Bundang's 420 million won yearly gain compares a tenth-floor unit with a fourth-floor one

Both ends of this run are 84-square-meter units. The Sharp Pangyo First Park sale at 2.05 billion won last month works out to about 24.4 million won per square meter ^[6][1]; the Mujigae 2 LG sale at 1.535 billion won in Gumi-dong is about 18.3 million ^[2][2]. Old Bundang stock is changing hands at roughly three quarters of the new Pangyo price ^[3]. The 515 million won between those two units is the gap a rebuild would have to close ^[4].

Zigbang's 29.5% is a twelve-month average for a whole district ^[1]. The 420 million won gain is one pair of sales ^[2]. Apply the district average to the 1.115 billion won paid last September and the implied gain is 329 million won ^[5], so the print runs 91 million above the district trend, 37.7% against 29.5% ^[6][7]. Six floors are part of that difference: the earlier sale was on the fourth floor, last month's on the tenth ^[2]. Two more of the paired sales in the report compare different floors, the fifteenth against the third at The Sharp Pangyo Forest Complex 12 and the ninth against the thirteenth at First Park ^[4][6].

Seoul Economic Daily reported that demand is moving to Bundang because it is cheaper than Seoul and remains a sought-after place to live ^[9], and that analysts, whom it did not name, called the Seoul-driven upturn the main reason Bundang is drawing attention ^[10]. The new Pangyo complexes are the control here, since a newly built apartment has no rebuild to price ^[7]. Forest Complex 12 gained 250 million won on a 1.2 billion won base between January and July, 20.8% in six months ^[4][8]. Poongchae Urbanity 5 gained 10.5% and First Park 9.0% between January and last month ^[5][6][9].

A buyer paying 1.535 billion won in Gumi-dong is not buying the finished 2.05 billion won product in Baekhyeon-dong ^[2][6]; the 515 million won difference is the price of construction risk and of waiting ^[4]. In my view the rebuild premium is the smaller half of the move so far. The Hyojacheon Hyundai unit in Seohyeon-dong, old stock in the same district, added 152 million won in six months, 8.4% ^[3][10], while a finished Pangyo complex added 20.8% over a comparable stretch ^[8]. The counter-thesis is that approvals are lumpy, and that Gumi-dong's 37.7% is what a complex prints once its own project actually moves ^[7][8].

The report identifies rebuilding expectation and Seoul spillover as the two forces, with no mention of any government designation or cooling measure ^[12]. The transaction prices behind it come from the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system ^[2].