Plaintiff (Appointed Party)

Plaintiff 2 and seven others (Law Firm Shin, Attorneys Kim Jong-young et al., Counsel for the plaintiff-appellant)

Korea Land and Housing Corporation (Law Firm New century, Attorneys Han Han-chul, Counsel for defendant-appellant)

March 5, 2013

Suwon District Court Decision 201Gahap11005, 2012Gahap200369 decided October 17, 2012

1. All appeals filed by the plaintiffs (appointed parties) and the plaintiffs and the claims expanded in the trial are dismissed.

2. The costs of the lawsuit after the appeal are assessed against the Plaintiff (Appointed Party) and the Plaintiffs.

Of the judgment of the court of first instance, the part against the plaintiff (appointed party; hereinafter referred to as the "Plaintiff") and the plaintiffs shall be revoked. The defendant shall pay to the plaintiffs and the remaining designated parties listed in the separate sheet (hereinafter referred to as "the plaintiff et al.") al. 20% interest per annum from the day after delivery of a copy of the complaint of this case to the day of full payment (the plaintiff claimed damages for delay from October 14, 201 to the day after delivery of a copy of the complaint of this case, but the plaintiff claimed damages for delay from the day after delivery of a copy of the complaint of this case to the court of first instance. This constitutes extension of the claim of this case, and reduction of the claim of this case in the case of 2011Ga105 hap20369).

1. Quotation of the first instance judgment

The reason why the court should explain this case is "the plaintiff, etc." among the reasons of the judgment of the court of first instance, and all "the plaintiff and the remaining designated parties" are "the plaintiff, etc.", and the judgment of the court of first instance is the same with the judgment of the court of first instance except for the following additional determination as to the matters alleged by the plaintiffs in the court of first instance.

2. Additional matters to be determined;

A. The plaintiffs' assertion

Even if the cost of housing site, which is the basis for calculating the pre-sale conversion price of the apartment of this case, is calculated at 100% of the development cost and the legitimate pre-sale conversion price is calculated by the following methods, the reasonable pre-sale conversion price shall be deemed to be the upper limit price, since the average construction cost (each amount mentioned in the attached Table 1) and appraisal price (each amount mentioned in the attached Table 2) exceeds the upper limit price (each amount mentioned in the attached Table 3) as seen in the attached Table 2 calculation table, as seen below. Therefore, the Defendant shall return it to the Plaintiff, etc. as well.

【Calculation Method of Plaintiffs’ Claim】

1) Construction cost of the apartment of this case

(2) Housing price (cost) at the time of the first recruitment of occupants as at the time of the recruitment of occupants included in the main sentence.

(ii) the appraised value, and the arithmetic mean value of the constructor and the appraised value;

The aggregate of the appraisal values for 35 households in the appraisal table is KRW 1,545,50,00 and 1,484,320,000 by the ○○ Appraisal Corporation and the △△ Appraisal Office. The arithmetic mean value of the two is 1,514,910,000, and the △△△ Appraisal Office’s appraisal value for each household is not known. As such, the average value of the two is not known, the appraisal value of the △△ Appraisal Board’s office cannot be determined on the basis of only the appraised value of the ○ Appraisal Board, a higher amount

(iii)Maximum price (the computed price minus the depreciation costs);

(A) the computed value;

○ Calculation Price = Construction cost at the time of conversion for sale in lots £« Construction cost at the time of public announcement of recruitment of occupants £« Interest on housing site cost

○ Interest on the site cost = the site cost 】 interest rate 】 lease period

(1) Construction costs at the time of conversion for sale in lots: 11,497,376,00 won.

(2) The housing site cost as at the time the invitation of occupants is publicly announced: 5,138,949,000 won.

(3) Interest on the cost of housing sites: 1,117,721,407 won.

(The housing site cost 5,138,949,00 won 】 interest rate 4.35% per annum 】 lease period 】 five years 】 1,17,721,407 won; hereinafter the same shall apply)

④ Calculation price of the entire apartment of this case: KRW 17,754,046,407 (= + ② + ③)

⑤ The calculated price per square meter of the instant apartment: KRW 751,393 (i.e., the calculated price of the entire apartment of the instant apartment of the instant case 17,754,046,407 ± Total sale area of the instant apartment of the instant case ± 23,628.1739 square meters, and the Plaintiff is deemed to have been deemed to have been in error in writing,

B) The maximum price calculated by deducting depreciation costs from the calculation price by type of the apartment in the instant case

(2) Depreciation costs (i.e., depreciation costs) at 16 square meters and 56.2510 square meters and 42,266,607, 421, 410, 845, 197 20 square meters and 69.7475, 69.405, 679, 242, 151, 48, 163,5288,528

B. Determination

○ For the following reasons, the plaintiffs’ above assertion is without merit.

The plaintiffs' above assertion is erroneous in the calculation of "reasonable price". In other words, the construction cost at the time of the conversion of "the time of the sale", which is the basis of the calculation of the upper limit price, is 11,497,376,000 won, such as the construction cost at the time of the public announcement of the invitation of occupants, as alleged by the plaintiffs. However, in full view of the overall purport of the arguments in the evidence Nos. 2-2 and 5, the construction cost at the time of the sale conversion can be recognized as 14,792, 14,00 won, and the upper limit price is calculated based on the above legitimate construction cost as follows.

(A) the computed value;

(1) Construction costs at the time of conversion for sale in lots: 14,792,144,00 won.

(2) The housing site cost as at the time the invitation of occupants is publicly announced: 5,138,949,000 won.

(3) Interest on the cost of housing sites: KRW 1,117,721,407 (the same as the calculation of the plaintiff).

④ Calculation price of the entire apartment of this case: 21,048,814,000 won (=1 + 2 + 3)

⑤ The calculated price per square meter of the apartment of this case: 890,835 won

(i) The calculated price of the entire apartment of this case 21,048,814,00 ± the total selling area 23,628.1739 square meters)

B) The maximum price calculated by deducting depreciation costs from the calculation price by type of the apartment in the instant case (reasonable maximum price)

(2) Depreciation costs (i) 50,110,359, 421, 410, 468, 949 and 62,131, 0194, 0194, 0194, 69.747, 62, 242, 151, 88, 868, 868, 86888, at 16:60,000,000,000 square meters of land for the type of land for sale contained in the main sentence (i) sale area 】 (2) Depreciation costs (i)

The average of the construction costs and appraisal values stated in attached Table 2’s calculation table (3) as claimed by the Plaintiffs shall not exceed KRW 49,401,671 or KRW 48,701,671 in the case of 20 square, and shall not exceed KRW 57,88,868,868 in the case of 16 square meters, and it shall not exceed KRW 38,397,233 or KRW 38,947,23 in the case of 16 square meters, and it shall not exceed KRW 46,68,949 in the above reasonable price. Therefore, the reasonable pre-sale conversion price of the apartment of this case shall be calculated on the basis of “the arithmetic mean of the construction cost and the appraised value” as determined earlier, and the above maximum price shall not be based, as alleged by the Plaintiffs.

3. Conclusion

Since the judgment of the court of first instance is justifiable, the plaintiffs' appeal and the claims extended in the trial are dismissed in entirety as it is without merit.

[Attachment List of Appointed]

Judges Dok-won (Presiding Judge) Jink-Jak Jin-Jin Park