From W2.48b to 7.5 billion: The exclusive Gangnam villa where Ryu Hyun-jin and Ok Taecyeon call home

Gangnam is one of Seoul's densest urban districts, its skyline packed with high-rise towers and commercial and residential developments that leave little room for green space. Yet tucked into the heart of this neighborhood sits a pair of older villas that have long drawn the city's wealthy — properties whose owners enjoy Dosan Park and Hakdong Park as if they were private front yards. That distinction belongs to Alpha Im House 1 and 2, a development prized for its permanent park views.

Located in Sinsa-dong and Nonhyeon-dong in Gangnam-gu respectively, Alpha Im House 1 and 2 embody the quiet, established character of a traditional wealthy enclave — a contrast to the flashy new high-end villas rising in Cheongdam and Hannam. The complex continues to attract affluent buyers, with a record transaction of 7 billion won ($5.15 million) recorded recently.

Just 35 units between the two phases — a permanent forest address beside Dosan and Hakdong parks

Alpha Im House was built by Wooyeon General Construction and completed in 2002, making it a 25-year-old luxury villa. From the planning stage, the development centered on the concept of "a home in nature." The design aimed to preserve the convenience of apartment living while recreating the natural ambiance and privacy of a detached house in the middle of the city. Careful attention to natural light, landscaping and privacy within the building allowed the complex to achieve a low-density residential environment where residents can feel connected to nature even in an urban setting.

The Sinsa-dong and Nonhyeon-dong neighborhoods where the two phases stand have been a quintessential enclave of wealthy homeowners since the early days of Gangnam's development. Alpha Im House emerged as the area's residential landscape shifted in the early 2000s from large detached houses to low-density luxury villa complexes offering enhanced security and management convenience.

Phase 1 in Sinsa-dong directly fronts Dosan Park, while Phase 2 in Nonhyeon-dong borders Hakdong Park — a positioning that secures a permanent park and forest setting that newly built high-end developments would struggle to replicate.

Both parks sit one block back from Gangnam's main commercial corridors and transport arteries, shielding residents from urban noise while keeping all the neighborhood's amenities within easy reach. The ability to live quietly and away from public view while still enjoying the full convenience of central Gangnam is what sets the complex apart from other high-priced properties.

No Han River views — but top marks for schools, transport and medical access

Phase 1, located in Sinsa-dong, comprises a single building with two basement levels and 10 above-ground floors, totaling 19 units offered in three large floor-plan types of 212 and 242 square meters (A and B variants). The complex sits close to Apgujeong Rodeo Street, Dosan-daero and the Dosan Park commercial district, putting global luxury flagship stores, high-end fine-dining restaurants and well-known cafes and cultural venues within easy walking distance. Dosan-daero provides straightforward access to Gangnam's main business districts, while Seongsu Bridge and Dongho Bridge connect residents to key areas north of the Han River and to the Gangbyeon Expressway and Olympic Expressway.

Educational, medical and retail access is also among the best in Gangnam. Nearby schools include Eonbuk Elementary School as well as Singu Middle School, Eonju Middle School, Yeongdong High School and Cheongdam High School — all part of Gangnam's prestigious School District 8. Cha Hospital and Gangnam Severance Hospital are close by for specialist medical care, and Hyundai Department Store's Apgujeong flagship and Galleria Department Store's luxury wing are reachable within five minutes by car.

Phase 2, which surrounds Hakdong Park alongside the celebrity-favored new high-end apartment complexes Brighton N40 and Ritz House, was built as two buildings totaling just 16 units — an even lower density than Phase 1 and a thoroughly private living environment. With a maximum height of four stories, Phase 2 consists entirely of a single floor-plan type of 244 square meters.

Residents of Phase 2 have easy access to the infrastructure of the Banpo area, including the Express Bus Terminal, Shinsegae Department Store's Gangnam branch and Seoul St. Mary's Hospital. Dosan-daero and Hakdong-ro provide quick connections to the Teheran-ro business district, the Olympic Expressway and the Gyeongbu Expressway, making the complex a well-positioned transit hub linking the broader Gangnam area.

