“The variety of 550 pyeong road house owners has elevated to 130”
This one-line proposal obtained three months in the past was the start of our investigation.
That alley is a street in Okcheon-dong, Seodaemun-gu, Seoul. The full space of this street, which connects the middle of this neighborhood and the alleys, is about 1,800㎡ (about 550 pyeong), and once I took a replica of the map, I came upon that there have been 130 land house owners.
The landhas been owned by one particular person for 22 years, and on August 10 final 12 months, 10 actual property corporations purchased this street for about 3 million gained per 3.3㎡. And inside three months, the landwas divided into small items and offered to 130 individuals for 12 million gained per 3.3㎡.
In three months, enterprise quadrupled.
The 130 individuals who purchased the street gained a mean of 30 to 40 million every, and divided the land into items of about 10 m2 every.
What’s the purpose why 130 individuals purchased this land at such an costly worth and on the similar time, the place they can’t use property and can’t get residential rights (the suitable to be members of a society re- growth) even when the realm is redeveloped due to their small share?
There was no data besides that this land was situated throughout the website of ‘Moa City,’ a small-scale redevelopment challenge in Seoul.
■ ‘Non-important’ actions that even actual property brokers who know the neighborhood’s scenario are unaware of.
Since this transaction was a direct transaction between an actual property firm and a person and not using a licensed actual property agent, even native actual property brokers who knew the information of the town didn’t know the main points of enterprise. I solely suspected that the so-called “work” of an actual property planning company.
As well as, many of the addresses of the ten actual property corporations listed within the index had been situated on the outskirts of Gyeonggi Province, and once we visited them, we discovered that they had been workplace customers. shared. There isn’t a signboard or perhaps a common workplace.
In the long run, the one option to discover out the ‘why to speculate’ was to ask particular person traders immediately.
In keeping with the document, there are 130 traders. The addresses had been distributed all through the nation, and there have been additionally overseas nationals.
As a reporter at Seoul Metropolis Corridor, I expanded my radius across the metropolis corridor and went to satisfy particular person traders one after the other. Nonetheless, since a number of traders had invested within the names of their youngsters and their dad and mom, it was frequent to listen to the reply “I do not know” even once I visited every home, and there have been additionally circumstances the place they met even once I met them. they turned away and denied that they’d invested.
The suspicion that there was one thing behind the contract become certainty.
Over 4 days, we visited about 50 houses, and fortuitously, we interviewed 4.
Though the actual property corporations they purchased the land from had been totally different, the ‘candy whispers’ they heard after they had been launched to this land had been comparable.
It will likely be reformed as a specific space in Baile Moa. For those who make investments a small quantity, it is going to enhance 2 to three occasions.
The actual property firm purchased the street at simply the publicly quoted worth and offered it to 130 individuals at 4 occasions the value.
It’s the ‘golden street’.
Is that this doable? There isn’t a have to ask for an skilled opinion, however an appraiser who’s properly conscious of the methods of actual property planning stated, “I am glad I saved the principal.”
■ Why promote the ‘golden street’ that rises 12 occasions?
So how a lot land like this do actual property corporations personal?
I obtained contact data from traders and known as to ask, they usually stated they’d already offered all the great land.
I additionally requested particular person traders why they had been assured that it might “triple up,” however they denied that they’d ever been so motivated. to do they usually protested, saying, “When shares fall, nobody is accountable, so why are you doing this with buildings?”
Moa City, a small-scale redevelopment challenge, is a precedence challenge of Seoul Mayor Oh Se-hoon to supply an enough provide of latest housing in Seoul.
However what’s the metropolis of Seoul doing whereas actual property corporations are contemplating Moatown?
Till MBC carried out an investigation associated to the Seoul Metropolitan Authorities final March, the standing was not even identified.
MBC on March 20. It was reported through Information Desk.
Afterward, the Seoul Metropolitan Authorities stated, “We plan to begin a serious investigation quickly,” and introduced measures to “curb Moatown’s hypothesis” the day after the report.
■ Feeling uncomfortable fairly than relieved, prolonged protection
The investigation started with solely a replica of the document in hand. It was not simple to go to each home for 4 days and clarify to traders the explanation and goal of the duvet. Earlier than the interview, I needed to reply their questions first with the content material I had coated, however more often than not, I used to be met with a sigh like “Oh my gosh” and, in actual conditions, I needed to hearken to swear phrases.
