"Double Subway Access at Jamsil and Songpanaru! A 3.6 Billion KRW Small Building in Bangi-dong Food Alley, Bought for This Reason"
The Bangi-dong food alley in Songpa-gu, Seoul, is famously crowded on Fridays and Saturdays. Recently, a 4-story small building in the heart of this prized commercial area was sold for 3.6 billion KRW.
Though the building is over 30 years old, investors saw it as a 'golden goose' because of location value. Let's break down why.
‘Jamsil Station + Songpanaru Station + Seokchon Lake’…The Ultimate Location
The essence of this investment lies not in the building itself, but in the value of the land beneath it.
- Date of transaction: May 2019
- Sale price: 3.6 billion KRW (approx. 50 million KRW per 3.3㎡)
- Key Points:
- Bangi-dong food alley: A top-class ‘A+’ commercial zone with relentless crowds on weekends
- Double subway access: Easy access to line 2 & 8 at Jamsil station and line 9 at Songpanaru station
- Seokchon Lake nearby: A popular destination for both weekday and weekend visitors, especially couples
The combined power of food alley, double subway access, and a lakeside location guarantees substantial foot traffic—an irrefutable ticket to land value.
‘Remodel or Rebuild’? Opportunities for Value-Add Investment
The new owner’s grand vision is to maximize returns through a ‘value-add’ strategy.
"Purchasing a 30-year-old building constructed in 1988, the plan is to either significantly remodel it to modern standards or completely rebuild, boosting the building’s value by over double."
With the ‘golden location’ assured, however the building changes, success is almost guaranteed.
Investing in the ‘Future’
This transaction clearly shows that real estate investment success depends on focusing on ‘the future value guaranteed by location’, not the worn-out current state.
All eyes are on this property as it waits to become a new landmark in Bangi-dong food alley under its new ownership.
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