Shinhwa member Shin Hye Sung has reportedly sold the small commercial building he owned in Seoul’s upscale Gangnam district.
According to the real estate industry on May 12th, the singer sold the Nonhyeon-dong property last month for 5.55 billion KRW (approximately 3.7 million USD). He originally purchased the building in May 2022 for 4.9 billion KRW, resulting in an estimated market profit of around 650 million KRW (about 434,00 USD) over four years.
However, industry insiders say the actual profits may have been wiped out after factoring in large-scale remodeling and expansion costs, taxes and bank interest payments.
One expert shared that the building had a rental yield in the 2% range even at full occupancy, adding that some vacancies likely pushed the property into negative returns.
Shin Hye Sung reportedly purchased the building through a corporation he established in 2022. The property was originally a multi-family residential building before undergoing extensive remodeling and expansion work that gave it a more modern exterior.
Reports also stated that the singer took out loans tied to the property, with additional financing believed to have been used for construction costs. Industry estimates suggest the renovation alone may have cost between 800 million KRW and 900 million KRW.
Located between Eonju Station and Hakdong Station in Seoul, the building spans one basement floor and four above-ground floors. It currently carries a rental deposit of 120 million KRW and generates monthly rental income of around 13 million KRW, with an annual rental yield estimated at 2.97%.
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