Often, after finishing one of these website report, I really feel a way of aid and aid. However this time, my coronary heart was heavy, like I hadn’t completed my homework but.
This was as a result of I used to be assured that this sort of ‘cut up alley description’ was not only a drawback in Seodaemun-gu.
The Moa City goal websites introduced by the Seoul Metropolitan Authorities from January 2022 to January this 12 months are a complete of 85 areas in 25 autonomous areas. The placement we coated earlier was simply a kind of 85 areas.
Would not there be an issue in different areas of Moatown?
So I extracted the info.
We pulled out all land transactions in Seoul in 2020 and 2021 and summarized solely the ‘street fairness transactions’, and the full variety of transactions was 2,827. Nonetheless, in 2022 and 2023, when the Baile Moa challenge started, transactions had nearly doubled to five,048.
Particularly, in Seongdong-gu, there have been solely 96 street fairness transactions in 2020 and 2021, however the quantity elevated 6.8 occasions to 655 in 2022 and 2023, and in Gangseo-gu, a dense villa space, it jumped 8.3 occasions from 57 to 478 in the identical interval.
Is it a coincidence? It wasn’t.
However I could not begin reporting rapidly. As a result of it was so massive that I could not even give it some thought.
■ Moatown’s actual ‘cut up alley’… 8 extra autonomous districts had been found
For those who search for land transactions with the Seoul autonomous area within the transaction worth monitoring system of the Ministry of Land, Infrastructure and Transport, there may be information on the date the ‘shared transaction (fairness transaction)’ occurred, a transaction space , buy worth, and many others. given, however the lot quantity just isn’t disclosed. For instance, a street road quantity that’s thought-about a ‘shared transaction’ is simply displayed as .
To seek out out if that street was a part of a shared transaction after the Moa Metropolis challenge of the Seoul Metropolitan Authorities, we first needed to know the tackle of the street, and even this was not simple.
In the long run, that is how I got here up with it.
① By means of actual buying and selling worth information, amongst roads traded at comparable occasions, classify these with the identical worth and the identical vary, after which calculate the sum of the ranges.
② Entry the constructing website. Zoom into the street and click on on every lot, evaluating it to the realm present in step ① to seek out numerous the identical dimension.
③ After confirming the tackle of the parcel, test whether or not it was a cut up transaction by means of a replica of the document. (Since there are lots of parcels of the identical dimension, this course of will likely be repeated a number of occasions)
④ As quickly because the separation transaction is confirmed, contact the regional workplace to lastly verify whether or not there’s a Baile Moa enterprise website.
I may solely research one parcel by means of these 4 steps, nevertheless it was scary to check one autonomous area and one 12 months in in the future.
So, once I felt assured concerning the protection, I requested the group chief and fashioned a activity pressure with two fellow reporters. Fortified Jongno-gu, Gwanak-gu, Dongjak-gu, Gangseo-gu, and Dobong-gu.
■ The neighborhood subsequent to Moatown, maybe?
There’s one other drawback.
This sort of ‘cut up alley description’ additionally spreads to areas close to Ballymonde. That is because of the expectation that ‘it may quickly turn out to be a Moa City’, and this expectation is an effective prey for deliberate actual property corporations.
Actual property planning corporations purchased a 4,000㎡ alley in Hwagok-dong, Gangseo-gu, Seoul for two.9 billion gained final 12 months and offered it to 263 individuals in two months for 9.6 billion gained, greater than three as a lot as the value.
2,440㎡ of alley in Songjeong-dong, Seongdong-gu was offered in the identical option to 160 individuals at nearly twice the value.
In keeping with the reporter’s evaluation of land fairness transaction information in Seoul in 2022 and 2023, the full space of alleys within the space round Moatown the place alley splitting transactions had been held is 13,453㎡ and the variety of 959 traders.
In response, the Seoul Metropolitan Authorities introduced its coverage if suspected speculative forces, reminiscent of uncommon actual property transactions, are excluded from Moa City’s public providing on the discretion of the district mayor.
He additionally confirmed that he plans to reply actively, together with by submitting complaints, in opposition to deliberate actual property corporations shopping for roads at low costs after which reaping earnings by encouraging hypothesis .
Nonetheless, the actual property design corporations coated by MBC haven’t violated any legal guidelines. I do not know what the Seoul Metropolitan Authorities will examine, however whereas we’re in a ‘let’s strive’ scenario, we are going to report again after coping with how the Seoul Metropolitan Authorities investigates and what the response measures they put together.
2024-05-26 00:30:49
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