Former Hankook Ilbo Chairman Jang Jae-gu's Apartment in Bangbae-dong Listed for Auction

First Auction Bid at Central District Court on April 1... Appraised Value 2.54 Billion KRW
Public Sale Requested by Seocho-gu Office... Located in Bangbae-dong Serae Village

[Asia Economy Reporter Onyu Lim] An apartment owned by former Hankook Ilbo chairman Jang Jaegu has been put up for auction.

According to Gigi Auction on the 25th, the first bidding for unit 606 of 'Preston' in Bangbae-dong, measuring 243㎡ (exclusive area), will be held at the Seoul Central District Court on the 1st of next month. This apartment is owned by former chairman Jang and one other person.

The creditor who filed for the auction is a certain lending company, with a claim amount of 398.86 million KRW. The appraised value is 2.54 billion KRW, and in March and July 2014, provisional seizures were placed by Hankook Ilbo and Seoul Economic Daily demanding payments of 21.9 billion KRW and 1 billion KRW respectively.

In January 2018, a bank filed for auction but withdrew it in June of the same year. Additionally, provisional seizures have been set by Seoul City, Jongno Tax Office, Jongno District Office, and National Health Insurance Service, with the total claim amount on the registry exceeding 24.4 billion KRW.

Currently, the apartment is also undergoing a public sale by the Asset Management Corporation simultaneously. Last month, Seocho District Office requested the Asset Management Corporation to conduct the public sale, with the first bidding scheduled from April 20 to 22. The appraised value for the public sale is 2.653 billion KRW, slightly higher than the auction appraisal. This difference is analyzed to be due to the appraisal dates: July 2, 2019, for the auction and February 5, 2020, for the public sale.

Preston, located in Seorae Village, Bangbae-dong, is within walking distance of subway lines 9 (Gubanpo and Sinbanpo stations), 3 (Express Bus Terminal station), 7 (Naebang station), and 2 (Seocho station). Nearby, neighborhood parks such as Seoripul Park and Montmartre Park are also established. In April last year, a unit with an exclusive area of 223㎡ was traded for 2.23 billion KRW.

A Gigi Auction official said, "Due to the COVID-19 virus, high-priced apartments were not seen in the auction market throughout March," adding, "With the resumption of bidding for high-priced apartments from April, interest in this property is expected to increase."

Meanwhile, on the same day at the Central District Court, bidding will also be held for other high-priced apartments such as Banpo Jugong Apartment (140㎡, appraised value 4.2 billion KRW) and Pyeongchang-dong Elysia Apartment (236㎡, appraised value 1.9 billion KRW).

This content was produced with the assistance of AI translation services.