The land and unfinished building at 39-1 Pyeongchang-dong메이저사이트, Jongno-gu, Seoul, which was put up for public sale due to the financial difficulties of the implementer, found an owner after eight bids (six private and two public). The site was under a purchase and sale agreement with the Seoul Housing and Urban Development Corporation (SH) to provide it to a newlywed couple without housing, but the agreement was canceled when the owner changed. The buyer is expected to sell the units to the public.
Land and unfinished buildings at 39-1 Pyeongchang-dong, Jongno-gu, Seoul, where a new operator emerged in the eighth round of bidding. This was the site where SH had signed a purchase and sale agreement for a newlywed couple without a home, but the agreement was canceled as the public auction proceeded.
According to Korea Asset Management Corporation’s (Camco) asset disposal system Onvid on the 28th, the land and unfinished building at 39-1 Pyeongchang-dong, Jongno-gu, Seoul, won the lowest bid of 10.5 billion won at a public auction held on the 18th of last month. The initial appraisal value was 16.87 billion won ($16.9 billion), but the price was reduced by about 40 percent as six closed public auctions were held on March 16 (twice) and 21, last month on March 4 (twice) and 7, and the seventh and eighth public auctions on March 18.
The site was about to be completed with 38 apartments ranging from 2 basement floors to 6 floors above ground, and SH had signed a purchase and sale agreement in January to provide rental housing for newlyweds without housing. However, when the project went to public sale, the agreement with SH was naturally canceled.
In the future, the project is expected to be sold for general sale, not for newlyweds. This is because, according to SH’s rules for buy-to-let housing, the purchase agreement has already been automatically canceled due to the establishment of restrictive deeds, and buildings that are under construction or have been completed are not eligible for new contracts.
“The purchase and sale agreement for the Pyeongchang-dong newlywed housing project has already been canceled,” said an official from SH Corporation. “Structurally, it is difficult to resume the newlywed housing project here.”