Almost Regretted Selling... Bi and Kim Tae-hee's Gangnam Station Building Grows by at Least 50 Billion Won in 3 Years

Building Purchased for 92 Billion Won in 2021 Now Valued Over 140 Billion Won

Singer Rain (real name Jung Ji-hoon) and actress Kim Tae-hee, a married couple, are estimated to have seen the value of a building they purchased for 92 billion KRW along Gangnam-daero in Seocho-gu, Seoul, increase by at least 50 billion KRW in just three years.

It is known that the building was put up for sale at 140 billion KRW just one year after purchase but the sale was withdrawn. The current market price is expected to far exceed 140 billion KRW.

Bi and Kim Tae-hee couple are posing before leaving for their honeymoon to Bali, Indonesia through Incheon International Airport.
[Photo by Yonhap News]

According to News1 on the 3rd, Rain and Kim Tae-hee purchased a commercial building in 2021 located on Gangnam-daero in Seocho-dong, with a land area of 147 pyeong, a total floor area of 881 pyeong, and consisting of two basement floors to eight above-ground floors. The building is situated in the prime area of Gangnam Station, which has the highest foot traffic nationwide, located on the main road between Gangnam Station and Sinnonhyeon Station.

The building was purchased three years ago with 60% under Rain’s personal name and 40% under a corporation represented by Kim Tae-hee, jointly owned by the couple. It is estimated that out of the 92 billion KRW purchase price, 45 billion KRW was financed through loans and 47 billion KRW was paid in cash.

The building attracted attention when Rain and Kim Tae-hee attempted to sell it for 140 billion KRW just one year after purchase in 2022 but withdrew the sale. At that time, the first floor of the commercial building had been vacant for nearly half a year, but after the first branch of the famous hamburger brand 'Shake Shack' opened, the entire building is now fully leased, generating stable rental income.

Building Road Real Estate Brokerage Firm noted that the total monthly rent for the entire building was about 230 million KRW three years ago, and the current monthly rent is expected to be even higher.

Kim Kyung-hyun, a manager at Building Road Real Estate Brokerage Firm, told News1, "The price per pyeong at the time of the attempted sale was 952 million KRW, but the current market price is expected to be at least 1 billion KRW per pyeong, making it very likely to be traded at that level."

He added, "The building is located in an area with extremely rare building transactions, and there are virtually no listings. Therefore, regardless of the asking price when this building is put back on the market, it is highly likely that the contract will be made at a price close to the seller’s asking price."