The Highest Land Price in Songpa-gu: Lotte World Tower at 155.37 Million KRW per Pyeong

Songpa-gu, Individual Official Land Prices Rise 8.15% Year-on-Year... Lotte World Tower Assessed at 47 Million KRW per ㎡

[Asia Economy Reporter Jong-il Park] The highest land price in Songpa-gu was surveyed at 47 million KRW per square meter at 29 Sincheon-dong, where Lotte World Tower is located.

When converted to the price per pyeong, it is calculated at 155,372,600 KRW.

Songpa-gu (Mayor Park Seong-su·photo) decided and announced the 2020 individual publicly announced land prices for 29,899 parcels in the area on the 29th, and will operate an objection period for one month.

This individual publicly announced land price was determined after investigating land characteristics from January this year, calculating the land price, undergoing verification by appraisers, allowing landowners to review, and deliberation by the Songpa-gu Real Estate Price Public Announcement Committee.

According to the district on the 31st, this year's individual publicly announced land price in Songpa-gu rose by 8.15% compared to last year.

Within Songpa-gu, Jamsil-dong showed the largest increase of 11.79% due to the effect of public price realization. It was followed by Sincheon-dong (9.63%), Munjeong-dong (7.91%), Jangji-dong (7.65%), Ogeum-dong (7.56%), and Garak-dong (7.06%).

The highest land price in Songpa-gu was surveyed at 47 million KRW per square meter at 29 Sincheon-dong, where Lotte World Tower is located.

The individual publicly announced land prices decided and announced this time can be viewed on the Songpa-gu Office website, at the Real Estate Information Division on the 2nd floor of Songpa-gu Office, or at each community service center.

Landowners or interested parties who have opinions on the decided prices can submit an objection form by visiting, mail, fax, or through the district website or the 'Ilsacheonri' integrated civil service website by June 29.

Based on the submitted opinions, the appropriateness of the prices will be re-verified through the application of standard land price, balance maintenance with nearby land prices, and deliberation by the Songpa-gu Real Estate Price Public Announcement Committee. The results will be individually notified and adjusted and announced on July 27.

The district added that during the objection period, a 'Consultation with Appraisers' service will be operated to resolve questions related to individual publicly announced land prices. It will be operated at the Real Estate Information Division on the 2nd floor of the district office, allowing telephone or face-to-face consultations with appraisers.

In addition, opinions can be proposed anytime and anywhere through the 'Individual Publicly Announced Land Price Resident Opinion Continuous Reception' window prepared on the district website. The district plans to reflect the collected opinions in future publicly announced land prices after land characteristic investigations by responsible officials and verification of land prices by appraisers.

Park Seong-su, Mayor of Songpa-gu, said, "Since individual publicly announced land prices are used as various tax base data, please be sure to check any questions within the period," and added, "We will strive to calculate and verify fair and reliable individual publicly announced land prices so that residents' property and rights can be properly evaluated and protected."