Purchased for 12.8 billion KRW in April 2015
Current estimated market value, 23.4 billion KRW
Broadcaster Shin Dong-yeop's building in the Hongdae club district of Mapo-gu, Seoul, which he purchased 9 years ago, has significantly increased in value. News1 reported on the 6th that the market price of the building Shin Dong-yeop bought has nearly doubled compared to back then, with an expected capital gain exceeding 10 billion KRW.
In April 2015, Shin Dong-yeop purchased an old building constructed in 1991, consisting of a basement floor and six above-ground floors, for 12.8 billion KRW (96.39 million KRW per pyeong). At the time, it was analyzed that he bought it at a somewhat higher price than the nearby market price. The building is located in the heart of the Hongdae club district near KT&G Sangsangmadang.
After holding the existing building for 7 years, Shin Dong-yeop took out a loan of about 12.1 billion KRW last year to completely demolish and rebuild it. It is presumed that this was due to the old building incurring high maintenance costs and the high investment value of the location. The reconstruction cost last year was typically 10 million KRW per pyeong, with a total floor area of 439.29 pyeong.
The capital gain estimate is based on recent sales cases of nearby buildings. Recent transactions were made at 140 million to 152 million KRW per pyeong. The land value alone of the building Shin Dong-yeop owns is at least 18.6 billion KRW, and when combined with the building reconstruction cost, the current market price is estimated at 23.4 billion KRW.
Shin Dong-yeop debuted as a comedian through SBS special recruitment in 1991 and gained popularity as a comedian with the catchphrase "Annyeonghashiryepnikka" from the corner "Railman" in the show "Smile, Please." In 2004, he established DY Entertainment and started a business by recruiting popular figures at the time such as Kim Yong-man, Yoo Jae-seok, and Lee Hyuk-jae, but faced setbacks due to bankruptcy. He also consecutively failed in the functional sneaker business called "I-Jex," which increased his debt. Due to consecutive business failures, Shin Dong-yeop went through difficult times with a debt of 8 billion KRW. It is reported that he fully repaid this debt in 2014, 10 years later.
Having literally repaid his debt at the speed of light, he is known to own not only the Hongdae building but also a building in Cheongdam-dong and a luxury villa unit in Seorae Village.
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