Chef Kwon Sung-jun, who made a name for himself as the winner of the hit variety show "Culinary Class Wars," recently bought a small building near Yaksu Station in Sindang-dong, Jung-gu, Seoul, for 5.65 billion won.
According to the real estate development industry on the 4th, Chef Kwon Sung-jun purchased a building at 366-38 Sindang-dong, Jung-gu, Seoul, on Feb. 2. The building sits on a 185㎡ lot with a total floor area of 359㎡ and has one basement level and four floors above ground.
Built in 1989, the building is on a four-lane arterial road, a two-minute walk from Exit 7 of Yaksu Station on Seoul Subway Lines 3 and 6.
The building's price has risen by 2.8 billion won over the past six years. It sold in an actual transaction for 2.85 billion won in 2020, but when Chef Kwon Sung-jun bought it for 5.65 billion won in February this year, the price nearly doubled. The land price per 3.3㎡ also almost doubled, from 50.89 million won in 2020 to 100.96 million won this year.
The real estate industry in Sindang-dong analyzed that the transaction took place at a higher price compared with nearby building transaction prices.
A person surnamed A who runs a licensed real estate agency in Sindang-dong said, "For nearby buildings with similar structures, the transaction price per 3.3㎡ is around 70 million to 80 million won, but the building transacted this time exceeds 100 million won," while also noting, "In February this year, the seller carried out a major renovation (remodeling) for about six months after purchasing it in 2020, which seems to have boosted the building's value and led to a nearly twofold increase."
Kwon is reportedly planning to operate the first and second floors of the building as his fine dining restaurant within the first half of this year.