"15 Billion Won Increase in One Year"...Jamsil Asia Athletes Village Holds Firm at 5.6 Billion Despite Gangnam Fire Sales [Apartment Toktok]

Visiting Asia Athlete Village Apartment in Songpa-gu
Reconstruction Gains Traction Amid Favorable Developments Like Jamsil MICE and GBC
Exclusive 151 sqm Units See 1.5 Billion Won Price Increase in One Year

Editor's NoteAn apartment serves not only as a place to live but also as a symbol of social status or even an investment vehicle. "Apartment Toktok" is a column in which our reporters personally visit and explore the most familiar residential spaces around us—apartments—and share their stories from the field.

The exterior view of Asia Athletes Village Apartments in Jamsil-dong, Songpa-gu, Seoul. Photo by Lee Jungyun

If you get off at Sports Complex Station on Seoul Subway Line 2 and pass through Asia Park, you will arrive at the Asia Athletes Village Apartments, which consists of a total of 18 buildings and 1,356 units. Asia Athletes Village Apartments is considered a complex with consistently strong demand. Thanks to surrounding infrastructure, positive development prospects, and reconstruction issues, there is a steady stream of inquiries for listings at nearby real estate agencies.

Crossing the Tancheon stream takes you directly into Gangnam. Across the street from the complex, there are commercial areas including restaurants and cafes. With the Jamsil Sports Complex and Jamsil Baseball Stadium nearby, the infrastructure is exceptional. It is convenient to visit major shopping facilities such as Hyundai Department Store Trade Center, COEX, and Lotte World Tower. Schools in the vicinity include Ajou Elementary School, Ajou Middle School, and Jeongsin Girls’ High School, and the Jamsil private education district is also close by.

The most noteworthy development among the favorable factors surrounding this complex is the "Jamsil Sports·MICE Complex Creation Private Investment Project (Jamsil PPP Project)." The recently confirmed plan is to invest 3.3 trillion won to build an exhibition and convention center 2.5 times the size of COEX and a 30,000-seat dome baseball stadium—the largest in Korea—at the Jamsil Sports Complex in Songpa-gu. Four- and five-star hotels and commercial facilities will also be included. Although some neighboring complexes have expressed dissatisfaction over insufficient collection of resident opinions, Seoul City estimates that if construction is completed as planned by 2032, the total economic impact, including future operational profits, will amount to 595 trillion won.

The area will be transformed into the largest MICE complex in Korea, and the synergy with COEX, located about 2 kilometers away, is also considered a boon for Asia Athletes Village Apartments. On the grounds of COEX, a large green space will be created, and across the street, Hyundai Motor Group Global Business Complex (GBC) will feature three new buildings, each with 49 floors, including the new headquarters. Underground, a multi-modal transfer center and spaces for consumption and culture will be established.

View of Asia Athlete Village Apartments. Photo by Lee Jungyun

Completed in 1986 and now aged, the Asia Athletes Village Apartments are also beginning a full-fledged reconstruction project. The Reconstruction Preparation Committee is preparing to propose a maintenance plan. On the 20th, a briefing session for residents will be held. With the nearby Jamsil Woosung 1, 2, and 3 complexes selecting GS Engineering & Construction as their contractor last July and pushing ahead with reconstruction, attention is focused on the Asia Athletes Village Apartments' own redevelopment. The units are mainly large, with exclusive areas ranging from 99 to 178 square meters, and the high proportion of land ownership per resident is seen as providing ample business feasibility.

A nearby real estate agency commented, "Because this area has strong business potential, the promotion committee is expected to be approved soon, and the association could be established within next year," adding, "There is demand from those seeking to upgrade their homes within Seoul."

The popularity of Asia Athletes Village Apartments is also evident in their rising prices, despite government regulations such as the October 15 measures last year that placed limits on mortgage loans. According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, a 151-square-meter unit was sold for 5.66 billion won in December last year. Even on February 20 of this year, when panic sales resulted in prices dropping by several hundred million won in Seoul’s three Gangnam districts due to the end of the capital gains tax exemption for owners of multiple homes, it was traded only 10 million won lower. Compared to the sale price of 4.15 billion won in February last year, this represents an increase of more than 1.5 billion won.

This content was produced with the assistance of AI translation services.