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Songhyeon-dong site next to the Gyeongbokgung Palace in Seoul, recently launched by Korean Air for sale. In the past, they tried to build a 7-star Hanok hotel, but were forced by various regulations and collapsed. In central Seoul, the gold-enveloping land is expected to be available for sale in 12 years. Central photo.
This year, a red light went on for the sale of the property, Songhyeon-dong, one of the largest fish markets in the property market. This is the story of the 3,6642㎡ gold barrage next to the Gyeongbokgung Palace in Seoul, owned by Korean Air. It appears as a sale in 12 years, but there is a chance that buyers may not be easy to find due to development regulations and Seoul’s “parking” movement.
Korean Air sells land in Songhyeon-dong
At least 600 billion gold bars next to Gyeongbokgung Palace
Seoul city brakes, it seems hard to find a new owner
Parking rewards may be less than offers
Hotel Hanok development opinion for permitted use
Land owner Korean Air entered the bidding process last month selecting the Samjung KPMG and the Samsung Securities Consortium as the preferred trading targets for the sale. This is because a new type of coronavirus infection (Corona 19) caused a liquidity crisis since the area was empty. Currently, he has been receiving 1.2 billion won blood transfusions from industrial banks and import-export banks. Korean Air should secure as much cash as possible by organizing non-earning assets, such as the Songhyeon-dong site until the completion of Corona 19.
Songhyeon-dong land price is at least 600 billion won
Songhyeon-dong land promoted by Korean Air. Yonhap News.
So what is Song Hyun-dong’s ransom price? In the real estate industry, it is estimated that over 500 billion won (45 million won per 3.3 m2) in terms of location and area. An appraisal evaluator who requested anonymity said, “Korean Air bought it for 280 billion won during the financial crisis, and now, considering that the price of land around Jongno-gu, Seoul has risen, it reaches at least double the amount of 600 billion won. ” According to the value map of the land and building information platform, 199㎡ of the land behind the nearby Deokseong Girls’ High School sold for 4.26 billion won in 2017. This means that the current price of the land near Gyeongbokgung Palace can exceed 70 million won by 3.3㎡.
However, many real estate development companies (developer) are negative about the prospect of selling. The location is excellent, but the reason is that it is difficult to value it because the business is not insured. Pides Development President Seung-Bae Kim said: “No matter how good the location is, it is not easy to decide on a purchase unless it can be developed efficiently.” Another development official said: “Because various regulations are not easy to develop, we are not considering purchasing (at the company level).
The reason why large corporations have been empty for 23 years.
Korean Air Song Hyun-dong Land Diary.
This site was abandoned by Korean Air in the past to build a 7-star Hanok hotel overlooking the Gyeongbokgung Palace in Seoul. School health law prohibits the establishment of hotels around the school. At that time, there were Pungmun Girls’ High School and Deokseong Girls’ Middle School and Girls’ High School around Songhyeon-dong. Korean Air filed an administrative lawsuit, but was governed by the Supreme Court. Samsung Life, the owner of the land until it was sold to Korean Air since 1997, also failed to achieve its goal of establishing an art museum. In fact, the Songhyeon-dong land has been vacant for 23 years.
Development constraints are great when big companies don’t open their first shovel. The Songhyeon-dong area is included in the Bukchon District Unit Planning Area. The height of the building is limited to 12m or less. Also, as a general residential area, the ratio of the building area to the land area (coverage ratio) is 60% or less, and the floor area ratio is linked to 100-200%. School health laws have not changed. In fact, only one type of housing facility can be entered into the neighborhood, such as single-family homes, convenience stores, and supermarkets, which have little commercial profitability.
Seoul’s ‘parking lot’ emerged as a new variable
Last year, discussions were held on how to make Songhyeon-dong a “cultural and forest park” organized by Jongno-gu, Seoul. Yonhap News
Recently, there is one more variable. The city of Seoul has promised to “park” this place. An official with the Seoul Metropolitan Development Planning Group said: “We proposed to discuss the purchase plan with the city of Seoul (a Korean Air) instead of making a public offer.” When the expected purchase price is negotiated, the evaluation is done in accordance with the law. “Furthermore, even if it is sold to the public through open bidding, it will be designated as an urban planning facility (park) and will accommodate.”
It is because of the “history of the earth” that the city of Seoul is trying to make efforts at the Songhyeon-dong site. This is where Yoon Taek-young, the teacher of the last emperor of the Joseon dynasty, lived. The painful past is also melting. From 1919, during the Japanese colonial period, it was used as the residence of the Joseon Siksan Bank, the symbol of looting, and after liberation, it was used as the residence of the United States Embassy. Now Seoul’s desire is to make Songhyeon-dong a park for all citizens to use.
Developer “Location is better, question mark of value”
Korean Air’s parked braking is embarrassing. A Korean Air official said: “Selling the Songhyeon-dong site is a self-help measure to overcome the management crisis. The voice of the Seoul city, which holds multiple licenses, may influence the tender. Potential buyers may interpret this as a “negative sign” that it is not easy to develop land due to future licensing issues. President Seung-Bae Kim said: “It is difficult to settle for a price right now.” Even if it is designated as a park, the bailout may be less than a public offering that reflects development gains. ”
Professor Jeong-Hyung Lee, from the Department of Architecture at Chung-Ang University, said: “It is necessary to make known whether the Songhyeon-dong site is suitable for use as a park in terms of urban space.” He said, “There are many open spaces around the Gyeongbokgung Palace from Gwanghwamun Square to Seoul Square in front of the City Hall.” I also need to think about the method. ”
Reporter Yeom Ji-hyun [email protected]
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