A diagnosis has emerged stating that the 'master apartment' in the Jamsil area of Songpa District, Seoul, is moving to the Jamsil Station area, where the 'Jamsil Jugong Complex 5' is located, from 'EL·LE·ET (Jamsil Els, Ricents, Trizium).' Interest is focused on EL·LE·ET as it approaches its 18th year since completion, where major reconstruction is underway. This trend is highlighted as 'Jamsil Raemian iPark (Jamsil Jinju)' and 'Jamsil LEEL (Jamsil Miseong Crova)' are set for occupancy by the end of this year.
According to the Seoul Real Estate Information Plaza on the 29th, a dedicated 82 square meters in the Jamsil Complex 5 in Jamsil-dong, Songpa District, was traded for 3.975 billion won (15th floor) on March 29. This marked a rise to nearly 4 billion won after surpassing 3 billion won for the first time last June, approximately 9 months later.
The Jamsil Jugong Complex 5 is currently undergoing a reconstruction project, located by the Han River. The association aims to obtain business implementation approval within this year and management disposition approval next year. Currently, the Seoul city is conducting an integrated review of the maintenance project. Integrated review refers to the process of handling various reviews needed for the approval of the maintenance project's implementation plan at once. The construction companies include a consortium of Samsung C&T, GS Engineering and Construction, and HDC Hyundai Development Company, with plans for reconstruction up to 70 stories and 6,491 units.
As the redevelopment of the nearby 'Jamsil Rose Complex 1·2·3' accelerates, attention has increased towards the Jamsil Station area redevelopment apartments. On the 24th, the Songpa District Office announced the review plan and change proposal for the construction maintenance project of the Rose Complex. The plan indicates that the current apartment with 3,522 units will be transformed into 5,165 units post-reconstruction. Initially planned as a 69-story skyscraper, the construction was reduced to 49 stories due to rising construction costs and delays. This apartment complex is expected to become a future leading apartment in Jamsil, along with Complex 5.
Nearby, 'Jamsil Raemian iPark (2,678 units)' and 'Jamsil LEEL (1,865 units)' are set for occupancy this December. Both are reconstructed from Jamsil Jinju and Jamsil Miseong Crova, respectively, combining to form over 4,500 units. These two apartments are the first new constructions to appear in Jamsil in nearly 20 years since the completion of EL·LE·ET in 2008-2009. EL·LE·ET consists of 5,678 units in Els, 5,563 units in Ricents, and 3,696 units in Trizium, totaling 14,937 units. At that time, the entry of 15,000 units had a significant impact on the renting prices in Songpa District.
Analyses indicate that the master apartments in Jamsil are moving eastward from the existing EL·LE·ET centered around Jamsil Saenae Station. This comes as significant reconstruction is underway around Jamsil Station. During the approximately one-month period in February-March when Seoul's land transaction permit system was lifted, transactions at EL·LE·ET surged. From the beginning of this year to this day, the number of transactions reports total 243, with 91 transactions for Ricents, 84 for Els, and 68 for Trizium. Reports from local real estate offices suggest that many of those who sold homes during that time transitioned to reconstruction complexes including Complex 5. Among the three complexes, Ricents recorded the highest price with a dedicated 84 square meters traded for 3.3 billion won (26th floor) on March 12.
A representative from a certified real estate office in Jamsil-dong noted, "When the land transaction permit system was lifted, there were quite a few homeowners who raised prices and sold their homes with the intention of purchasing Complex 5 later. EL·LE·ET has been the best place to live in Songpa District, but as it enters its building age, there is a tendency to invest in the next landmark."
Ham Yeong-jin, head of the Real Estate Research Lab at Woori Bank, stated, "Long-term, Jamsil Jugong Complex 5 is expected to become the master apartment in Jamsil. The new constructions like Jamsil LEEL and Jamsil Raemian iPark, which are set for occupancy this year, are increasingly favored."
He added, "Given the many development opportunities near Samseong-dong, there is also not insignificant expectation for the reconstruction of Jamsil Woosung Complex 1-3 at the far end of Jamsil."