"More Than Doubled in Price in Just Over 2 Years Since Sale"
Kim Hyunji Also Involved in Environmental Assessment of Baekhyundong Development
[Asia Economy Reporter Na Ye-eun] It has been revealed that Kim Hyun-ji, a former secretary of Gyeonggi Province and a close aide to Lee Jae-myung, the Democratic Party presidential candidate, purchased an apartment in Daejang-dong, Pangyo. Kim, the former secretary, stated, "I was a non-homeowner at the time of the purchase and followed the proper procedures."
On the 19th, the online media outlet New Daily Economy reported, "In January 2019, Kim Hyun-ji and her husband Choi purchased one unit (84㎡ exclusive area) of 'The Sharp Pangyo Forest' apartment in Daejang-dong, Seongnam City, Gyeonggi Province, for about 690 million KRW."
It added, "This apartment was directly developed by Hwacheon Daeyu Asset Management (Hwacheon Daeyu), and its price more than doubled within about two years after the sale, with the current market price reportedly ranging between 1.5 billion and 1.6 billion KRW (asking price)."
Regarding this, Kim told New Daily Economy in a phone interview, "I was a non-homeowner at the time of the application, so I won through the proper procedures. I hesitated until the last moment to apply because the sale price was relatively high."
An apartment complex built on the former site of the Korea Food Research Institute in Baekhyeon-dong, Seongnam-si, Gyeonggi Province. / Photo by Yonhap News
Previously, Kim was involved in the environmental assessment related to the development of the Korea Food Research Institute site in Baekhyeon-dong, which was promoted during Lee’s tenure as mayor of Seongnam, sparking controversy. Baekhyeon-dong, like Daejang-dong, has been embroiled in allegations that private real estate developers received special favors.
According to the Korea Economic Daily on the 17th, a 'Strategic Environmental Impact Assessment Service Report' for the district unit plan decision of the Food Research Institute, obtained by Kwon Young-se, a member of the People Power Party, contains a letter sent by the civic group 'Seongnam Agenda 21' to Seongnam City in June 2016 regarding the environmental impact assessment of Baekhyeon-dong.
In the letter, Seongnam Agenda 21 wrote, "We submit the attached opinion letter regarding the consultation request for the strategic environmental impact assessment for the district unit plan decision of the Food Research Institute site." At the bottom, it was signed 'Secretary General Kim Hyun-ji.'
At that time, the private developer proposed cutting into a hillside and constructing a massive retaining wall up to 50 meters high to increase profitability. The Han River Basin Environmental Office expressed concerns, stating, "The slope is excessively steep, raising fears of collapse."
However, Seongnam Agenda 21 requested measures such as "minimizing damage to surrounding green areas" and "environmental protection education plans for stakeholders" but did not object to the development method itself.
Ultimately, the Baekhyeon-dong development proceeded, and retaining walls up to the height of the 11th to 12th floors were constructed at the apartment site. It is reported that Seongnam R&D PFV, the developer, earned 314.3 billion KRW in sales profits from this apartment development.
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