BIGBANG’s Daesung set to make 65 billion KRW (approximately 47 million USD) profit from Seoul building

06 Nov 2024, 07:55 by Minsoo-Kim · allkpop

Big Bang’s Daesung is projected to make a profit of over 65 billion KRW (approximately 47 million USD) from a building he owns in Seoul after seven years.

According to the real estate brokerage company Building Road on November 6th KST, Daesung purchased a building in November 2017 located on the main street in Nonhyeon-dong, Gangnam-gu, Seoul. The building spans 2 basement levels and 9 floors above ground, and was bought for 31 billion KRW.

At the time of purchase, the land was valued at approximately 112.58 million KRW per pyeong (3.3 square meters). It appears that Daesung financed the purchase with a 14 billion KRW loan, with the remaining 17 billion KRW paid in cash.

The building, located on Dosan-daero across from Dosan Park, is highly visible and within an 8-10 minute walking distance of Apgujeong Rodeo Station on the Suin-Bundang Line and Gangnam-gu Office Station on Line 7.

The neighborhood saw land transactions in 2022 at around 324 million KRW per pyeong, and the current market price is estimated at approximately 350 million KRW per pyeong. This means the building’s value is now estimated to be 96.2 billion KRW, yielding a profit of 65.2 billion KRW for Daesung over seven years.

This building was previously identified as a location where illegal entertainment venues operated during the months leading up to Daesung’s military discharge. There were suspicions of prostitution being arranged on the premises, leading to a police investigation.

Daesung’s side explained at the time that he “was unaware” as he had purchased the building prior to his enlistment, although there were criticisms suggesting he might have known and turned a blind eye.

After a police search of the building, it was discovered that three businesses had been registered as “general restaurants” but had karaoke equipment, leading to an order for corrective measures by the Gangnam District Office. Since then, the interior has been renovated, and the current businesses reportedly include a cafe, hospital, and golf practice range.

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