Nayeon, a member of the K-pop group TWICE, has purchased land and a building in the Cheongdam district of Seoul for 9.5 billion won ($6.9 million).
According to real estate industry sources and public records on August 28th, Nayeon signed a contract to acquire the property in the Cheongdam district area on May 3rd for 9.5 billion won. The ownership transfer was completed on August 24th of this month. A mortgage with a maximum debt limit of 10.2 billion won ($7.4 million) has been established for the property.
The building is an older structure with one basement level and two above-ground floors. After an expansion in 2010, its current total floor area is 218.87 square meters. The floor areas are as follows: 105.38 square meters for the first floor, 73.31 square meters for the second floor, and 40.18 square meters for the basement.
The building was recently reclassified from a residential and neighborhood living facility to a neighborhood living facility. The plot, situated on a corner lot facing two roads, is considered advantageous for use as a corporate headquarters or commercial facility.
Industry experts believe Nayeon acquired the property not for rental income from the existing building, but with consideration for the land’s value and potential for new construction.
An Hyung Jun, senior team leader at One Building, stated, “When the sale price is converted to the land area, it amounts to approximately 155 million won ($112,450) per 3.3 square meters.” He added, “Given the building’s age, it is highly probable that the purchase was made with an eye on the land’s value and the potential for new construction, rather than the existing structure.”
He further commented, “The area is densely populated with high-end residential complexes, entertainment companies, galleries, and fashion/luxury-related offices. As it is a corner lot, its usability is relatively high.”
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