Choi Soon-sil’s ex-home ranked most expensive residential complex

Choi Soon-sil’s ex-home ranked most expensive residential complex. December. 31, 2016 07:13. by Min-Ki Shin minki@donga.com. It was known that Choi Soon-sil who monopolized the national affairs lived in Korea’s most expensive studio apartment called “Pie’n Polus” located in Cheongdam-dong, Gangnam-gu, Seoul. As more investors heavily weighted in hopes for higher rental income, its average market price reached a five-year record high this year.

The National Tax Service announced its official average market price (as of Jan. 1, 2017) for commercial buildings and residential complexes in Seoul and five major metropolitan cities (Daejeon, Gwangju, Daegu, Busan, Ulsan) on Friday. Average market price for residential complexes and commercial buildings rose in average by 3.84 percent and 2.57 percent year-on-year, respectively. In the real estate market, average market prices are a barometer for levying transfer income tax and inheritance and gift tax.

“Pie’n Polus” was ranked the most expensive residential complex in Korea, with an average market price at around 5.17 million won per 1 square meter. The luxury complex is known as a premium multi-purpose building, which Choi used to reside before being restricted and confined by the Prosecutors’ Office. On the lower levels of the building locates Chaum Medical Center, which targets high-income clients including regular clientele Choi.