Lee does not rule out seeking new place for retirement home

The presidential office has not ruled out seeking a new place for President Lee Myung-bak's retirement home as it could cost too much to build security facilities near his existing private house in Seoul because of high land prices in the upscale neighborhood, officials said Monday.

Lee has been widely expected to move into his existing home in Nonhyun-dong in Seoul after leaving office in early 2013 since a project to build a new retirement residence on Seoul's outskirts was called off last month following revelations that the land for the site was purchased under the name of Lee's son.

The Nonhyun-dong option is still the most likely, but the presidential office has also been weighing building a new retirement home in less expensive areas in Seoul or in Gyeonggi Province because it would cost too much to purchase the site for security facilities near the Nonhyun-dong house, aides said.

"For now, it would be best (for Lee) to return to the Nonhyun-dong home, and we're trying to do so. But we're also considering other possible sites because of difficulty getting the site for security facilities," a senior presidential official said.

"As the budget is limited, it is difficult to get the right site" for security facilities in Nonhyun-dong, he said. "If a new residence site is decided, we will disclose it transparently."

Early this month, a parliamentary committee approved a 6.7 billion won ($5.8 million) budget for security facilities. Nonhyun-dong in southern Seoul is one of the most expensive areas in the city.

The now-canceled project to build a new retirement home in Naegok-dong on the southern edge of Seoul was a blow to Lee's image despite assertions from his office that the site was purchased under the son's name because of security reasons as a contract bearing Lee's name would lead to the site's disclosure.

Also under fire was the large size of a site bought with state funds for security facilities near the residence site.

The office said later that Lee would take over the land's ownership from his son and that it would consider downsizing the large site reserved for security facilities. But criticism did not die down, forcing the cancellation of the project. (Yonhap)