactions exceeding 10 billion won this year. By complex, there were two deals at Nine One Hannam in Yongsan District, one at Shin Hyundai 11th Apartment Complex in Gangnam District, and one at Raemian One Pentas in Seocho District. The highest apartment transaction price so far this year is 15.65 billion won. Three of the four deals were brokered through real estate agencies, while one was a direct transaction between parties.
ljb@fnnews.com Lee Jong-bae Reporter