Recently, the news surfaced that actress Hyeri, a former Girl’s Day member, bought an old building in Gangnam, Seoul approximately three years ago, renovated it and sold it for a substantial profit.
On April 7, it was reported that Hyeri acquired a building with a land area of 245.3㎡ (74.2 pyeong) on the 4th floor in Yeoksam-dong, Gangnam-gu, Seoul in the name of a corporation she founded back in December 2020.
Hyeri is believed to have paid approximately 4.39 billion won in land fees for the old building that was over 20 years old after its construction was finished.
As per the real estate sector, Hyeri settled the full payment on March 30 of the subsequent year and obtained approval for reconstruction a month later. Subsequently, construction work commenced in June of that year.
The reconstructed building now stands four stories above ground with a total floor area of 499.88 m2. Reports indicate that the building’s usage approval was granted in May 2022. Following the completion of construction, Hyeri entered into a collateral trust agreement with Hana Asset Trust and transferred her ownership rights.
It’s thought to be a move to cut costs and boost the loan amount. As a result, the current market value of the building and land is projected to exceed 7.5 billion won.
The direct market profit stands at 3 billion won, but officials suggest that factoring in acquisition tax and construction costs, it’s not seen as a significant profit.