South Korea's rival political parties on Friday failed to agree on launching a special counsel investigation into alleged land speculation at the state-run Korea Land and Housing Corporation(LH).

This comes after Park Young-sun, the ruling Democratic Party’s(DP) candidate in next month's Seoul mayoral race, had proposed the investigation.

On the agenda between the floor leaders of the DP and the main opposition People Power Party(PPP) were the special counsel probe as well as an inquiry into real estate holdings by National Assembly representatives.

The DP said the two sides came short of striking a deal, and that the PPP said it will let the ruling party begin the inspection of its parliamentary representatives.

The PPP said while it is open to both investigations, a prosecution-centered investigation should come first as it will take at least two months to compose a special counsel.