PM candidate lists luxury officetel 900 million won below recent sale price

Prime minister nominee Han Sung-sook has put a high-end officetel in Yeoksam-dong, Gangnam-gu on the market for 1.5 billion won (about $985,000) — nearly 900 million won below its most recent transaction price of 2.4 billion won — in what observers say is a fire sale aimed at heading off opposition attacks over her multiple property holdings.

According to the real estate industry on Thursday, Han listed the 54.56-square-meter unit at Luca831, an officetel she owns in Yeoksam-dong, Gangnam-gu, Seoul, for 1.5 billion won. Court registry documents show she acquired the unit through a pre-sale in 2022 for 2.074 billion won. Factoring in acquisition taxes and other concessions at the time of purchase, she appears to be absorbing a loss of roughly 600 million to 700 million won on the sale.

The asking price is also 900 million won below the most recent comparable transaction. According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, a unit of the same size on a similar floor sold for 2.4 billion won in January last year. Han's camp initially listed the unit at 2.1 billion won, then lowered the asking price to 1.9 billion won before cutting it again to 1.5 billion won. Current asking prices for comparable units on similar floors range from 1.8 billion to 2.4 billion won.

The sharp price cut is widely seen as an effort to prevent the property from becoming a flashpoint at her confirmation hearing. Opposition parties have kept up a steady drumbeat of criticism over Han's multiple properties. People Power Party chief spokesperson Park Sung-hoon criticized the nomination on June 9, saying, "Putting forward someone who holds real estate assets worth tens of billions of won is a textbook case of hypocrisy that is completely out of step with public common sense."

Luca831 is a newly built mixed-use residential complex completed in November 2024, comprising 337 units across seven below-ground and 29 above-ground floors. It was 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 Lines 2 and Sinbundang, making it a prime transit-oriented location. Luca831 also markets itself on premium residential services, offering hotel-style amenities to all units — including valet parking, housekeeping, and laundry and delivery support.

During her confirmation hearing for the Ministry of SMEs and Startups minister post, Han stated in a written response submitted to the National Assembly 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 apartment at Asia Athletes' Village 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 on the sale. In the government's public asset disclosure in March, Han reported total assets of 22.3 billion won.

A representative of Han's confirmation hearing preparation team confirmed that both properties are on the market. "It is correct that both the officetel in Yeoksam-dong, Gangnam-gu, and the detached house in Yangpyeong, Gyeonggi Province, have been listed for sale," the official said.