The next door, smaller than Byeon Chang-heum’s house, has been sold for 1.5 billion won

The next door of Minister of Land, Infrastructure and Transport Byun Chang-heum was sold for 1.49 billion won. This house is one of the 14 apartments in the Hyundai Opera House in Bangbae-dong, Seocho-gu, Seoul, with a dedicated area of ​​105.74㎡ (32 pyeong), which is smaller than Minister Byeon’s house (129.73㎡/39 pyeong for exclusive use). Minister Byeon previously reported the property value of his apartment at 600 million won.

This property, which was first registered on the 29th of last month, is currently available on various portal sites. Opera House is a one-dong apartment that started moving in in 2002. It is a 5-minute walk from Isu Station on Line 7 and is directly attached to Seomun Girls’ Middle School and High School, making it a good residential area for transportation and school districts. However, since there were few transactions, it was difficult to grasp the market price.

In March last year, Minister Byeon reported the apartment at the official price of 590 million won in a public official’s property report, but was controversial over whether the property was reduced. After being nominated by the Ministry of Land, Infrastructure and Transport, the publicly announced price was applied last year to raise it to 657 million won, but the controversy continued.

Minister Byeon said in a response to the National Assembly’s personnel hearing, “As long as there are few transactions, we know that the market price is lower than that of apartments in nearby large complexes and the publicly price is lower.” He also said, “I think the market price is around 1 billion won, considering the recent transaction cases of nearby apartments.” However, if the registered property is traded at the quoted price, it is highly likely that Byun’s house, which has a larger area, will sell more than 1.5 billion won.

The Opera House was purchased by Minister Byeon for 523 million won in June 2006 and is still living there. If it is traded for more than 1.5 billion won, Minister Byeon will earn more than 1 billion won in market profits through the apartment.

The realtor who registered the sale said, “Because it’s a one-dong apartment, it came out cheaper than a nearby apartment with a similar size, but no one has yet appeared to buy it.”

Reporter Kim Won [email protected]