Furniture and building materials firms gear up as 'Dieh Banpo' move-in nears

With move-in at Dieh Banpo 124 now about a year away, furniture and building materials companies are racing to capture demand from the massive Gangnam-area reconstruction project. The complex, comprising more than 5,000 units, is drawing intense attention from the industry as a major revenue source at a time when new housing demand has contracted amid a construction slump. LX Hausys and Hyundai Livart Furniture have been selected as premium kitchen furniture suppliers, while Hanssem and Shinsegae Casa are preparing discount and consultation programs targeting incoming residents.

According to industry sources Monday, Dieh Banpo 124 — a reconstruction of the Banpo Jugong 1 complex's sections 1, 2 and 4 in Seocho-gu, Seoul — will consist of 50 buildings with five below-ground floors and 35 above-ground floors, for a total of 5,007 units. Hyundai Engineering & Construction is the contractor, with construction currently underway toward a November 2027 move-in target. Last month, a general assembly of association members approved renaming the complex from Dieh Classit to Dieh Banpo 124. The development ranks among the largest apartment complexes in Seoul's Gangnam area — about 1.7 times the size of Banpo's Raemian One Bailey, which welcomed residents in 2023 with 2,990 units.

Building materials companies are paying close attention to the roughly one year remaining before completion. "Supply of key finishing materials such as flooring surges significantly in the period just before a project is completed," an industry official said. "Veranda remodeling work timed to move-in is also one of the main revenue drivers." Certain finishing materials — including flooring, wall panels and kitchen furniture — are installed in follow-on work after completion. As construction progresses, deliveries and the corresponding sales recognition follow, and once residents move in, consumer demand for furniture, beds and interior products kicks in.

LX Hausys plans to supply the Italian premium kitchen furniture brand Lastelli to Dieh Banpo 124. Lastelli, which LX Hausys exclusively imports and distributes in South Korea, was selected in July as the kitchen furniture brand for the complex — then still known as Dieh Classit. The company had earlier completed a supply of the brand to Define Gwangan in Busan.

Lastelli is an Italian kitchen furniture brand whose designs have involved industrial designers including Karim Rashid and Ferruccio Laviani. LX Hausys provides an integrated service covering kitchen design, importing, logistics, installation and after-sales care. The company has set up showrooms at Ronchel Gallery in Samseong-dong, Seoul, and at the LX Z:IN flagship store in Nonhyeon-dong, expanding sales to general consumers as well as reconstruction and redevelopment project sites.

Hyundai Livart Furniture is also participating in the premium kitchen furniture supply for Dieh Banpo 124. Valcucine, an Italian kitchen furniture brand that Hyundai Livart Furniture exclusively distributes in South Korea, was selected in August as one of the kitchen furniture brands for the complex. Hyundai Livart Furniture will also supply another Italian brand, Aran Cucine, as a paid upgrade option for residents — allowing them to choose the product at additional cost. The brand is on display at the model home, and all of its production takes place in Italy.

Furniture companies are also running or preparing promotional campaigns. Shinsegae Casa is offering members of its Casamia "Move-in Club" a 10 percent discount on purchases at stores nationwide. It also plans to provide additional move-in benefits at key stores in the Banpo and Gangnam area, including its Seorae Village, Daechi and Apgujeong locations.

Shinsegae Casa has already seen the payoff from move-in marketing campaigns targeting major complexes in the Banpo area. Promotional activities launched in August and aimed at premium apartment complexes including Dieh Bangbae and Raemian Trinione drove a 15 percent increase in sales at the relevant stores over three months compared with the preceding three-month period. The company now plans to extend its move-in marketing push to Dieh Banpo 124.

Hanssem is also preparing a dedicated promotion for residents of the complex. Taking into account the development's distinctive design features — including high ceilings — the company plans to propose custom-built storage units in non-standard dimensions and offer additional benefits on key storage furniture such as built-in wardrobes. Special pricing on premium imported sofas and discounts on curtains and blinds are also in the works.

Bed makers are likewise broadening their reach to capture demand from the large incoming resident pool. Sealy is expanding its participation in move-in and furniture fairs, and is preparing a dedicated fair for Banpo-area residents. Unlike kitchen furniture provided as standard by construction companies, beds are items that residents purchase themselves or replace, making them closely tied to consumer spending around the time of move-in.

"A large-scale move-in at a new Gangnam apartment complex is a rare sales opportunity even within the furniture industry," an industry official said. "We plan to activate the marketing promotions we have been preparing and offer premium bedding and furniture suited to customer needs."