"Will Sell," But Still Owned: Yangji Village Kumho 1st Complex
Designated as Leading District for First-Generation New Town Reconstruction... Record Price of 2.75 Billion KRW
Location Premium: Close to Bundang Line, 'Chopuma', and Central Park
"Promised to Make It Like Bundang"... Gyeyang District Down 15%
Following the dismissal decision of former President Yoon Seok-yeol, the 'Bundang apartment' of Lee Jae-myung, a leading presidential candidate and former leader of the Democratic Party of Korea, is gaining renewed attention. The apartment, which Lee had previously announced he would sell, was recently designated as a 'pilot district' for the government's first-generation new town reconstruction project, classifying it as a beneficiary complex.
A view of 'Yangji Village Kumho 1 Complex' in Sunae-dong, Bundang-gu, Seongnam-si, Seoul, owned by Lee Jae-myung, former leader of the Democratic Party of Korea. Provided by Double Auction.
Lee's apartment in Yangji Village Kumho 1st Complex, Sunae-dong, Bundang-gu, Seongnam-si, Gyeonggi-do (exclusive area 164㎡), was purchased jointly with his wife Kim Hye-kyung in 1998 for 366 million KRW and is still owned by them. The apartment was traded for 2.75 billion KRW last December, indicating an expected capital gain of about 2.4 billion KRW.
The forgotten 'Bundang apartment'... Beneficiary complex of Yoon's policy
Lee expressed his intention to sell the Yangji Village Kumho 1st Complex apartment when he ran in the 2022 by-election for Incheon Gyeyang-eul. He actually put the apartment on the market. Initially listed at the highest price of 2.65 billion KRW, the sale fell through, leading to a price reduction, and eventually, the listing was quietly withdrawn. As Lee did not dispose of the apartment, public interest gradually waned. However, according to the regular asset change report disclosed recently by the National Assembly Public Officials Ethics Committee, it has been confirmed that he still owns the Yangji Village Kumho 1st Complex apartment.
In September last year, it was revealed that Lee submitted a resident consent form by mail for the government's designation of the first-generation new town reconstruction pilot district, prompting criticism in political circles that his words and actions were inconsistent. This is because he had repeatedly advocated for the eradication of real estate unearned income and declared in his 2022 presidential candidate acceptance speech that he would "put an end to the republic of real estate unearned income."
Ultimately, Yangji Village was selected as a pilot district with a resident consent rate of 95.5%, the highest in the fiercely competitive Bundang area. Yangji Village, with 4,392 households, will be integrated and reconstructed into 7,458 households across 34 buildings ranging from three basement floors to a maximum of 38 floors above ground. The Yangji Village Kumho 1st Complex owned by Lee is also included as a priority target for the reconstruction project, thereby benefiting directly and indirectly. Ironically, the opposition's 'biggest fish' is reaping benefits from a policy ambitiously promoted by the Yoon Seok-yeol administration.
'Lee Jae-myung's apartment' hits record prices... Gyeyang faces stagnation
Riding the wave of the pilot district designation, the flagship apartment in Bundang, Yangji Village Kumho 1st Complex, is experiencing a series of record-high prices. The 164㎡ unit owned by Lee recorded a new high of 2.75 billion KRW last December. The 84㎡ unit changed hands for 1.77 billion KRW in March, setting a new record price. Around the same time, the 133㎡ unit was traded at a record 2.27 billion KRW. Yangji Village Kumho 1st Complex is very close to Sunae Station on the Suin-Bundang Line, is a 'Chopuma' (an apartment complex with an elementary school within its vicinity), and is adjacent to Bundang Central Park, making it a desirable residential environment.
On the other hand, housing prices in Gyeyang-eul, Lee's electoral district, continue to stagnate. According to the Korea Real Estate Board, the average apartment sale price in Gyeyang-gu, Incheon, was 319.21 million KRW in June 2022 when Lee won the by-election. However, it dropped to 270.56 million KRW in February, a decline of 15.24%. This decrease was larger than the average decline rate of 13.49% for apartments across Incheon during the same period. During the 2024 general election, Lee pledged to make Gyeyang-eul "the most desirable place to live in Korea." However, voters expressed dissatisfaction, saying, "He promised to make Gyeyang-eul like Bundang, but nothing has changed."
Meanwhile, Yangji Village Kumho 1st Complex is currently facing a complex redevelopment situation, with internal voices demanding 'in-place reconstruction' and escalating conflicts over integrated reconstruction. Recently, some owners within the complex have formed an emergency reconstruction committee and are even considering pursuing independent redevelopment.
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