Prime ministerial nominee Han Sung-sook, who netted a 2.95 billion won gain on her Asia Athletes' Village apartment, owns the Yeoksam-dong officetel "Luca831" — also owned by actor Kim Nam-joo. She bought it for 2.07 billion won and is now asking 1.9 billion won, a loss of 200 million to 300 million won when acquisition tax is factored in.
Prime ministerial nominee Han Sung-sook has put her luxury officetel in Yeoksam-dong, Gangnam-gu on the market for 1.9 billion won ($1,260,000).
According to the real estate industry on Monday, Han recently listed the officetel — registered in her name — at that price. Court registry documents show she purchased a 54.66-square-meter exclusive use area unit at "Luca831" in Yeoksam-dong, Gangnam-gu, Seoul, in 2022 for 2.07463 billion won. When acquisition tax and other concessions are factored in, she appears to be selling at a loss.
Officetels carry an acquisition tax of roughly 4.6 percent of the purchase price. The acquisition tax Han is estimated to have paid at the time of purchase comes to about 95 million won. Adding registration fees, brokerage commissions and other concessions, her total acquisition cost is estimated at around 2.17 billion won.
According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, a unit of the same size on a comparable floor sold for 2.4 billion won in January last year — meaning Han has listed her unit below market price. Her camp had initially put the officetel on the market at 2.1 billion won, but the asking price was confirmed Monday to have been lowered again to 1.9 billion won. The move is widely seen as an effort to head off criticism over high-priced property holdings ahead of her confirmation hearing.
When reporters asked Han as she arrived at the confirmation hearing preparation office in Tongui-dong, Jongno-gu, Seoul, on Monday whether she planned to dispose of other properties, she said, "It is in progress — I am continuing to list them." Han had previously announced in February that she was seeking to sell three of her four properties, keeping only the Samcheong-dong house in Jongno-gu, Seoul, where she currently resides.
Luca831, the officetel Han owns, is a newly built mixed-use residential complex completed in November last year, comprising 337 units across seven basement floors and 29 above-ground floors. It is the first high-end officetel developed by contractor Hyundai Engineering and drew public attention when actor Kim Nam-joo purchased a unit there.
The building sits along Gangnam-daero and is a four-minute walk from Gangnam Station, served by subway Line 2 and the Sinbundang Line, making it a prime transit-oriented location. It borders the Gangnam Business District, one of Seoul's three major central business districts, and offers direct access to the key Gangnam-daero commercial strip. Several schools — including Yeoksam Elementary, Eonju Elementary, Eunseong Middle and Eunkwang Girls' High School — are also within walking distance.
Luca831 markets itself on premium residential services as well. All units come with hotel-style amenity services, and residents enjoy valet parking, housekeeping, and laundry and delivery support. A residents-only lounge, fitness facility and private community spaces are also available, targeting buyers seeking upscale urban living.
In a written response submitted to the National Assembly during her confirmation hearing for minister of SMEs and Startups, Han explained that she had purchased the officetel "in April 2022, while serving as head of Naver Europe Business Development, with the intention of using it as a personal office after leaving Naver."
Earlier, Han sold a 151-square-meter exclusive use area apartment at the Asia Athletes' Village complex in Jamsil-dong, Songpa-gu, Seoul, for 5.2 billion won last month. She had acquired the apartment on Oct. 25, 2006, for 2.25 billion won and held it for 20 years, netting a gain of 2.95 billion won from the sale.
In the government's public disclosure of officials' assets in March, Han reported total assets of 22.3016 billion won. Her residential real estate holdings in her own name included the Asia Athletes' Village apartment in Jamsil-dong, Songpa-gu, Seoul (2.73981 billion won); the officetel in Yeoksam-dong, Gangnam-gu, Seoul (2.07463 billion won); a detached house in Samcheong-dong, Jongno-gu, Seoul (1.5 billion won); and a detached house in Yangseo-myeon, Yangpyeong-gun, Gyeonggi Province (630 million won).
A spokesperson for Han's confirmation hearing preparation team confirmed that "the officetel in Yeoksam-dong, Gangnam-gu, is indeed listed for sale."
boo@heraldcorp.com
