Kimchi Sales Reach 300 Billion Won... Hong Jin-kyung Becomes Building Owner

Purchased a Building in Jayang 4-dong for 2.94 Billion KRW
Preparing Redevelopment Procedures... Expected to Receive Apartment Occupancy Rights
Kimchi Business Surpasses 300 Billion KRW in Cumulative Sales

Broadcaster and former model Hong Jin-kyung purchased a small commercial building located in Jayang-dong last September. Photo by Hong Jin-kyung Instagram

Model-turned-broadcaster Hong Jin-kyung (46) purchased a small building located in Jayang-dong, Gwangjin-gu, Seoul, for approximately 3 billion KRW last September.

According to Herald Economy on the 22nd, Hong Jin-kyung acquired a building from basement level 1 to the 3rd floor in the Jayang 4-dong area under her name for 2.95 billion KRW on September 9. Four days later, on the 13th of the same month, she paid the remaining balance and transferred ownership. This building, completed in 1996 in a general residential area, is registered primarily as a Category 2 Neighborhood Living Facility (office). The site area is 119.4㎡ (approximately 36 pyeong), and the total floor area is 278.73㎡ (approximately 84 pyeong). Hong Jin-kyung purchased the land at about 79.29 million KRW per 3.3㎡ (pyeong). The previous owner bought the building for 2.79 billion KRW last December and sold it for 160 million KRW more after nine months.

Jayang 4-dong, where Hong Jin-kyung’s building is located, is undergoing the Sintong Planning housing redevelopment project covering an area of 139,130㎡ around lots 57-90. Earlier in January, the Seoul city government unveiled a Sintong Planning proposal to develop the Jayang 4-dong area, which integrates Jayang 1 and 2 districts, into an apartment complex with up to 50 floors and 2,950 households. Jayang 4-dong faces the Seongsu Strategic Maintenance District 4, which is pursuing a 77-floor super high-rise reconstruction, just across a street, and is considered a prime location due to its proximity to the Han River. Currently, procedures for designating the area as a maintenance district are underway. The building Hong Jin-kyung purchased is also part of the redevelopment zone, and it is expected that she will receive apartment occupancy rights according to future redevelopment procedures.

Kim Je-kyung, director of Toomi Real Estate Consulting, told Herald Economy, "Since the building was purchased for about 3 billion KRW, depending on the appraisal value, it is possible to receive occupancy rights for two units," adding, "Buildings in redevelopment zones generally have low rental yields, so it is believed that the purchase was made with future value in mind."

Meanwhile, Hong Jin-kyung debuted in the entertainment industry in 1993 by winning the Best Pose Award at SBS’s 2nd Supermodel Contest. She has since appeared in various entertainment programs such as "Sister’s Slam Dunk," "Hong Kim Dongjeon," and "Study King Genius Hong Jin-kyung." Her kimchi business, started in 2006, has also been highly successful, reportedly achieving cumulative sales exceeding 300 billion KRW.