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Maeil Holdings Chairman Kim Jung-wan purchases a 6.6 billion won luxury villa in UN Village with cash

[비즈한국] Maeil Holdings006590 Chairman Kim Jung-wan has purchased a luxury villa in UN Village, located in Hannam-dong, Yongsan-gu, Seoul, one of the four major wealthy neighborhoods (Itaewon Hill, UN Village, Pyeongchang-dong, and Seongbuk-dong). Judging by the fact that he listed his existing detached house in Bukahyeon-dong, Seodaemun-gu as his address when filing for the transfer of ownership at the court, it is presumed that he has either not yet moved into the new home or has not registered his change of residence after moving in.

It has been confirmed that Maeil Holdings Chairman Kim Jung-wan purchased a unit in the Hilltop Treasure luxury villa complex located in UN Village, Hannam-dong, Yongsan-gu, Seoul, for 6.6 billion won on October 15. Hilltop Treasure is a luxury housing complex consisting of 84 units across two buildings; Building 1 has 20 floors and 55 units, and Building 2 has 5 floors and 19 units. The unit on the 3rd floor of Building 2 purchased by Chairman Kim is known to have a dedicated area of 240.94㎡ (73 pyeong) and a supply area of 272.44㎡ (83 pyeong), with a structure of 4 bedrooms and 3 bathrooms.

According to the real estate register, Chairman Kim Jung-wan signed a real estate sales contract for 6.6 billion won on May 24 and paid the balance in full five months later on October 15 to take ownership. Given that no collateral security (mortgage) was established, it appears he paid the full amount in cash without a loan. When Chairman Kim filed for the transfer of ownership at the court on the same day, he listed his address as his existing residence, 'XX, Bukahyeon-ro 6-gil, Seodaemun-gu, Seoul'. It is assumed that Chairman Kim has either not yet moved into the new UN Village home or has not registered his transfer of residence after moving in.

The Bukahyeon-dong detached house was built by Chairman Kim's father, the late Kim Bok-yong, founder of Maeil Dairies, in December 1974 with one basement level and two above-ground floors (land area 794㎡, gross floor area 296㎡), and was inherited by his wife, Honorary Chairwoman Kim In-soon, in June 2006. In essence, Chairman Kim Jung-wan has been living in an aging house owned by his mother.

Previously, in December 2016, Chairman Kim purchased a commercial facility and its land (land area 1060㎡, gross floor area 537.76㎡) located in Seongbuk-dong, consisting of one basement level and two above-ground floors, for 5.3 billion won. It has been left abandoned for over eight years since the purchase and is now effectively an abandoned building. The facility is registered for use as a photo studio (128.8㎡) in part of the basement and as offices (278.79㎡) on the first and second floors.