It was found that the floor area ratio of the Daejang-dong development project rose from 150% to 195% when Yoo Dong-gyu, a key figure in the ‘Daejang-dong development suspicion’ took office as the head of the planning division of Seongnam Urban Development Corporation. As Yoo, one of the ‘designers’ of the Daejang-dong development project, emerged as the ‘real power’ of Seongnam Urban Development Corporation, the area of sale directly related to profitability increased by 1.5 times, laying the groundwork for private businesses to reap astronomical profits.
Prosecutors on the 8th detected the circumstances in which he gave preferential treatment to private companies participating in the Daejang-dong development project against Yoo, who is under arrest, and is tracking whether the influence of the ‘superior’ was acting in the background. In particular, he summoned officials from Seongnam Urban Development Corporation and Hwacheon Daeyu to secure a statement that Yoo designed dividend income in favor of Hwacheon Daeyu, etc. It is known to focus on
According to the prosecution and the real estate industry, it was confirmed that when the Daejang-dong urban development zone was designated in May 2014, the floor area ratio of the apartment was planned to be 150%. However, the structure of the Daejang-dong development project changed significantly after Mr. Yoo took office as the head of the planning division of Seongnam Urban Development Corporation in August of that year and created a strategic business office under his direct control in October. In February 2015, the private sector open call guidelines showed that the floor area ratio jumped to 180%, and since then, the development plan has been changed several times to build apartments with a floor area ratio of 185 to 195%.
The designation of the urban development zone was established before Mr. Yoo took office, and after he took office, 40 notices related to the Daejang-dong development project in Seongnam-si were published. An official from the urban development industry said, “The designation of an urban development zone is a plan that lays out the overall framework before the establishment of the development plan. The business structure has changed to a business structure that greatly increases the profitability of Hwacheon Daewoo,” he said.
When calculating the area of sale (land area × floor area ratio) directly related to the profitability of private business operators, ‘suspicion of preferential treatment’ is evident. Seongnam City increased the land area and floor area ratio of apartments in Daejang-dong several times, maximizing the profitability of Hwacheon Daeyu. The land area of condominiums was increased by lowering the ratio of land area for rental apartments to the legal minimum (15%). Even this, Seongnam City changed the land supply plan in September 2019 for one rental apartment site to be sold to the public.
The total apartment pre-sale area (excluding rental) was only 131,311 square meters when it was designated as an urban development zone, but it increased to 461,894 square meters in the guidelines for public offering. After several changes to the development plan, the apartment will be built with an area of 480,501 square meters that has been increased. After Yoo’s ‘Daejang-dong Team’, the pre-sale area has increased by 1.5 times. Considering that the sale price per 3.3 square meters of Daejang-dong apartment is about 25 million won, the pre-sale area has expanded by about 50,000 pyeong, increasing the overall profitability by over 1 trillion won.
In particular, the area of apartments under 85 square meters will increase by 61,183 square meters after the competition guidelines. Instead, the pre-sale area exceeding 85 m2 decreased by 4576 m2. After the public offering guidelines, the number of units for sale under 85 square meters, which is popular in the sale market, has been increased, and the business structure has been refined.
In accordance with the Enforcement Decree of the Restriction of Special Taxation Act, the supplier VAT is exempted on the grounds that the sale volume of 85㎡ or less is ‘national housing’. Therefore, the supply of housing land for small and medium-sized apartments is decided through a lottery system due to fierce competition among builders. In 2017, Hwacheon Daeyu received and sold 5 plots of 85 square meters or less in the form of a ‘veterinary contract’ in Seongnam Ui Garden.
In addition, the Daejang-dong development project expanded the total area of the urban development zone over three development plans. According to the guidelines for the competition, the area of the area was 912,868 square meters, but it was finally expanded to 92,481 square meters by 7613 square meters. In the case of the Uiwang Baegun Valley Urban Development Project, which has a similar business structure, the total area of the urban development zone is 95,4979 square meters, which is distinct from the case of the same project from start to finish.
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