Nation`s costliest lot is Hanvit Bank site in Myongdong

The building site for Hanvit Bank in Myongdong, central Seoul, was found to be the most expensive lot in the nation, a survey showed Tuesday. According to the survey, conducted by the Ministry of Construction and Transportation, the site for Hanvit Bank is priced at 33 million won per sq. meter. In contrast, the survey found a forest land site in Kwonhye-ri, Uryong, South Kyongsang Province, to be the nation`s cheapest, with a price of only 60 won per sq. meter. The price gap is roughly 550,000-fold, officials said.

The ministry also announced that as of Jan. 1, the official value of 450,000 field lots increased 0.6 percent from the same date last year. By category, land prices for agricultural and forestry use and quasi-urban areas rose 4.13 to 4.32 percent on the back of expectations for development, while those for commercial use declined 0.44 to 0.32 percent as people shunned investing in real properties.

The government plans to accept citizens` objections to the assessed value of standard lands by Mar. 31 through local government agencies and send replies to them by April 30. The value of standard lands is used to calculate the value of lots, based on which state and local taxes are imposed, or as the criterion for land compensation.

Koo Ja-Ryong bonbong@donga.com