Seo Jang-hoon, Heukseok-dong 12 billion building demolition crisis “At least 500 million loss”

The building in Heukseok-dong, Dongjak-gu, Seoul, owned by Jang-Hoon Seo, a former basketball player, is in danger of being demolished.

According to the maintenance industry, on the 22nd, the Heukseok District 2 Redevelopment Promotion Committee announced a plan to apply for a public redevelopment competition.

Heukseok District 2 established the Association Building Promotion Committee in March 2009, but has been unable to establish a union for 11 years. This is because the consent rate for association establishment is only 70% (as of September) and does not exceed the establishment requirement (75%).

Consequently, the residents of Heukseok District 2 aspire to public redevelopment. Public redevelopment can be promoted if only 66.7% of residents agree.

However, in the case of Heukseok District 2, the proportion of merchants is 20%, and most of them do not agree with the establishment of the union, saying that they cannot do business during the demolition period. This is because the existing buildings were demolished and cannot be marketed during the years of construction. It is said that Seo Jang-hoon also showed the opposite position. An official from the promotion committee said, “It was difficult to promote the business as most of the merchants, including Seo Jang-hoon, did not agree with the establishment of the union earlier.”

In 2005, Jang-Hoon Seo bought a building with two floors below the ground and seven floors above the ground in Heukseok-dong (construction area 245.85㎡, total floor area 1782.74㎡). This building is 200 m directly from Heukseok station on line 9 and has excellent access to the metro station. It is not a corner building, but the adjoining building is low, so a panoramic view from the third floor and above is assured, and banks and hospitals are located. The purchase price is 5.8 billion won and the market price in 2020 is about 12 billion won. The loan was assumed at the time of purchase with about 2.2 billion won.

The brokerage industry estimates the rent for the building at 30 million won per month. If the remodel is confirmed and the period from demolition to move in is set at about 2-3 years, Jang-Hoon Seo’s rent loss will be at least 500 million won.

If a new apartment is built, it is possible to sell shops and apartments, but it is difficult to expect big profits because sales are based on appraisals rather than market prices.

Therefore, experts suggested that, unlike private redevelopment projects, public redevelopment projects should be actively involved in conflict resolution, and Seoul city officials responded, “We will examine the various interests of the projects. of redevelopment and we will reflect them in the project plan. ” [email protected]