[Exclusive] ‘133 million won per pyeong’ is for real... Record high broken

[Financial News] A complex with the highest presale price in South Korean apartment history has emerged for units with 84 square meters of exclusive-use area. Prices exceed 130 million won per 3.3 square meters. The project is The H Shinbanpo Estera (the reconstruction of Shinbanpo 22nd), which is not subject to various regulations because it has fewer than 30 units for general sale.
According to the housing sales industry on the 3rd, the price per 3.3 square meters for an 84-square-meter exclusive-use unit in the complex being built in Jamwon-dong, Seocho District, Seoul, is believed to be the highest among apartments in South Korea. Hyundai Engineering Co., Ltd. is the contractor.
The complex has 28 units with 84 square meters of exclusive-use area for general sale. Under current law, complexes with fewer than 30 units for general sale are not subject to the price ceiling system or other regulations. This means the association can decide at its discretion not only the presale price but also how applications are made and who is eligible.
According to the association’s notice, anyone aged 19 or older may apply, regardless of whether they have a housing subscription savings account or where they live. Both homeowners and non-homeowners, as well as corporations, may apply. There are no resale restrictions or owner-occupancy requirements.
What stands out is the method for selecting the winner. The association will hold an “open highest-bid auction,” selecting as the winner the applicant who offers the most among those bidding at least the benchmark price. A source in the housing sales industry said, “The association appears to have chosen a highest-bid auction rather than a lottery to maximize its profits.”
The benchmark bid prices, which effectively serve as the presale prices, range from a minimum of 4.009 billion won to a maximum of 4.398 billion won. Based on the 33-pyeong supply area, the maximum benchmark price works out to around 133 million won per 3.3 square meters, the highest in South Korea for an 84-square-meter exclusive-use unit.
The previous record-holder was POJES Hangang in Gwangjin District, Seoul, introduced in 2024. Its top price for an 84-square-meter exclusive-use unit was 4.4 billion won, higher than the maximum benchmark price for the current complex. However, its larger supply area (34 pyeong) means its price per 3.3 square meters, at 129.41 million won, is lower than that of Shinbanpo 22nd.
Industry observers expect applications for The H Shinbanpo Estera to become a party for cash-rich buyers from across the country. The contract deposit alone amounts to 20%, and bidders must also pay a separate 50 million won bid deposit. This year, the top prices for 84-square-meter exclusive-use units in nearby newly built apartments are around 4.7 billion to 5.4 billion won.
Bid applications will be accepted on the apartment complex’s website. Bidding is scheduled for the 6th, with bids to be opened on the 7th.
[email protected] Lee Jong-bae Reporter