Value of Cheongdam-dong Building Owned by Won Bin and Lee Nayoung Couple Rises 28.7 Billion KRW in 6 Years

Purchased a Corner Building in Cheongdam-dong in 2018
Stable Rental Income with Michelin Restaurant as Tenant

The value of the commercial building in Cheongdam-dong, Gangnam-gu, Seoul, jointly owned by actors Won Bin and Lee Nayoung, has reportedly increased by about 28.7 billion KRW over the past six years. It is also analyzed that, due to the building's location and the premium of the surrounding commercial district, the rental yield has remained at a high level.

The value of the commercial building in Cheongdam-dong, Gangnam-gu, Seoul, jointly owned by actor Won Bin and Lee Nayoung, has increased by approximately 28.7 billion KRW over six years. Eden9

According to a report by News1 citing the real estate brokerage firm Building Road on June 15, Won Bin and Lee Nayoung purchased a building with two basement levels and five above-ground floors, located on a corner near the luxury street in Cheongdam-dong, for 14.5 billion KRW in February 2018. The building was completed in 1992, and its asset value has recently risen significantly due to increased rents in the area and the attraction of high-end tenants.

According to the real estate registry, a maximum secured debt of 12 billion KRW is registered on the building, and the actual loan principal is estimated to be about 10 billion KRW.

Kim Kyunghyun, deputy director at Building Road, explained, "The total acquisition cost, including incidental expenses, is estimated to be about 15.34 billion KRW," and added, "Of this amount, the couple appears to have each contributed half of the approximately 5.3 billion KRW in equity, excluding the loan."

The building is located about a six-minute walk from Apgujeong Rodeo Station and occupies a key position that attracts the floating population and demand from Cheongdam Fashion Street and the luxury commercial district. Currently, premium rental income is being generated from tenants such as a Michelin 3-star restaurant.

Kim stated, "Over the past seven years, the market price of the surrounding commercial district has soared, and since this building is at the center of the area, the increase in rent has also been significant," and added, "Even after deducting loan interest and other expenses, the annual yield appears to exceed 5%."

Experts have estimated the current market value of this building at about 43.2 billion KRW. As of last year, the price per 3.3 square meters of commercial real estate in this part of Cheongdam-dong ranged from 185 million KRW to 230 million KRW, and applying the average of 200 million KRW per 3.3 square meters results in an estimated valuation gain of about 28.7 billion KRW.

The couple also owns several other high-value properties in addition to the one in Cheongdam-dong. Won Bin owns buildings in Samseong-dong (about 6.9 billion KRW) and Seongsu-dong (about 9.5 billion KRW), and these assets are also known to have increased several times in value compared to their purchase prices. Both buildings were purchased in 2014 for around 2 billion KRW each.

Meanwhile, in 2020, the couple drew attention for their "good landlord" actions, reducing rent by half for two months to support tenants struggling due to the spread of COVID-19.