Daewoo E&C's 355.6 billion won contract puts a per-unit price on Seoul Station's hillsides

Divide the Cheongpa 1 contract by the flats it buys and you get the only firm price in the district: 355.6 billion won across 697 units is about 510 million won an apartment ^[4][5][1].

Carry that rate across all 6,500 homes and the five zones are a construction market of roughly 3.3 trillion won ^[2]. One contract of that is signed. Daewoo E&C is the only builder named, leaving 5,803 units still to be tendered ^[4][3]. And the 6,500 is three counted plans: 2,691 at Seogye, 1,905 at Cheongpa 2 and 697 at Cheongpa 1. The rest is about 1,200 units counted together across the Seoul Station area redevelopment and the Moa Town project at 116 Seogye-dong ^{[7][13][17][4]}.

Weak project economics kept Seogye stalled for decades: 87% of its homes are aging, the elevation gap inside the zone reaches 40 metres, and the alleys are too narrow for a fire truck ^{[8][18][10][2]}. In 2024 the city applied its recognition of existing floor-area ratio system there for the first time. That lifted the baseline ratio on Class 1 general residential land, about half the zone, to 190% from 150% ^[10][11]. That is 26.7% more floor area on half the site. On its own that would raise the zone-wide average by roughly 13%, so the city's figure of about 27% for the whole zone implies the rest of the land gained as well ^[11][5]. The city put the result at 58 more units available for sale and about 32 million won off the average member's cost ^[12].

Those 58 units are 2.2% of the 2,691 planned ^[7]. And 32 million won is about 2.3% of the 1.4 billion won asked for a Seogye villa with a 39 square metre land share ^[14][6]. On the land-share basis brokers quote, that listing is about 120 million won per 3.3 square metres ^[14]. The Cheongpa 2 villa asking 790 million won on a 26 square metre share works out near 100 million ^[15][9]. The two Cheongpa 1 listings, 1.55 billion won for a 64 square metre share and 1.95 billion for 79, come to about 80 million ^[16][8].

Cheongpa 1 is the furthest along of the three: association approval in February 2023, builder signed, integrated review filed on the 11th ^[3][4]. Seogye only cleared association approval in July ^[7]. The zone carrying more approval risk is asking roughly 50% more per unit of land share ^[10]. Part of that premium is the extra floor area itself, since Seogye is the zone the eased rule was applied to first ^[10]. Part of it may be position, Seogye being one of the closest residential areas to Seoul Station and cut off from the east side only by the elevated Gyeongbu rail line ^[9]. And these are asking prices on individual listings in a market where sellers are pricing redevelopment expectations, not a record of what changed hands ^[19].

In my view the floor-area recognition is the piece of this that other zones can use. It moved a zone the city had left alone for decades to an approved association with 58 more flats to sell ^[10][12][2]. If Cheongpa 3 never secures a final plan, the district stops about 1,500 homes short of the roughly 8,000 the city sketches ^[6][11]. And if the remaining four zones sign builders materially above 510 million won a unit, a 32 million won saving disappears inside the first cost escalation. The Seogye land-share asking prices then stop squaring with what members will owe ^[1][12][14].