According to Autotribune, the value of the commercial building in Seocho-dong, Gangnam, owned by singer Rain and actress Kim Tae Hee, is estimated to have increased by more than 60 billion won (nearly $44 million) over the past three years. The star couple owns a commercial building with a land area of 486 square meters and a total floor area of over 2,900 square meters, featuring two underground levels and eight above-ground floors. Located along Gangnam-daero in Seocho-dong, Seocho-gu, Seoul, they acquired it in 2021.
The building was purchased by the couple for 92 billion won and is located on Gangnam-daero, South Korea’s prime commercial district, just a two-minute walk from Exit 10 of Gangnam Station.
Three years ago, 60% of the building’s ownership was registered under an individual’s name, and the remaining 40% was registered under a corporation led by Kim Tae Hee. At that time, they reportedly took out a loan of 45 billion won and paid the remaining 47 billion won in cash.
Rain and Kim Tae Hee put the building up for sale for 140 billion won in 2022 but later changed their minds. According to real estate sources, the building’s current market value is expected to exceed 140 billion won (about $102 million). This means the building’s value has increased by 60 billion won since its purchase. Currently, the first floor of the building houses the first Shake Shack restaurant of the famous hamburger brand SPC Group.
Rain and Kim Tae Hee have made tens of billions of won in profit solely through real estate investments. Rain purchased a building in Cheongdam-dong, Seoul, for 16.8 billion won in 2008, which served as his company’s headquarters and generated a market profit of 32.7 billion won.
Previously, in 2023, according to Money Today, SPC Group’s Shake Shack Gangnam, whose rent is about to expire, is considering relocating to a building in Seocho-dong, Seocho-gu which was purchased by singer-actor Rain. Shake Shack Gangnam, which opened as the first Shake Shack store in Korea in July 2016, is currently located near Exit 5 of Sinnonhyeon Station.
Rain’s building, which Shake Shack is planning to relocate to, is located near Exit 10 of Gangnam Station. Rain purchased this building for 92 billion won in 2021. In October last year, one year after the purchase, Rain sought to sell it for 140 billion won, but then withdrew.
The first-floor shopping mall where Shake Shack is expected to be located has been vacant for nearly half a year. However, it is known that as the first Shake Shack store is scheduled to enter soon, construction has recently begun. Shake Shack reportedly signed a lease contract for about 100 million won per month.
Source: Nate