[단독] Lee Yong-deuk, the Democratic Party’s executive advisor, purchases the road for redevelopment… “We have officetels in 2 houses”

Input 2021.03.12 06:00

It turned out that a former ruling party lawmaker from the labor world had invested in the roads in the redevelopment promotion zone. In general, road sites are real estate that is avoided because they have no value to use, but in areas where there is a possibility of redevelopment, they are treated as investment targets that can receive’residence rights’ if they exceed a certain area.

According to the disclosure of the property of public officials in the National Assembly on the 12th, Kim Mo, the spouse of former Democratic Party lawmaker Lee Yong-deuk (currently a permanent advisor), purchased three parcels, including 434, Bukahyeon-dong, Seodaemun-gu, Seoul, for 700 million won in August 2019. All of the land titles were’roads’ and the total area was 204m2. The source of the purchase funds is not clearly stated in the disclosure statement.

The road purchased by this senior advisor is a redevelopment product located within the’North Asia District 2′. Roads are land that cannot be directly occupied or earned rental income, but if the total area exceeds 90m2, members are eligible to apply for pre-sale. If redevelopment is not possible, it is a worthless blind paper.

Buk-Ahyeon District 2 is one of the best locations in Seodaemun-gu, with Ahyeon Station of Subway Line 2 and Chungjeongno Station of Subway Lines 2 and 5 on both sides. In 2009, the union was established and the project was approved for implementation, but the business has been delayed due to the issue of compensation for shopping malls and disputes within the union.

It has undergone a hand change due to the delay in the road site map project in North Ahyeon-dong. The first owner, Mr. A, has been holding the land for 12 years since he acquired the land as a donation in 2005. However, in 2016, the decision to commence a voluntary auction was made because the debt set as a fundamental mortgage was not repaid. It was on August 29, 2019, when the spouse of this standing adviser bought back from Mr. B for 700 million won, which is more than twice the bid price of the auction.

Since the announcement of the real estate policy on December 16 in 2019, the ruling party has been in a situation where the voices of the ruling party must receive the pledge of’one household, one house’ from the runners for the 21st general election. However, at the time of purchase of the road in Buk-Ahyeon-dong, Yong-deuk Lee was already a multi-homed apartment in Haan-dong, Gwangmyeong-si, Gyeonggi-do under the name of his spouse. In addition, it has one officetel in Yeongdeungpo-gu and Mapo-gu, and four shopping centers in Songpa-gu.

The redevelopment project, which had been sluggish for 10 years, is on the rise. On January 21 of last year, Seoul designated Bukahhyeon District 2 as a special construction area. The floor area ratio was raised from 231% to 260%, and the total number of households increased by 642 from 1714 to 2356. Among the increase in the number of households, only 109 rental housing units have improved business feasibility.

Subsequently, in November of the same year, Bukah County District 2 passed architectural deliberation. Construction deliberation is a process that considers the aesthetics of the city and securing publicity prior to development licensing, and is considered a tricky step in the redevelopment project.

The construction companies in Buk-Ahyeon District 2 were selected as Samsung C&T and DL E&C. Samsung C&T and DL E&C are construction companies that have’Raemian’ and’Acro’, the best apartment brands in Korea. With the addition of a brand premium to the location of the’Double Station Area’, the apartment building in the 2nd district of Bukahhyeon is expected to become a landmark in the Gangbuk area.

Lee Yong-deuk, a standing adviser, was formerly the chairman of the Korean Federation of Trade Unions, and was elected as the 12th proportional representative of the Democratic Party in the 20th National Assembly election in 2016. In the 21st general election, he declared no run. Recently, it is known that he joined the camp of candidate Park Young-sun, Mayor of Seoul.

A real estate expert who requested anonymity said, “Even if the average end-user is seeking redevelopment, they buy a villa or detached house.”

Senior Advisor Lee Yong-deuk said, “It is true that I bought the road site to enter the redevelopment apartment because it was uncomfortable to live in Gyeonggi-do,” but said, “I did not purchase it after knowing in advance information such as the progress of the business.”