Sungkok Art Museum Listed for 145 Billion Won... "Contract Completion Uncertain"

Seonggok Art Museum located in Sinmunno 2-ga, Jongno-gu, Seoul.
Photo by Chawan Yong

[Asia Economy Reporter Cha Wanyong] It has been confirmed that Seonggok Art Museum, located on the site of the former Gyeonghuigung Palace, has been put up for sale at 145 billion KRW. It is known that a preliminary contract has been signed with a developer, but whether it will lead to a final contract remains uncertain.

According to the real estate industry on the 6th, Seonggok Art Museum, located in Jongno-gu, Seoul, appeared on the market last September. The land area is 8,389㎡, and the total building area is 4,349㎡. There are four buildings on six parcels of land in total.

A real estate brokerage firm is leading the sale, and it is known that a preliminary contract was signed with one developer at a sale price of 145 billion KRW. However, it has not been confirmed whether the final contract has been signed. Some reports suggest that the contract has not been completed due to non-payment of the remaining balance.

An official familiar with the Seonggok Art & Culture Foundation said, "I heard that it was put on the market around September," adding, "Since there are special related parties involved, the sale is being conducted cautiously, and even if problems arise during the sale process, it is unlikely to be disclosed externally."

Seonggok Art Museum was established by the Seonggok Art & Culture Foundation in November 1995 on the site of the residence of Seonggok Kim Seong-gon, the founder of Ssangyong Group, to commemorate him. In 2007, curator Shin Jeong-ah, who caused a scandal over academic forgery, served as the head of the Seonggok Art Museum's curatorial office and was embroiled in controversy for embezzling corporate sponsorship funds.

Currently, the site is owned by the Seonggok Art & Culture Foundation, with former Ssangyong Group chairman Kim Seok-won as the representative, and his wife Park Moon-soon serving as the director of Seonggok Art Museum. It is known that the couple currently resides in one of the four buildings of Seonggok Art Museum.

The Seonggok Art Museum site is one of the most valuable pieces of land in Seoul. It is surrounded by Gyeonghuigung's Achim (Complexes 3 and 4), Park Palace Apartments, and Gwanghwamun Space One Apartments (Complexes 1 and 2) behind Gwanghwamun Square, and is also adjacent to Gyeonghuigung Palace.

At the end of 2017, the property was listed for around 80 billion KRW, and a contract was underway but ultimately fell through. At that time, a U.S.-based investor expressed strong interest in purchasing the site to develop a luxury residential complex consisting of apartments, neighborhood living facilities, and an art museum, but the contract was not finalized. Five years later, the sale price has soared to 145 billion KRW.