The Much-Talked-About Noh Young-min Banpo Apartment Sold... '8.5 Billion Won Profit'

The 20-pyeong apartment in Banpo-dong, which Chief Presidential Secretary Noh Young-min promised to sell, was sold for 1.13 billion won on the 24th of last month.
[Image source=Yonhap News]

[Asia Economy Intern Reporter Kim Bong-ju] The 20-pyeong apartment in Banpo-dong, which Presidential Secretary No Young-min promised to sell, was sold for 1.13 billion KRW on the 24th of last month.

According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system on the 11th, the Hansin Serae Apartment (exclusive area 45.72㎡) owned by Secretary No was traded for 1.13 billion KRW on the 24th of last month.

Kang Min-seok, Blue House spokesperson, stated in a written briefing the day before, "Secretary No Young-min signed the sales contract for the Banpo apartment on July 24, and only the remaining payment is left."

The apartment was purchased in 2006 by Secretary No and his wife under joint ownership for 280 million KRW, and it is currently reported that their son is residing there.

Secretary No made a profit of 850 million KRW by selling the Banpo apartment after 14 years.

Earlier, in December last year, Secretary No advised, "Senior Blue House officials who own two or more houses in the metropolitan area should dispose of all but one as soon as possible unless there are unavoidable reasons."

However, he was criticized for owning two apartments in Banpo, Seoul, and Cheongju, Chungbuk.

In response, on the 2nd of last month, Secretary No announced that he would sell the Cheongju apartment among the two properties in Cheongju, Chungbuk, and Banpo-dong, Seocho-gu, Seoul, but public criticism surged with comments such as "He kept the 'smart one' in Gangnam" and "He abandoned his constituency."

Therefore, on the 8th of last month, Secretary No announced that he would dispose of not only the Cheongju apartment but also the apartment in Seoul, stating, "Selling the Cheongju apartment while keeping the Seoul apartment appeared as if I was trying to protect the Seoul apartment, which did not meet the public's expectations."