Baekhyeon Village 84㎡ Apartment Gains 1 Billion Won in Value in Two and a Half Years
Apartment prices in Bundang District are rising sharply. An 84㎡ unit (30-pyeong class) at Baekhyeon Village Complex 2 in Bundang, Seongnam, Gyeonggi Province, sold for 2.8 billion won on July 28. Compared with the 1.795 billion won paid for an identical unit two and a half years earlier, that is an increase of 1.05 billion won, or about 56 percent.
According to an analysis of Zigbang, a real estate transaction data platform, apartment prices in Bundang District rose 29.5 percent from September last year to August this year, the steepest increase among all cities, counties and districts nationwide. That is 18.9 percentage points higher than the 10.6 percent gain recorded in the preceding year.
Within Bundang District itself, the drivers of growth differ: Pangyo benefited from transit access, while Bundang rode expectations of reconstruction. Improved transportation conditions, including the opening of the GTX-A Suseo–Dongtan section on March 30, 2024, lifted prices of apartments near Pangyo Station, while redevelopment expectations fueled gains in the aging complexes of the Bundang new town, which was built in the 1990s.
High-priced transactions continued around Seongnam Station beyond Baekhyeon-dong. A 101㎡ unit at Botdeul Village Complex 9 in Sampyeong-dong rose from the 1.9 billion won range in 2024 to 2.83 billion won this June, while a 115㎡ unit traded for 3.04 billion won in June. These complexes sit close to Pangyo Techno Valley and offer access to GTX-A's Seongnam Station.
Once the GTX-A line—currently split into the Unjeong Central–Seoul Station and Suseo–Dongtan sections—is connected, passengers will be able to travel from Seongnam Station to downtown Seoul without transferring. However, after construction defects including missing rebar were discovered in the Samsung Station section in May, the Ministry of Land, Infrastructure and Transport launched emergency site inspections and an audit, saying the timing of trains passing through Samsung Station without stopping would be decided later based on verification of reinforcement plans. Seoul Mayor Oh Se-hoon also said on June 11 that if construction is delayed, the non-stop passage could be pushed back beyond November.
Seongnam City closed applications for special maintenance plan designations on September 1, receiving applications for 66,037 homes across 50 zones in 43 cases, including combined development zones. That is roughly 5.5 times this year's designated quota of 12,000 homes. In Bundang's lead redevelopment districts, Yangji Village became the latest zone to complete its project implementer designation process in July, following the pilot complex, Saetbyeol Village and Mokryeon Village. While project entities have been set for all four zones, subsequent steps—including project planning and regulatory approvals—remain before construction can begin.
The Seongnam Station complex transfer center is also a long-term project. According to the city, the project has been included as a new undertaking in the Ministry of Land, Infrastructure and Transport's Fourth Basic Plan for Transfer Centers and Complex Transfer Centers. The total cost is 85.6 billion won, with the timeline officially set for 2027 to 2032. The core aim is to improve transfer convenience by linking GTX-A, the Gyeonggang Line and 38 bus routes around Seongnam Station.
A single 2.8 billion won transaction should not be extrapolated to market prices across surrounding complexes. Nor does a special maintenance zone application guarantee reconstruction. Even after selection, hurdles remain, including construction costs and additional contributions, resident relocation and demolition, and the start of construction.