The complex falls within the catchment area of prestigious Gangnam schools including Nonhyeon Elementary School and Hakdong Elementary School, and is convenient to the Daechi-dong hagwon district — factors that make it particularly popular among parents. The way the complex nestles against Hakdong Park as a natural buffer also keeps it a step removed from the crowds and noise of the Express Bus Terminal and Gangnam-daero.

Both phases, despite being completed in 2002, offer more than three parking spaces per unit and round-the-clock security systems designed to protect residents' privacy. Neither phase commands Han River views — now considered a must-have for top-tier new developments — but the combination of a large urban park, natural surroundings and residential convenience on par with newer buildings is what draws wealthy buyers.

Taecyeon wins Phase 2 unit at auction for 2.48 billion won — Jeon Hye-bin pays 7 billion, Ryu Hyun-jin 6.4 billion

The complex's strict security and shielded living environment have attracted a roster of owners that includes entertainers, sports stars and business figures.

Among the most prominent is Ok Taecyeon, a member of the K-pop group 2PM, who won a Phase 2 unit at auction in March 2018 for 2.48 billion won and has lived there ever since. In an interview with the magazine Living Sense last year, Ok shared a look at his home's interior and said he particularly appreciated the open layout. "The living room flows all the way through to the dining area, and I spend a lot of time there — I really love the sense of openness and the unobstructed view," he said.

Actor Jeon Hye-bin and her husband purchased a 212-square-meter unit in Phase 1 in December last year for a record 7 billion won. Ryu Hyun-jin, a pitcher for the Hanwha Eagles, and his wife, broadcaster Bae Ji-hyun, jointly bought a 242-square-meter unit in Phase 1 in January this year for 6.4 billion won — also a record for that unit type.

'An irreplaceable address — once you're in, you don't leave': asking prices can jump by billions each time a unit comes to market

Another defining characteristic of Alpha Im House is how rarely units change hands, owing to the high proportion of long-term owners. Many residents have lived there since the original move-in, and ownership is often passed down within families, making listings extremely scarce. Phase 1 has recorded just 10 actual sale transactions since residents moved in in 2002; Phase 2 has seen only five.

The head of Agency A, a real estate brokerage specializing in luxury properties in Gangnam, said Alpha Im House is a complex where wealthy buyers are so satisfied with living there that they rarely list their units for sale, often passing them on to the next generation. "Not just sales — even jeonse and monthly rent listings come up maybe once or twice a year at most," the broker said.

The scarcity of a permanent park address means that whenever a unit does come to market, asking prices tend to run hundreds of millions to tens of billions of won above prevailing market rates. The Phase 1 unit currently listed is priced at 6.8 billion won, while the Phase 2 listing stands at 7.5 billion won — figures that match or exceed actual transaction prices for large units in newly built high-end complexes in Banpo and Cheongdam-dong. Even as a villa more than 20 years old, the complex consistently commands high-end valuations, with its scarcity firmly recognized by the market.

Given the high rate of owner-occupancy, rental listings are extremely rare. The most recent monthly rent contract — signed in May for a Phase 2 unit — carried a deposit of 2 billion won and a monthly rent of 4.8 million won.

As a 25-year-old building, the prospect of future renovation or reconstruction, combined with the surrounding infrastructure, means the land value of a site flanked by Dosan Park and Hakdong Park is expected to grow over time. New high-end complexes continue to emerge, touting state-of-the-art amenities and bespoke design, but the market holds that the irreplaceable combination of permanent urban greenery and absolute privacy cannot be replicated.

A broker at a nearby real estate agency said there are very few plots in Seoul that directly border a park. "The reason demand holds up even for an older building ultimately comes down to the scarcity of the location," the broker said.