Samseongdong Former Police Box Site Still Awaits New Owner This Year
Failed to Sell Last Year as Well... Left Neglected After Line 9 Construction
High Commercial and Geographic Value... Burdened by High Appraised Price
A prime piece of land in Samseongdong, Gangnam-gu, Seoul has been left abandoned for over a decade. Despite being considered a golden site near Seonjeongneung Station, a commercial district serviced by Subway Line 9 and the Suin-Bundang Line, it has yet to find a new owner.
According to the maintenance industry on June 2, the Seoul Metropolitan Government recently put up for public sale the buildings and land at 114-6 Samseongdong, Gangnam-gu, which are city-owned properties. However, the auction failed to attract any successful bids.
The area around 114-6 Samseongdong, Gangnam-gu, which was publicly auctioned by the Seoul Metropolitan Government. Seoul Metropolitan Government
This site was once home to the Samseong 2 Police Box. In 2013, concerns about building collapse arose due to cracks that developed during the construction of Subway Line 9, prompting the relocation of the police box. Subsequently, Kyungnam Enterprise, the contractor for Line 9, went bankrupt, leaving the cracks in the building uncompensated and the site neglected as an eyesore for a long period. In a detailed safety inspection in 2016, the police box building received a D grade, indicating a dangerous condition.
Afterward, the Seoul Metropolitan Government determined that the site had high potential for private sector use and decided to pursue a public sale. Last year, the city attempted to sell both the land (124.0 square meters) and the vacant building (133.03 square meters) twice through open competitive bidding, but both attempts failed. This year, the minimum bid price remained at 8.6 billion won. As city-owned property is not required to be sold, the city is under no obligation to lower the starting price.
Industry experts point to the relatively high appraised value as a reason for the failed sales. Although development plans were once established for the site, its small size may present challenges for new commercial construction. In addition, as there is a dense residential area behind the site, issues related to the right to sunlight could arise during future development.
Nevertheless, the area is classified as a general commercial zone, making it highly suitable for commercial use. The site is located between Seonjeongneung Station and Samseongjungang Station on Subway Line 9, and the surrounding area is densely populated with large apartment complexes, educational institutions, and commercial facilities, resulting in heavy foot traffic. The UNESCO World Heritage site Seonjeongneung is also nearby.
The Seoul Metropolitan Government plans to decide whether to proceed with additional bidding through internal discussions. The sale will be conducted through an open competitive bidding process, and the highest bidder among those who submit bids above the minimum price will be selected as the final successful bidder. Bidders are required to prepare a bid deposit equal to 10% of their bid amount.
Location 114-6, Samseongdong, Gangnam-gu, for public sale conducted by the Seoul Metropolitan Government. Seoul Metropolitan Government
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