[THE INVESTOR] Of the houses evaluated so far this year by the Ministry of Land, Infrastructure and Transport as sample standards, the most expensive unit is currently a 16.9 billion won (US$15.8 million) residence owned by Shinsegae Group Chairperson Lee Myung-hee, market data showed on Jan. 23.

The house, with a gross area of 2,861.83 square meters and a lot area of 1,758.9 square meters, is located in Seoul’s central area of Hannam-dong, Yongsan-gu, where a number of top-tier business leaders are known to reside.

 

Shinsegae chairwoman Lee Myung-hee

It is estimated that the owner would need to pay possession tax totaling 230 million won this year, up some 50 million won from the previous year, due to the increased market value of the house.

Every year, the ministry selects and reviews the prices of some 220,000 so-called sample standard houses that are deemed as most representative to be used as references in setting relevant taxes.

Lee’s house, however, is outdone in price by one of Samsung Electronics Chairman Lee Kun-hee’s residences, also located in Hannam-dong, when including all houses across the nation.

The Samsung Group chief’s house was rated at 22.1 billion won in April last year. Its updated price is to be released in April, along with other houses not included in the latest standard sample evaluation.

Another house owned by the Samsung chairman, located in Itaewon-dong, also made it into the top 10 in posted price, ranking No. 8 with 8.4 billion won.

Meanwhile, the former private house of ousted President Park Geun-hye marked 3.6 billion won in posted price this year, up 26.1 percent from last year, data showed.

The two-story house, built in 1983, was sold at 6.8 billion won in April last year, shortly after Park was impeached.

By Bae Hyun-jung/The Korea Herald (tellme@heraldcorp.com)