SH Corporation Wins Bid for 10,675㎡
JYP Entertainment, which manages famous K-pop groups such as TWICE and Stray Kids, is building an integrated new headquarters in the Godeok Gangil district of Seoul.
On the 24th, JYP announced that it won the bid for a 10,675㎡ (approximately 3,230 pyeong) distribution and sales facility site in Godeok-dong, Gangdong-gu, Seoul, from Seoul Housing and Communities Corporation (SH Corporation) for 75.536 billion KRW.
Regarding the purpose of acquisition, it stated, "Acquisition of tangible assets (land) for the construction of a new headquarters."
JYP said, "We expect to secure space for mid- to long-term business expansion and improve work efficiency and productivity through the expansion of the integrated headquarters."
JYP started in 1997 under the name 'Taehung Planning' and changed its name in 2001 after its founder, singer and producer Park Jin-young. Since then, it has created artists such as Rain, the group g.o.d, Wonder Girls, 2PM, 2AM, and ITZY.
JYP's offices were scattered in Cheongdam-dong, Gangnam-gu, Seoul, but in 2018, it purchased a building in Gangdong-gu, Seoul, for 20.2 billion KRW and relocated there.
JYP's current market capitalization is 3.78 trillion KRW, ranking second in the domestic entertainment industry. In the second quarter of this year, consolidated sales reached 151.7 billion KRW, and operating profit was 45.7 billion KRW, marking its highest quarterly performance.
The group TWICE successfully conducted a large-scale world tour with 44 shows in 25 cities overseas including the United States, and Stray Kids topped the Billboard main album chart 'Billboard 200,' continuing the boom.
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