Hwang Jung Eum Makes Big Profit Selling Gangnam Building
Hwang Jung Eum, currently in the midst of a divorce, reportedly sold a building in Gangnam in 2021 for a whopping 5 billion won ($3.7 million) profit.
Industry sources say Hwang purchased the building for 6.25 billion won ($4.6 million) in March 2018 and sold it for 11 billion won ($8.1 million) in October 2021. The building has a building area of 116㎡, a total floor area of 606㎡, and is 5 floors above ground and 1 floor below ground. Located in a prime Gangnam station area just 300 meters from Apgujeong Station on Line 3, the land itself is valued at a staggering 94.52 million won ($69,900) per square meter.
Hwang reportedly purchased the building under the name of her company, Hunminjeongeum Entertainment. With a corporate tax rate of 19% on the transfer, experts estimate Hwang would have walked away with 3 billion won ($2.2 million) profit even after taxes. Interestingly, the building’s value has only continued to climb since she sold it.
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Hyeri Redevelops Property in Gangnam
In other Gangnam real estate news, singer Hyeri is making headlines for a savvy move of her own. According to industry sources, Hyeri purchased a four-story building with a ground area of 245.3 square meters in Yeoksam-dong in December 2020 through her company Empo. The building itself was over 20 years old, and Hyeri reportedly paid a hefty 4.39 billion won ($3.2 million) for the land alone.
Wasting no time, Hyeri secured a building permit and began construction in June 2021, with the project receiving approval for use in May 2022. Upon completion, she reportedly transferred ownership to Hana Asset Trust. The current market value of the redeveloped property is estimated to be a staggering 7.5 billion won ($5.5 million).
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