Analysis of Gangnam-gu Samseong-dong Building Sale (70-1): 2019 Transaction at ₩28.9 Billion, What's Its Current Value?

Hello. Real estate in Gangnam, especially the Samseong-dong area, the top business and commercial hub in Korea, always attracts significant attention from investors. Today, through the 2019 sale case of a building in Samseong-dong, Gangnam-gu, we aim to gain crucial insights by analyzing its value at that time along with the current changes in the market.

Samseong-dong Building Overview: ₩28.9 Billion Transaction in June 2019

First, let's look at the key information for this building.

Location: 70-1 Samseong-dong, Gangnam-gu, Seoul, Republic of Korea
Nearest Subway Station: Samseongjungang Station (Excellent accessibility)
Transaction Date: June 2019
Sale Price: ₩28.9 billion
Land Price: ₩83.98 million per pyeong (approx. 3.3 sq. meters)
- Land Area: 344.12 pyeong (approx. 1,137.6 sq. meters)
Building Area: 1,305.31 pyeong (approx. 4,315 sq. meters)
Zoning Classification: General Residential Zone 3
Floors: B2 ~ 9F
Road Conditions: Fronting a 7-lane road (Excellent commercial accessibility)
Completion Year: June 28, 1990
Official Land Price (at the time): Approx. ₩69.55 million/pyeong (approx. 1.21 times higher than land price)

Value Assessment in the Context of the 2019 Market

In June 2019, this building was traded for ₩28.9 billion, forming a price of ₩83.98 million per pyeong. This represents a price point in the upper tier of the luxury commercial real estate market within Gangnam-gu. Considering its land area of 344.12 pyeong and building area of 1,305.31 pyeong, it could be classified as a relatively large office building or mixed-use commercial facility, and its price fully reflected the premium value of its Samseong-dong location.

Notably, its frontage on a 7-lane major road likely played a significant role in maximizing commercial accessibility and rental income potential.

Current (2025) Market Price Estimate: How Much Has Its Value Increased?

Samseong-dong, Gangnam-gu, has been a hub for continuous redevelopment (e.g., urban park creation, subway line extensions) and commercial/business facility expansion, especially around key commercial areas like COEX and Teheran-ro. Due to these factors, real estate prices in Samseong-dong have seen a significant increase within Seoul since 2019. It is generally estimated that the per-pyeong price of commercial real estate in major areas of Seoul has increased by more than 20% to 30% over the past 5-6 years.

By applying this growth rate to the 2019 land price, we can estimate its current value in 2025:

Applying a 20% growth rate to ₩83.98 million/pyeong from 2019 results in approximately ₩100.776 million/pyeong.
Applying a 30% growth rate results in approximately ₩109.174 million/pyeong.

Therefore, the land price of this building could potentially be valued between ₩100 million and ₩110 million per pyeong in 2025, which would lead to a very significant increase in its overall market price.

Key Factors Driving Real Estate Value Appreciation

Behind this value appreciation are several positive factors inherent to the Samseong-dong building:

Prime Location: Its adjacency to a 7-lane road near Samseongjungang Station directly connects it to Gangnam's core commercial areas (Teheran-ro, COEX), making it an optimized location for office and commercial use.
Stability of Zoning: While its classification as General Residential Zone 3 might limit commercial use changes, it has significant potential to increase in value by maintaining its existing commercial use or undergoing remodeling.
Reconstruction/Remodeling Potential: Completed in 1990, the building is over 35 years old and may be aging. However, given Samseong-dong's trend towards luxury development and revitalization, there could be high demand for value appreciation through reconstruction or large-scale remodeling.
Overwhelming Development Prospects: Ongoing commercial and business facility expansion in Gangnam-gu, such as the Starfield COEX Mall extension and the GTX-C line extension, are powerful prospects driving the long-term value appreciation of this building.

Implication: The Unchanging Value of Gangnam Samseong-dong Real Estate

This Samseong-dong building sale case in Gangnam-gu clearly demonstrates the unique value appreciation potential of real estate in prime locations with continuous development prospects. It serves as an important case study that provides insight into predicting the present and future beyond mere past transaction prices.

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Analysis of Gangnam-gu Samseong-dong Building Sale (70-1): 2019 Transaction at ₩28.9 Billion, What's Its Current Value?