Nayeon of the girl group TWICE (birth name Lim Na-yeon) bought land and a building in Cheongdam-dong, Gangnam-gu, Seoul, for 9.5 billion won.
According to the real estate industry and the registry on the 28th, Nayeon signed a contract on May 3 to purchase land and a building in the Cheongdam-dong area for 9.5 billion won. The transfer of ownership registration was completed on the 24th of this month. A mortgage with a maximum claim amount of 10.2 billion won was set on the property.
The building is an aging structure with one basement level and two above-ground floors. After an extension in 2010, the current total floor area is 218.87㎡. By floor, the areas are 105.38㎡ on the first floor, 73.31㎡ on the second floor, and 40.18㎡ on basement level one.
Recently, the building's use was changed from residential and neighborhood living facilities to all neighborhood living facilities. The lot sits on a corner abutting two roads, and it is considered well-suited for use as a company office or a commercial facility.
In the real estate industry, the view is that Nayeon purchased it with an eye to the land value and new development potential rather than the rental income of the existing building.
Ahn Hyeong-jun, senior team leader at One Building, said, "Converting the sale price by site area puts it at about 155 million won per 3.3㎡," and added, "Given the building's age, it is highly likely the purchase was made for the land value and redevelopment potential rather than the existing structure."
Ahn said, "There is a concentration of high-end residential complexes, entertainment companies, galleries, and fashion and luxury-related offices nearby," adding, "Because the lot sits on a corner, it tends to have relatively high utility."