A 163.67㎡ (about 49.5 pyeong) exclusive-use unit at Hyundai Apartment in Apgujeong-dong, Gangnam-gu, Seoul, was sold for 8.03424 billion won on Onbid, the Korea Asset Management Corporation (KAMCO) public sale platform, in Dec. last year. That was 5.4% higher than the appraised value (7.62 billion won). In Sept. the same year, a 103.54㎡ (about 31.3 pyeong) exclusive-use unit at Jamsil Jugong Apartment in Songpa-gu also found a new owner for 4.0100 billion won, 2.9% above the appraised value.
◇ Chanel bags and Rolexes are all there… the most popular items are "official vehicles"
Launched in 2002, Onbid is an integrated public-asset transaction platform that discloses and sells online assets seized for tax delinquencies, state-owned property, and assets held by public institutions. The cumulative successful bid amount reached 121 trillion won by the end of last year. A KAMCO official said, "The number of Onbid bidders has surpassed 3 million, and it is establishing itself as a representative personal finance tool for the public."
Not only real estate but also luxury bags, high-end watches, and jewelry are actively transacted on Onbid. Chanel bags—where store "open runs" have become routine—and Rolex watches, known as "seonggol," are appearing in the public sale market. Some Rolex watches have been sold for about 50% above their appraised values.
The most popular category on Onbid is automobiles. Vehicles used by public institutions as official cars have clear maintenance histories and are in relatively good condition, driving strong demand. The average successful-bid rate for cars is around 200% per year. Competition is fierce when high-end imported cars such as Mercedes-Benz and Porsche hit the market.
Onbid allows bidding via its website and mobile app without time or location constraints. Because transactions are conducted through an open competitive bidding method, procedures are transparent, and another advantage is that no separate auction fee is charged to the general public.
◇ AI even analyzes commercial districts… "supporting startup decision-making"
Recently, Onbid has expanded its role beyond a simple sales platform to serve as a "startup helper." For commercial property public sales, it offers a "commercial district map service" linked to "Small Business 365" commercial district analysis information. Key data such as nearby floating population, industry distribution, and sales levels can be checked directly on the bidding screen.
It has also introduced an "AI (artificial intelligence) recommended item service." When a user applies for the service, it automatically recommends items of interest based on big data such as search and bidding histories, and provides related information by email. It also runs public sale investment classes to help novice investors understand the process.
A KAMCO official said, "Onbid is a platform designed to enable fair and convenient transactions of assets closely tied to daily life, such as buying a home, starting a business, and purchasing a vehicle," adding, "We are focusing on supporting reasonable decision-making by those preparing to start a business or relocate a store."
◇ "Rights analysis and on-site inspections are essential"
Thorough preparation is essential before participating in a public sale. Check lease relationships through property information, notices, and certified copies of the registry, and inspect the physical condition through an on-site visit. Reviewing surrounding development plans and rights relationships is also necessary.
KAMCO advised, "If you are bidding for the first time, it is safer to start with assets held by public institutions, where rights relationships are relatively clear," adding, "It helps to search for items of interest consistently and use training programs."
Tae Dong-guk, head of the Onbid Business Division at the Korea Asset Management Corporation (KAMCO), said, "Onbid is a leading public sale platform where transactions exceeding 120 trillion won have taken place," adding, "We will strengthen our role in supporting the public's asset building and startups through AI-based recommendation services and commercial district analysis functions."