Winning Unranked Subscription as a Reserve Winner
Deputy Director Jeong "Purchased Normally Without Anyone's Help"
Lee Jae-myung, the preliminary candidate for the Democratic Party presidential primary, is heading towards the memorial altar at the April 3rd Peace Park in Bonggae-dong, Jeju City, on the morning of the 27th. [Image source=Yonhap News]
[Asia Economy Reporter Na Ye-eun] It has been revealed that Jeong Jin-sang, a close aide of Lee Jae-myung, the Democratic Party presidential candidate and Governor of Gyeonggi Province, won an apartment subscription in the Daejang-dong development district in Seongnam City, Gyeonggi Province, and is currently residing there.
According to the real estate industry on the 1st, Jeong Jin-sang, the general manager of Lee Jae-myung's campaign, recently moved into an apartment in the Seongnam Daejang-dong development district, where preferential treatment allegations arose during the development process. Jeong was formerly the Policy Director of Seongnam City.
The apartment was offered for sale in December 2018, but 142 units remained unsold due to cancellations and non-contracts. Subsequently, in February 2019, 97 units were contracted through a non-priority subscription. The real estate industry analyzes that the reason for the unsold units in the original sale was due to the high initial sale price (700 to 800 million KRW range) and nearby transmission towers.
Jeong initially applied for the subscription but was rejected; however, he won the non-priority subscription as a standby winner (ranked 114th). The contract was made in February 2019 for 706 million KRW, and he is understood to have moved in last June. The current asking price for this apartment is estimated to be over 1.5 billion KRW, about twice the original sale price.
Jeong explained, "The subscription was applied for under my wife's name, and we were rejected in the original sale. Later, when there were remaining units, my wife went to the model house and saw more than 100 people. Only those who wanted to participate in the lottery did so, and she was selected among them. We acquired the apartment normally without anyone's help."
According to Jeong, the funds for the subscription were prepared through the deposit of the apartment they were living in at the time, a loan arranged by the construction company, and a personal credit loan.
Meanwhile, the apartment was directly developed by Hwacheon Daeyu, and it is the same apartment that the daughter of former special prosecutor Park Young-soo, who caused controversy earlier, purchased from Hwacheon Daeyu.
Previously, Hwacheon Daeyu secured 24 units for the developer's share, excluding the units contracted through the non-priority subscription from the remaining 142 units after the sale. Among these, one unit was sold to former special prosecutor Park's daughter at the initial sale price last June.
On the other hand, Jeong's side maintains that there was no problem in the acquisition process. He explained, "Regarding the payment for the subscription, we acquired the apartment through legitimate procedures using the deposit from the apartment we were living in, a loan arranged by the construction company, and a credit loan."
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