Seongsu-dong, which has established itself as one of Seoul's liveliest commercial districts around pop-up stores, fashion, beauty and dining, is evolving into a business hub where large corporations and unicorn startups cluster — and now its housing, the final piece of the "live-work-play" formula, is set for a transformation. Luxury mixed-use complexes near Seoul Forest such as Galleria Foret, Trimage and Acro Seoul Forest currently lead the high-end residential market, but expectations are high that the district's standing will rise sharply once redevelopment of Districts 1 through 4 of the riverside Seongsu Strategic Improvement Zone is completed, creating a mammoth high-end apartment complex of nearly 10,000 units.
The four Seongsu districts have all entered the project implementation approval stage, and contractor selection is now in its final phase, according to the redevelopment industry on the 24th. After GS Engineering & Construction won the contract for District 1 with a sole bid in April, Lotte Engineering & Construction secured the contract for District 4 in July. District 3, with construction costs reaching 1.83 trillion won ($1.34 billion), is moving toward a private contract after Samsung C&T was the sole bidder in both the first and second rounds. For District 2, with construction costs of 2.01 trillion won ($1.47 billion), interest is high over whether a competitive bid will materialize after DL E&C and HDC Hyundai Development attended the on-site briefing. The first bidding round closes on the 31st.
The four contractors are expected to compete for a riverside landmark through ultra-high-rise designs and differentiated technology. After the Seoul city government scrapped the uniform 35-story height cap it had previously applied, Districts 1 through 4 have emerged as flagship redevelopment sites poised to redraw the riverside skyline. The builders are each promising exterior designs to make their complexes — rising from 64 to 72 stories — stand out, along with more advanced floor plans and high-end community amenities. An industry official said, "Seongsu-dong is a symbolic project site where changes in Seoul's urban planning and the trend toward ultra-high-rise housing are being realized first," adding, "The core of the competition is which brand, design and technology will complete Seongsu's new skyline."
High-end housing to be supplied on sites such as the Sampyo Remicon lot bordering Seoul Forest is also expected to drive part of the change. Under the supply plan, the residential facilities include 403 mid-to-large apartments ranging from 111 to 760 square meters in exclusive-use area, along with 61 officetel units. According to local real estate agents, at Acro Seoul Forest, now in its sixth year since completion, a penthouse with an exclusive-use area of 260 square meters has a jeonse (a lump-sum deposit lease) price in the range of 15 billion won and an asking sale price of up to 30 billion won. At Trimage, an 84-square-meter unit on the 40th floor sold for 5.2 billion won in April, and one on the 22nd floor sold for 4.65 billion won in July.
An agent at a brokerage near Seoul Forest said, "Demand is limited so there aren't many transactions, but Acro Seoul Forest is one of Seoul's top-tier residential areas, where large units trade at monthly rents of more than 30 million won," predicting, "If new large luxury housing is supplied, high earners living in areas such as Apgujeong, Cheongdam and Hannam will show interest."
Experts also assess that once the redevelopment of Districts 1 through 4 is completed, the area will become an "emerging affluent district with jobs close to home" that draws young, high-earning professionals. They explain that Seongsu's housing — combining Seoul Forest and Han River views with trendy infrastructure, and directly connected to Apgujeong and Cheongdam just across the Seongsu and Yeongdong bridges — is popular among young high earners who prioritize quality of life.
Also drawing attention is the likelihood that more young companies and talent will flock to the area after the Seoul city government in January expanded the Seongsu IT Industry Development Promotion District to 2.05 million square meters covering the entire Seongsu semi-industrial zone, introducing measures such as easing floor area ratio and height limits by up to 1.2 times when cultural content businesses such as fashion and design move in.
An industry official said, "Seongsu's competitiveness lies not in any single commercial or business function, but in the fact that consumption, work, housing and culture are being upgraded simultaneously," adding, "It's also worth noting that as young talent prefers to work in Seongsu, it is becoming a place that attracts both companies and workers."
