2024-04-01 04:24:38
Collective shopping malls (shopping malls with different ownership for each store within a building) in the Seoul area are facing a difficult situation. As the commercial area declines, rental prices are also trending downward. In the auction market, there are a series of cases in which properties are sold at a price that is one-tenth of the appraised value due to repeated failed bids.
According to GG Auction, a real estate auction company, on the 1st, the number of store and commercial auctions held in Seoul this year (January 1 to March 29) was 99. Of these, 91 cases have already experienced at least 13 failed bids.
Major stores near Dongdaemun are also being sold one after another at low prices at court auctions. Recently, 7 auctions were held at the Dongdaemun Fashion TV (now Lotte Fit Dongdaemun) shopping mall in Eulji-ro 6-ga, Jung-gu, Seoul, and it found a new owner after 3 to 8 unsuccessful bids.
In the case of this shopping mall, a 1.5㎡ (exclusive area) store was sold for 31.88 million won. The successful bid price is only 16.8% of the appraised value of 190 million won. The bid was repeatedly rejected eight times.
In the Dongdaemun area, low-price auctions seem to be becoming common. A 1.1㎡ store at the nearby Hello APM shopping mall was sold for 2.46 million won, 35.1% of the appraised value of 7 million won, after five failed bids, and a 2.3㎡ store was also sold for 7.874 million won, 32.8% of the appraised value of 24 million won, after five failed bids. .
Mall A (2.2㎡) and Mall B (2.1㎡) on the second basement floor of Techno Mart in Guro-gu, Seoul were also sold at 23.6% and 22.3% of the appraised value, respectively, in the 7th auction.
In particular, there were also ‘ultra-bad properties’ that were sold at less than 10% of the appraised value. The shopping mall on the first basement floor of Hyosung Jewelry City in Jongno-gu, Seoul had an appraised value of 152 million won, but after being rejected 13 times, it was sold for 9.88 million won, which is 6.5% of the appraised value.
Theme shopping malls such as Techno Mart and Dongdaemun Clothing Shopping Mall are often subject to ‘industry restrictions’. As a result, even if the bid is successful, its low utilization is considered a problem. Even within theme shopping malls, restricted businesses vary depending on the number of floors. The restaurant floor lists the menus that can be rented (coffee, Chinese food, Japanese food, snack food, etc.) and prohibits overlapping businesses.
Lee Joo-hyun, a senior researcher at GG Auction, said, “Techno Mart and open-type shopping malls in Dongdaemun had a lot of listings due to decreased demand even before COVID-19,” but analyzed, “Because the commercial district is dead, there is nothing to take advantage of when a successful bid is made.”
He continued, “Because the industry restrictions are set, I cannot utilize them as I wish,” adding, “All owners need to lead the way, such as changing the entire shopping mall to a new use or creating a theme shopping mall (in this direction), but the situation is not easy as the commercial district is dying.” I looked ahead.
Prior to the auction, it is also necessary to determine whether the commercial management fee is overdue. Commercial property management fees are expensive even among profitable real estate properties, so if the accumulated management fees are high, there may be cases where the navel (management fee arrears) is larger than the belly (successful bid price).
Senior researcher Lee said, “According to the Supreme Court precedent, if the management fee for a complex building such as a shopping mall is in arrears, the successful bidder must take over an amount equivalent to 3 years of the shared portion of the total delinquent management fee.” He added, “It may be possible to negotiate to some extent with the management group, but “Generally, in cases of non-payment of subscription fees, there are many cases where bids are canceled due to poor commercial areas and low utilization,” he added.
(Seoul = News 1)
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2024-04-01 04:24:38