TWICE’s Jihyo becomes Seongsu building owner with $2.9 million cash purchase

TWICE's Jihyo / Xportsnews

Jihyo of the K-pop group TWICE has purchased a building in Seoul’s Seongsu-dong District, cementing her status as a savvy investor in real estate.

According to the real estate industry Friday, Jihyo acquired the building in Seongsu-dong, Seongdong District, for 4 billion won (about $2.9 million) last year.

She finalized the purchase in early March 2024, completing the full payment and ownership transfer by the end of that month. As no mortgage or lien was registered on the property, the transaction is believed to have been made entirely in cash.

In April 2024, just a month after the purchase, Jihyo registered as a residential lease business operator and completed the official registration of the property as a private rental home. This registration allows for certain tax benefits such as reductions in acquisition tax but also subjects the owner to regulations under the Special Act on Private Rental Housing, including a five percent cap on rent increases, a minimum lease period, and mandatory insurance coverage for rental deposits.

The building Jihyo purchased was originally constructed in 1986 and includes one basement level and three above-ground floors. The first floor is currently occupied by a real estate agency and restaurants, while the second floor is used as office space and the third as residential housing.

The property is located in Zone 2 of the Seongsu Strategic Redevelopment Area, which is undergoing redevelopment planning. Just a 15-minute walk from Seongsu Station, the building’s location and potential for redevelopment suggest that the investment was made with future value in mind, rather than immediate rental income.

This article from Xportsnews is translated by a generative AI system and edited by The Korea Times.