On June 28th, it was reported that the building singer Rain had purchased back in 2008 is now worth 50 billion KRW (42 million USD). Rain had bought this building for 17 billion KRW (14 million USD) back in 2008 and it has increased in value by 33 billion KRW (27.5 million USD).
The building 'Rain Avenue' is located in the busy streets of Cheongdam-dong, which is known as an affluent neighborhood in the Gangnam District. The building consists of six floors in total - three basement floors and three floors above ground level.
Currently, Rain's entertainment office is located in this building as well as cafes, pubs, and even an art gallery.
This building was originally built back in 1983 and was purchased by rain to be his retirement building. However, Rain renovated 'Rain Avenue' back in 2017 as he was using the building as his entertainment company office.
After the renovations, the value of the building increased to 50 billion KRW. According to a brokerage firm, Rain had earned close to 30 billion KRW, excluding the renovation and construction fees. The CEO of the brokerage firm stated that "The location of Cheongdam-dong had always been a popular neighborhood. Ultimately, singer Rain made a successful investment."
Meanwhile, it was revealed that Rain had cut down the rent cost to 50% for the storefronts leasing in his building because of the economical hit due to COVID19.