[Exclusive] 'Symbol of Military Power' Cheongun-dong GIMUSA Commander’s Official Residence Listed for 5.6 Billion KRW

Minimum bid 5.582 billion KRW... Bidding open until the 29th
Luxury house on 681㎡ land, B1 to 3rd floor
27.1 million KRW per pyeong... "High price may lead to bid failure"
House symbolizing military power... Part of anti-corruption efforts

Exterior view of the former residence of the Commander of the Republic of Korea Army Military Security Command in Cheongun-dong, Jongno-gu, Seoul (Photo by Mun Je-won)

[Asia Economy Reporter Moon Jiwon] The former 'luxury official residence' of the Republic of Korea Army's Military Security Command in Cheongun-dong, Jongno-gu, Seoul, has been put up for public auction. This high-end house, with a scheduled sale price of over 5.5 billion KRW, is back on the market 38 years after the military purchased it for use as an official residence.

According to Onbid, the public asset disposal system, the minimum bid price for this house recently put up for auction is set at approximately 5.582 billion KRW, and bids will be accepted until the 29th. The new owner will be determined through a highest-price competitive bidding process, where the highest bidder wins.

The house sits on a 681㎡ lot and has a total floor area of 563㎡, spanning from one basement floor to three above-ground floors. Inside, each floor has a living room, along with an office, reception room, rooftop terrace, and a guard post at the entrance. Tall walls surround the property, and several trees are planted around it, making it difficult to see inside from the outside. The surrounding area is densely populated with residences of conglomerate heads and chaebols, making it one of Seoul's representative luxury residential districts.

The military purchased this building 38 years ago, in 1982. At that time, it was the residence of Kim Cheol-ho, chairman of Kia Motors, and was acquired for 265 million KRW to be used as the official residence of Park Jun-byeong, commander of the Military Security Command and a member of the Hanahoe faction. The Security Commander's post was one of the military's key positions, previously held by former presidents Chun Doo-hwan and Roh Tae-woo. For decades, it was used as the Military Security Commander's official residence until September 2018, when the Military Security Command was disbanded amid illegal political intervention controversies, and the residence was returned to the Ministry of National Defense as part of efforts to root out deep-seated evils.

The Ministry of National Defense proposed the purchase of the property to the Seoul city government and others, but after being rejected, it finally decided last year to sell it to the private sector and has been pushing forward with the sale. A military official explained, "In August last year, all items inside were removed for the sale," adding, "The last remodeling was about four years ago."

The Ministry of National Defense will open the interior of the building to interested parties from 1 p.m. today. This is the first time the building has been open to the public.

Local real estate agencies predict that the outcome of this first public auction is uncertain. This is due to the limited demand for such a high-priced detached house and the relatively high minimum bid price.

Based on the land area, the price per 3.3㎡ (1 pyeong) of this house is about 27.1 million KRW, while the average market price of nearby detached houses ranges from 25 million to 30 million KRW. A representative of real estate agency A in the area said, "Considering the surrounding market prices, it is not a cheap price," and added, "If it fails to sell once, there is a high possibility that a buyer will come forward."

However, due to its proximity to the Blue House, good security, and favorable residential environment, as well as its relatively good location within the Cheongun-dong residential area, there are observations that unexpected high bids cannot be ruled out. A representative of nearby real estate agency B said, "Although the official residence's site is not perfectly rectangular, there was recent demand to purchase the adjacent land together to build a larger house."