Rapper and producer Zico's building in Seongsu-dong, Seoul, which he purchased, is reported to have doubled in asset value over eight years.
On the 17th, Building Road Real Estate Brokerage Corporation said Zico purchased a building in Seongsu-dong, Seongdong District, Seoul, in his name in February 2018 for 4.8 billion won. The purchase cost, including acquisition tax and brokerage fees, is estimated at 5.1 billion won.
Completed in 1987, the building is sized from one basement level to four aboveground floors and was in a semi-industrial zone. The total floor area is about 890.1 square meters (260 pyeong), and after a 2014 remodeling the current basement level 1 to ground level 1 are leased to retail, and ground levels 2 to 4 are leased for office use.
It is especially about a three-minute walk from Ttukseom Station on subway line 2, so transportation conditions are also favorable. It is estimated Zico borrowed about 3 billion won when purchasing the building. The maximum claim amount on the certified copy of the registry is 3.6 billion won, and typically the maximum claim amount is about 120% of the actual loan amount.
The current asset value of the building is estimated at about 11 billion won. Similar buildings with completion years close to the one Zico bought are reported to have recently traded at about 110 million won per pyeong. Compared with the purchase price, about 5.2 billion won of capital gains are expected. In eight years the asset value has effectively jumped twofold.
Opposite the building is a building once owned by actor Kim Min-jun. Kim Min-jun purchased a three-story building in 2015 for 1.32 billion won and sold it in 2019 for 2.04 billion won, reportedly earning a capital gain of 720 million won in four years.
Meanwhile, Zico established KOZ Entertainment Co. in 2018 and entered the entertainment business, serving as general manager and main producer of boy group BOYNEXTDOOR. He is currently appearing as a producer on Mnet's rapper survival audition program Show Me the Money 12, which premiered on the 15th.
[photo] OSEN DB
[OSEN]