Analysis of Seongdong-gu Seongsu-dong1ga 668-75 Building Sale Case: 2019 Transaction at ₩3.95 Billion, What's Its Current Value?
Hello. Seongsu-dong in Seongdong-gu, currently one of the 'hottest' areas in Seoul, is attracting significant attention in the real estate market due to its unique atmosphere and dynamic changes. Today, we will analyze a 2019 sale case of a building located in Seongsu-dong1ga, conducting an in-depth exploration of the market context at that time, its current (2025) value changes, and the underlying factors contributing to its real estate value appreciation.
Seongsu-dong Building Overview: ₩3.95 Billion Transaction in May 2019
First, let's look at the key information for this building.
- Location: 668-75 Seongsu-dong1ga, Seongdong-gu, Seoul, Republic of Korea
- Nearest Subway Station: Ttukseom Station (Excellent accessibility)
- Transaction Date: May 2019
- Sale Price: ₩3.95 billion
- Land Price: ₩61.59 million per pyeong (approx. 3.3 sq. meters)
- Land Area: 64.13 pyeong (approx. 212 sq. meters)
- Building Area: 89.84 pyeong (approx. 297 sq. meters)
- Zoning Classification: General Residential Zone 2
- Floors: B1 ~ 2F
- Road Conditions: 6m × 4m corner (Excellent commercial accessibility)
- Completion Year: June 22, 1987
- Official Land Price (at the time): Approx. ₩20.83 million/pyeong (approx. 2.96 times lower than land price)
Value Assessment in the Context of the 2019 Market
In May 2019, this building was traded for ₩3.95 billion, forming a price of ₩61.59 million per pyeong, which was considered in the mid-to-upper price range within Seongsu-dong. Considering its land area of 64.13 pyeong and building area of 89.84 pyeong, it could be classified as a small building (꼬마빌딩, kkomabil-ding) or a commercial property. Its corner location (6m × 4m) would have been highly valued for its visibility and commercial utilization potential.
At that time, Seongsu-dong was already experiencing an increase in real estate value, driven by the revitalization of its cafe streets, the influx of startup offices, and demand for stylish renovations of older buildings.
Current (2025) Market Price Estimate: How Much Has Its Value Increased?
Seongsu-dong in Seongdong-gu has seen a remarkably significant price increase since 2019, making it one of Seoul's leading areas. This is due to development prospects around Ttukseom Station (e.g., Seongsu Redevelopment Promotion Zone, Han River-side development) and its transformation into a nationwide 'hotspot'. It is estimated that the per-pyeong price of commercial real estate in Seongsu-dong has increased by an average of 40% to 60% or more during this period.
Applying this growth rate to the 2019 land price, we can estimate its current value in 2025:
- Applying a 40% growth rate to ₩61.59 million/pyeong from 2019 results in approximately ₩86.22 million/pyeong.
- Applying a 60% growth rate results in approximately ₩98.54 million/pyeong.
Therefore, the land price of this building could potentially be valued between ₩86 million and ₩98 million per pyeong in 2025, which would lead to a very substantial increase in its overall market price.
Key Factors Driving Real Estate Value Appreciation
Behind this value appreciation are several positive factors inherent to the Seongsu-dong building:
- Optimal Location: Its location at a 6m × 4m corner near Ttukseom Station offers excellent subway accessibility and is advantageous for attracting floating populations, thereby increasing its commercial value. This directly reflects the demand for Seongsu-dong as a hotspot.
- Zoning Utilization: Although its General Residential Zone 2 classification may impose limitations on large-scale development, its suitability for Seongsu-dong's unique small-scale commercial spaces, cafes, and concept stores allows for stable rental income.
- Reconstruction/Remodeling Potential: Despite being an older building completed in 1987, it has significant potential to create new value by aligning with Seongsu-dong's trend of 'reusing after remodeling'. This implies that aesthetic renovations can significantly maximize rental value.
- Overwhelming Development Prospects: The progress of the Seongsu Redevelopment Promotion Zone and Han River-side development plans serve as strong prospects that will further increase the overall value of Seongsu-dong in the long term. These large-scale developments will greatly contribute to the indirect value appreciation of this building.
Investment Implications
This case presents the following important implications for investors:
- Explosive Value Appreciation: The combination of Seongsu-dong's transformation into a hotspot and its super-prime corner location shows the potential for stable rental income along with very significant capital gains.
- Value Enhancement Through Remodeling: It suggests that even older buildings can be remarkably increased in value through thoughtful and artistic remodeling that understands Seongsu-dong's unique character.
- Abundant Rental Demand: The demand from startups, cafes, and small commercial businesses around Ttukseom Station provides a solid basis for securing stable tenants.
Conclusion: Seongdong-gu Seongsu-dong Small Building, Still a Shining Investment Opportunity
The Seongsu-dong1ga building sale case in Seongdong-gu is an exemplary case that demonstrates how excellent location, regional characteristics, and future development prospects can combine to lead to explosive real estate value appreciation. Seongsu-dong is still considered an attractive investment destination with high growth potential.
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