KAMCO to Auction 631 Seized Assets Worth 190.9 Billion Won on March 3-4

582 Real Estate Properties and 49 Personal Assets to Be Auctioned via Onbid

Korea Asset Management Corporation (KAMCO) announced on February 27 that it will hold a public auction for 631 seized assets worth a total of 190.9 billion won through Onbid over two days, March 3 and 4.

The auction of seized assets is an administrative procedure in which public institutions, such as tax offices and local governments, sell assets seized for the collection of overdue national and local taxes through KAMCO.

The auction will cover all items subject to seizure, including real estate such as land and housing, as well as vehicles, precious metals, and securities. In this auction, 582 real estate items and 49 personal property items will be put up for sale.

Among these, land-including forest land-accounts for the largest share with 338 items. There will also be a total of 68 residential buildings, such as apartments and houses, up for auction, including 29 located in the Seoul metropolitan area including Seoul and Gyeonggi Province.

Notably, 361 of the assets are appraised at less than 70% of their official valuation, which is expected to attract interest from end users.

However, KAMCO advised that bidders should carefully analyze the rights associated with each property, as the responsibility for vacating tenants rests with the purchaser. Additionally, the auction of certain assets may be canceled before bidding due to reasons such as tax payment or failure of delivery, so extra caution is required.