Samsung Selling Apartments over the Net

Samsung is offering newly completed apartments through its auction site at www.samsungauction.com beginning May 24th.

Apartments on the auction block are all in the greater Seoul area: Hyundaewha Apartments with average units of 241 sq.m in Yukchon-dong, Hanshin Apartments with 103 sq.m units for offer in Sanggye-dong as well as Shinwon Apartments averaging 109 sq.m in Uijongbu just outside the city limits. Samsung also has on offer units averaging 122 sq.m in the city of Chunchon. All the apartments have insurance coverage offered by Samsung Life.

Starting prices vary from $265,455 for units in Hyundaewha Apartment complex to $102,754 for the units in the Hanshin complex, both considered to be relatively low compared to present going market rates.

"This type of selling is unprecedented. The competition is expected to be very fierce due to the relatively low price we are asking," said a spokesperson for Samsung.

by Lee Seung-nyong