[Exclusive] The Sharp Bundang Hiest’s Standard 84m2 Unit Nears KRW 3 Billion, Setting All-Time High

[Financial News] A remodeling complex in Bundang has recorded the highest presale price ever for the commonly referenced 84m2 apartment size. The sharp rise in home prices in Bundang is believed to have directly influenced the calculation of the presale price.
According to the Korea Real Estate Board’s Cheongyak Home on the 14th, The Sharp Bundang Hiest, a remodeled version of Neuti Village 4 Complex in Jeongja-dong, Bundang District, Seongnam-si, will begin general sales on the 21st, starting with special supply. Of the 1,149 units ranging from 66m2 to 84m2, 143 will be offered for general sale. By exclusive area, the units comprise 52 units of 66m2, 19 units of 74m2, and 72 units of 84m2.
The most notable aspect is the presale price. The top price for the 84m2 national-standard unit is KRW 2.981 billion, nearly KRW 3 billion. This breaks, after just four months, the previous record of KRW 2.9782 billion for an 84m2 unit at Summit The Hill in Heukseok-dong, Seoul, set in May. Even the smallest 66m2 units are priced at KRW 2.163 billion, well above KRW 2 billion. The 74m2 units are priced between KRW 2.352 billion and KRW 2.402 billion, depending on the type. The 84m2 units range from KRW 2.739 billion to KRW 2.981 billion.
An ironic trend is intensifying: presale prices in areas such as Dongjak District and Bundang that are not subject to the presale price ceiling are becoming higher than those in the Gangnam area. In Gangnam, the price ceiling typically keeps presale prices 30% below surrounding market prices. Park Ji-min, head of the WolYong Subscription Research Institute, explained, "The price reflects expected prices for new apartments in an area not subject to the presale price ceiling."
Bundang’s rising home prices are also believed to be pushing up presale prices. Zigbang compared apartment transaction prices nationwide from September last year through August this year and found that Bundang District recorded the highest increase in the country, at 29.5%. Park said, "The Sharp Bundang Tier One, a remodeled version of Neuti Village 3 Complex, was offered in the KRW 2.6 billion range last November, so this presale price is about 10% higher. Coincidentally, prices at Bundang’s reconstruction complexes also rose by 10% during the same period."
The Sharp Bundang Tier One, a neighboring complex remodeled from Neuti Village 3 Complex, was priced at up to KRW 2.684 billion for an 84m2 unit and KRW 1.974 billion for a 66m2 unit. Although the prices sparked controversy, the complex attracted strong demand, recording an average competition ratio of 100.4 to 1 in the first-priority subscription round. Later, in the non-priority subscription for remaining units, commonly known as "zzukzzuk," 1,756 people applied for five units, producing a high average competition ratio of 351.2 to 1. Since both complexes have similar locations and were built by the same contractor, POSCO E&C, expectations are that subscription demand will remain strong this time as well.
Looking at nearby market prices, an 84m2 unit at Park View in Jeongja-dong set a new record high at KRW 2.65 billion in April, while an 84m2 unit at Sangnok Woosung reached KRW 2.41 billion in July.
The Sharp Bundang Hiest will accept special-supply subscriptions on the 21st, first-priority subscriptions on the 22nd, and second-priority subscriptions on the 28th. Move-in is scheduled for December 2027.
[email protected] Min-kyung Jeon, Jong-bae Lee Reporter