'107 Billion in Cash, The Rest...' Jung Woo-sung & Lee Jung-jae Jointly Purchase 33 Billion Won Building

Jung Woo-sung and Lee Jung-jae Purchase Cheongdam-dong Building for 33 Billion Won... Bought Under Joint Ownership

Jung Jung-jae (left) and Jung Woo-sung. [Image source=Yonhap News]

[Asia Economy Intern Reporter Kim Bong-ju] Jung Woo-sung and Lee Jung-jae jointly purchased a building in Cheongdam-dong, Gangnam, Seoul for 33 billion KRW.

According to a report by Edaily on the 25th, Jung Woo-sung and Lee Jung-jae acquired the building in Cheongdam-dong last May with a 50% stake each for 33 billion KRW.

The report states that 22.3 billion KRW was financed through a loan, and the remaining 10.7 billion KRW was paid in cash, with Jung Woo-sung and Lee Jung-jae each contributing approximately 5.3 billion KRW.

The building in Cheongdam-dong is adjacent to Apgujeong Rodeo Station on the Bundang Line subway. It is an 8-minute walk from Apgujeong Rodeo Station and is located on a corner of a main road, making the land highly utilizable.

There are many foreign car showrooms concentrated around the building, as well as large buildings owned by major corporations.

The building consists of one basement floor and four above-ground floors, with a land area of 546㎡ and a total floor area of 1,419㎡.

Currently, the rent for this building is about 26 million KRW, and the first and second floors house the famous franchise coffee shop Tom N Toms.

Regarding this, the agency Artist Company, which the two jointly established in 2016, explained, "This is to expand and diversify business areas such as film and drama production."