Minimum Bid Price Scheduled at 8.61298 Billion Won
The old Samsung 2 Police Substation building and land, which had been left abandoned for over 10 years in the 'prime land' of Gangnam-gu, Seoul, have been put up for sale on the real estate market.
On the 29th, the Seoul Metropolitan Government announced the recent public notice for the sale of city-owned property, stating that the building and land at 114-6, Samseong-dong, Gangnam-gu, which was formerly used as a police substation, will be sold through a general competitive bidding process.
The vacant building measures 133.03㎡, and the land is 124.0㎡. It is located in a general commercial area. The minimum bid price is 8,612,980,000 KRW.
The deadline for submission is October 4th. Among those who submit bids higher than the minimum bid price, the highest bidder will be awarded the contract.
This location is near Seonjeongneung Station, where Subway Line 9 and the Suin-Bundang Line pass. Originally used as a police substation, cracks appeared throughout the building in 2013 during the construction of Subway Line 9, raising concerns about collapse, and the substation was eventually relocated that year.
As Kyungnam Enterprises, the contractor for Line 9, went bankrupt, compensation for the building cracks could not be obtained, and the building remained unrepaired and abandoned for over 10 years.
A city official stated, "We judged that the site has high value for private use, and the minimum bid price was selected after an appraisal."
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