Lim Youngwoong's One-Person Agency, Mulgogi Music
Seongsan-dong Building Value Up by 1.6 Billion KRW
"Used as Headquarters... An Excellent Purchase Case"
The agency of trot singer Lim Young-woong is estimated to have made a capital gain of about 1.6 billion KRW through the purchase of a building.
On the 26th, News1 reported, citing Building Road Real Estate Brokerage Corporation, that Lim Young-woong's agency, Mulgogi Music, purchased a building located in Seongsan-dong, Mapo-gu, Seoul in March 2021. According to the report, Mulgogi Music acquired the building, which was completed in 2007, under the corporation's name for 4.54 billion KRW. The building is six stories above ground, with a land area of 290.90㎡ (88 pyeong) and a total floor area of 717.35㎡ (217 pyeong).
The agency invested about 2.3 billion KRW in cash, including taxes and other incidental costs, and the remaining amount was financed through a bank loan secured by the building. Although there was a mortgage with a maximum claim amount of 3 billion KRW at the time of purchase, it was canceled by the end of May last year, confirming that the entire loan was repaid. Currently, this location is used as the Mulgogi Music headquarters.
The building is situated near World Cup Buk-ro in Seongsan-dong. Although it is somewhat distant from subway stations, it is adjacent to Digital Media City, where many broadcasting stations are concentrated, making it a region with high demand from entertainment companies. It is also reported that Lim Young-woong purchased a penthouse in a residential-commercial complex apartment near the building and is residing there. The recent market price of the building is estimated at about 6.1 billion KRW, suggesting a capital gain of 1.6 billion KRW over four years.
Kim Kyung-hyun, manager at Building Road Real Estate Brokerage Corporation, explained, "The asking price for similar properties of the same age in the surrounding area ranges from 71 million to 81 million KRW per pyeong. Calculating at 69 million KRW per pyeong, which is 10% lower than the median price of 76 million KRW, and multiplying by the land area of 88 pyeong, the current building price is estimated to be about 6.1 billion KRW." He added, "Apart from the expected yield and capital gain, since the loan has been fully repaid and the building is being used as the headquarters, this appears to be a very excellent purchase case."
Meanwhile, Mulgogi Music is Lim Young-woong's one-person agency, marking its 11th year since establishment this year. Lim Young-woong owns 50% of the company's shares, making him the largest shareholder.
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