Building Purchased in 2015 Now Valued at 21 Billion Won
Asset Value Soars Due to Prime Location and Improved Transportation Access
The value of the building in Cheongdam-dong, Gangnam-gu, Seoul, owned by singer Jang Woohyuk, formerly of the group H.O.T, has increased by approximately 15 billion won over the ten years since its purchase.
On December 21, real estate brokerage firm Building Road Realty announced that the current market value of the building in Cheongdam-dong, Gangnam-gu, Seoul, owned by Jang Woohyuk, is estimated to be around 21 billion won.
Jang Woohyuk purchased the building in May 2015 for 6.16 billion won, and the total acquisition cost, including acquisition tax and brokerage fees, is estimated at about 6.52 billion won. A simple calculation shows a capital gain of approximately 15 billion won.
The maximum amount of secured debt registered is 3.93 billion won. Considering that the maximum secured amount is typically about 120% of the actual loan, it is estimated that Jang Woohyuk borrowed around 3.3 billion won at the time of purchase. Based on this, the actual cash invested is believed to have been just over 3 billion won.
The building consists of one basement level and six above-ground floors. Currently, a Japanese restaurant occupies the first floor, while the second to fifth floors are used as office space. The top floor, the sixth, is reportedly where Jang Woohyuk resides.
The location is also cited as a key factor in the asset’s appreciation. The building is situated just off Dosan-daero near Cheongdam Intersection, offering both commercial viability and residential convenience. It is about a six-minute walk from Cheongdam Station on Subway Line 7, and once the Wirye-Sinsa Line opens in the future, the property is expected to become a prime location within a three-minute walk of the station.
An industry insider commented, "Rental income has also risen significantly compared to ten years ago, so a stable annual yield of over 5% based on the acquisition cost can be expected."
In addition to this property, Jang Woohyuk also owns buildings in Sinsa-dong, Gangnam-gu, and Mangwon-dong, Mapo-gu. In a past television appearance, he shared, "I was greatly influenced by my older brother from a young age. I believe that saving and budgeting leads to accumulating wealth. I started keeping a household ledger when I was 18, and I still do to this day," revealing that his long-standing habits of frugality and planned financial management were the secrets to becoming a building owner.
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