Foreign Property News | Posted by Si Thu Aung
South Korean actress Son Ye Jin’s luxury commercial building in Gangnam, one of Seoul’s most prestigious business districts, has struggled to attract tenants despite its prime location and modern amenities.
According to Pinkvilla, the five-story property was completed in June 2023.
Son purchased the original two-story structure near Gangnam Station in 2022 for 22.4 billion won (US$15.5 million). She then invested heavily in its redevelopment, transforming it into a five-story commercial space with a basement, spanning 724 square meters.
The building was completed in June last year, but no company has entered yet. The purpose of the building is a type 2 neighborhood living facility, and it is looking for a rental business suitable for the commercial district of Gangnam Station. High rents are cited as the cause of vacancy for more than half a year, even though it is in Gangnam, which has the largest floating population in Seoul. The rent per 3.3㎡ (pyeong) on the second floor is 300,000 won, and you have to pay up to 12.15 million won per month based on 40 pyeong and 1.22 million won for management.
That might have kept the potential tenants deterred.
This can be quite a financial burden on anyone.
This might take some time to fill by tenants or a few suitable businesses taking it up as a lease, but experts believe this will happen given the desirable location.
However, the high costs need to be readjusted or negotiated to attract prospective tenants if the actress wants them to pay the premium price.
Ye-Jin, who got married to the love of her life and her Crash Landing On You co-star, Hyun Bin, entered into a new phase of motherhood after welcoming their son.
However, her vacant building has been making headlines as she is gearing up to return to the screen after a long hiatus.
Ref: Son Ye Jin’s $15M Gangnam building struggles to attract tenants
