Analysis shows that the building in Sinsa-dong, Gangnam, Seoul, purchased by Park Chan-ho, the first Korean Major League Baseball player, over 20 years ago is currently valued at 800 billion won.
According to Building Road Real Estate brokerage on the 8th, Park purchased the building in Sinsa-dong in 2003 and spent about 7 billion won on new construction.
The building, completed in 2005, had the sales contract signed before the mandatory reporting of actual transaction prices, which was enforced in 2006, so the exact purchase price has not been disclosed. The real estate industry estimates the purchase price at 7.3 billion won.
The building, which has a site area of about 687.6 square meters, consists of 4 basement floors and 13 above-ground floors. It is known that Park purchased this building entirely in cash through a corporation in which he holds 100% equity.
It is reported that the building generates rental revenue exceeding 100 million won per month. It is also known that an outdoor advertising board has been installed on the roof, generating stable advertising revenue.
Currently, the first floor of the building houses a showroom for the luxury car brand Lexus. The Park Chan-ho Scholarship Foundation and an asset management company have also taken up tenancy. On the top floor, the 13th floor, Park's corporate office is located.
The property's market value is estimated to be 800 billion won.
A representative from Building Road Real Estate said, "Considering the building's age, location requirements, and size, the estimated price per 3.3 square meters is about 385 million won, and multiplying this by Park Chan-ho's building's site area gives the current market value at around 800 billion won."