"Up by KRW 60 Million in Just Two Days"... Reactions in Areas of Bundang, a New Town District in Seongnam, South Korea, Selected as Special Maintenance Zones [On-the-Ground Report]
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- 2026-10-01 06:00:00
- Updated
- 2026-10-01 06:00:00
Some brokers were handling consultations by phone, but most visitors were meeting with agents in person. A licensed real estate agent near the complex noted, "Two groups have already visited the office," adding, "Although it has not even been a full day since the announcement, inquiries are flooding in from people saying they want to buy even a commercial unit."
■ Redevelopment hopes surge... Brokerage offices packed
Sibeomdanji Hanyang Apartments is one of the complexes included in Seongnam-si's second-round Special Maintenance Zones. On the 29th, Seongnam-si selected five areas—Imaechon 1, Sibeomdanji 1, Park Town, Pureun Maeul, and Hansol Maeul 2—covering 13,429 households as maintenance districts.
Sibeomdanji is a large complex with 4,200 households, making it the largest of the five areas. Hanshin Samsung Apartments is located across from Hanyang Apartments. Visitors to the brokerage offices that day ranged from newlywed couples to elderly couples. Parents looking to buy an apartment for their children also stood out.
The impact of the Special Maintenance Zone designation is already being reflected in asking prices. A licensed real estate agent in the complex explained, "Some of the listings posted today are KRW 60 million higher than they were on the 28th," adding, "Prices will rise further each time another stage is designated."
Brokers agreed that the project implementer could be officially announced as early as February next year. Once the project implementer is officially announced, apartment sales will be restricted except in certain circumstances.
The atmosphere was similar at Park Town, the second-largest complex with 3,025 households. Some owners in the complex have withdrawn their listings in anticipation of higher prices. A licensed real estate agent said, "Park Town has never had many listings to begin with," and predicted, "One or two higher-priced listings will begin to appear amid the wait-and-see sentiment."
■ Disappointment beneath the excitement... "Possible seller exits"
The complexes included in the second-round maintenance zones had attracted sustained attention even before the selection and were considered leading candidates. Park Town set new record prices in most unit sizes this year. A 59-square-meter unit traded for KRW 1.543 billion on July 14, the highest price recorded, while an 84-square-meter unit sold for a record KRW 2.19 billion.
Sibeomdanji Hanyang, the largest complex, also recorded highs, with a 59-square-meter unit selling for KRW 1.75 billion on May 17 and an 84-square-meter unit selling for KRW 2.28 billion in July. By contrast, some disappointed listings appear likely to emerge from complexes excluded from the latest selection. A licensed real estate agent near a large complex in Jeongja-dong, Bundang, that was not selected predicted, "This decision may place some limits on price increases," adding, "Some owners who bought properties in anticipation of the zone selection may also exit the market."
Seongnam-si's designation of maintenance districts is not yet complete. The city has announced plans to designate areas covering 25,000 households as new maintenance districts by 2030. The target is 10,000 households next year and 5,000 households each year from 2028 through 2030.
A real estate industry official said, "Complexes excluded from the second-round Special Maintenance Zones are highly likely to apply in large numbers in the third round," adding, "If maintenance projects become reality, even older areas could be reorganized to some extent."
[email protected] Kwon Jun-ho Reporter