Penthouse move-in rights listed at 19–23.5 billion won

Top-listed unit is a duplex 234-square-meter unit with Han River views

Amenities of 5,007-unit complex add to penthouse scarcity value

Banpo's all-time high stands at 18 billion won — actual contract price awaited

A construction scene at DH Banpo124 (Banpo Jugong Apartment Complex 1, Districts 1, 2 and 4) in Banpo-dong, Seocho-gu, Seoul, in December last year. [Yonhap]
A construction scene at DH Banpo124 (Banpo Jugong Apartment Complex 1, Districts 1, 2 and 4) in Banpo-dong, Seocho-gu, Seoul, in December last year. [Yonhap]

Asking prices for penthouse move-in rights at DH Banpo124 — the reconstruction of Banpo Jugong Apartment Complex 1, Districts 1, 2 and 4 — have surpassed 20 billion won ($14.9 million), drawing market attention to whether the Banpo area will see its first transaction above that threshold. Although asking prices at major reconstruction and high-end complexes across Gangnam and Seocho-gu have softened under tightened lending regulations and stronger tax measures, penthouses — where both supply and demand are extremely limited — appear to be moving independently of the broader market.

According to real estate industry sources, penthouse move-in rights at DH Banpo124 have been trickling onto the market since last month. Asking prices range from 19 billion to 23.5 billion won, varying by unit size and whether the layout is single-story or duplex.

The highest-listed unit, at 23.5 billion won, is the 234-square-meter type — the largest exclusive use area in the complex. The unit features a duplex layout with panoramic Han River views and terraces on both floors, along with five bedrooms and four bathrooms. Of the 5,007 total units in the complex, only 18 are the 234-square-meter penthouse type, and just six of those are duplex configurations.

A rendering of DH Banpo124. [Provided by Hyundai Engineering & Construction]
A rendering of DH Banpo124. [Provided by Hyundai Engineering & Construction]

The asking prices for DH Banpo124 penthouses are on par with market prices for penthouses at ultra-luxury developments in Hannam-dong and Cheongdam-dong, such as Nine One Hannam and Eterno Cheongdam. A 273-square-meter unit at Nine One Hannam sold for 25.5 billion won and 26.3 billion won in August, while a 231-square-meter unit at Eterno Cheongdam changed hands for 21.8 billion won in May.

DH Banpo124 is targeting a move-in date of December next year and has yet to be completed, yet its asking prices already rival those of existing ultra-luxury developments that have long marketed themselves on privacy and exclusivity as smaller complexes. Industry observers attribute this to a combination of the lifestyle amenities that come with a complex of more than 5,000 units and the scarcity value of the penthouses themselves.

The complex will feature South Korea's first indoor ice rink, a double-height opera house and a large water park — amenities that set it apart from other luxury apartment developments. It also benefits from a Han River location, access to Seoul Metro Lines 3 and 9, and proximity to prestigious schools in the Gangnam area, giving it strong appeal for actual residents across education, transportation and cultural infrastructure.

The combination of being the largest complex in Banpo by unit count and the extreme scarcity of penthouses — which account for less than 1 percent of all units — is seen as driving the current asking prices. DH Banpo124 has a total of 49 penthouse units, divided into types of 168, 212 and 234 square meters.

Lee Dong-ha, who has run the Banpo114 real estate agency in the area for about 20 years, said buyers of small luxury villas and buyers of penthouses in large Banpo complexes have fundamentally different priorities. "Banpo is home to such large complexes that the lifestyle infrastructure is already at the highest level, and this is a market sought out by wealthy individuals who want to enjoy that," Lee said.

Lee added that owners listing their penthouses are firm about not selling below the current asking prices. "Given that the community facilities coming to DH Banpo124 will be on an overwhelming scale even by Banpo standards, I expect it to hold the top spot in Banpo for at least the next 15 years," Lee said.

The all-time high transaction price in the Banpo area remains 18 billion won, set by a 234-square-meter penthouse at Acro River Park — long regarded as the area's flagship complex — in August 2024. Since no deal in Banpo has yet crossed the 20 billion won mark, a transaction at the listed asking price would usher in a new era for the area's luxury market.

DH Banpo124 will publish its resident recruitment notice Nov. 27 and proceed with the general pre-sale. A total of 1,801 units — 36 percent of all units, comprising 930 special-supply units and 871 general-supply units — will be offered. Special supply subscriptions open Dec. 7, with first-priority subscriptions the following day. With the price ceiling on new apartments applied, the estimated market-price premium is around 3 billion won.


hwshin@heraldcorp.com