The Sinsa-dong Building Purchased by Psy for 8 Billion Won... Value Soars to 20.7 Billion Won After Reconstruction

Purchased Building and Old House for Reconstruction
Now Serves as Agency Headquarters... Estimated Value at 20.7 Billion KRW

Singer Psy's buildings in Sinsa-dong, Gangnam-gu, Seoul, which he purchased and reconstructed about 7 to 8 years ago, are reported to have more than doubled in value.

According to Building Road Real Estate Brokerage Corporation on the 23rd, Psy bought a building in Sinsa-dong for 5 billion KRW in March 2017. Then, in January of the following year, he purchased an old house located right behind it for 2.675 billion KRW.

After acquiring the two plots, Psy constructed a building in 2020 with a total floor area of 1,213㎡ (367 pyeong), spanning from two basement floors to five above ground. This building currently serves as the headquarters of P Nation, Psy's agency.

Singer Psy
Photo by P Nation

A real estate industry insider explained, "He purchased a building located on a wide roadside and then bought the house behind it to increase the plot size," adding that the rear plot was acquired at 54% of the price of the front plot, which further increased the overall value of the entire plot.

Last year, buildings located one minute away from Psy's building were sold for 156 million KRW and 185 million KRW per 3.3㎡ (pyeong), respectively.

Applying this, the current estimated market price is calculated by multiplying the land area of 390㎡ (118 pyeong) by the weighted estimated price per pyeong of 175 million KRW, considering factors such as land area, building age, and road width. The industry estimates Psy's headquarters to be worth approximately 20.7 billion KRW.

In addition to this building, Psy also owns three more buildings in the Sinsa-dong area under the corporate name of a semiconductor equipment company chaired by his father. From 2015 to 2018, these buildings were purchased sequentially, then newly constructed or remodeled, reportedly increasing their value to several hundred billion KRW.