Namwon-si to Proceed with 'Hyosan Condo Public Auction Procedure' Starting from the 31st

[Namwon=Asia Economy Honam Reporting Headquarters Reporter Jeong Young-gwon] Namwon City in Jeonbuk is resuming the public auction process for the Hyo-san Condo, which has been left as an eyesore in the city center.

According to the city on the 1st, since the first public auction was held in May 2008, the main focus has been whether a new owner will emerge for Hyo-san Condo.

Since the cancellation of its registration as a tourist accommodation business in 2005, 17 years have passed, and it has been left as an eyesore, raising urgent concerns about safety accidents and potential misuse for crimes, making countermeasures urgent.

The city has conducted over 30 public auctions so far to revitalize Hyo-san Condo, and this time, to find a reliable investor, the public auction will be held again from the 31st of this month until the 23rd of next month.

A city official said, “Due to continuous failures to sell, the first auction started at 3,417.6 million KRW, and if no bidders come forward and the auction continues, the price will drop significantly to 2,136 million KRW by the final fourth auction,” adding, “We are currently receiving related inquiries.”

Meanwhile, as part of efforts to revitalize Hyo-san Condo, the city has selected it as a major agenda item for the 8th term of the elected administration and is strongly urging relevant departments to resolve practical issues in line with the new business purpose.

They have also proposed a change in land use zoning through a meeting with the governor, and plan to provide all possible administrative support if a buyer appears in the future.

Namwon=Asia Economy Honam Reporting Headquarters Reporter Jeong Young-gwon baekok@asiae.co.kr

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