Posted by alim1745 pts Friday, January 16, 2015

Jaejoong reported to have purchased a building worth $7 million USD


It has been reported by Sports Seoul on January 15 that Jaejoong purchased a building in Seocho-dong, Seoul near the Nambu Terminal for 7.5 billion KRW (~ 7 million USD)! The building's land is 143.84 pyong (~ 5,000 sq. ft.) wide with a total ground area of 534.42 pyong (~ 19,000 sq. ft.), one underground garage level, and seven aboveground floors, including 1-2 floors for eating and 3-6 floors of offices.

Jaejoong received a loan of 4 billion KRW (~ 3.7 million USD) to purchase the building, paying the rest in 3.3 million USD cash.  The monthly rental income is 35 million KRW (~ 32,000 USD).

An expert in corporate buildings Kim Yoon Soo stated, "The building Jaejoong purchased beats the buildings in Gangnam with a rental income ratio that is 5% higher than the average, so I think he bought this for the lease revenue."  He said that third class general residential areas had to have a 250% floor area ratio, but the building had an even higher one of 300%; additionally, there was a lot of parking spaces, so parts of the building could be used as office space, adding to the practicality of the building.

Tip: ww

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