Hyeri revealed to have purchased and redeveloped Gangnam building estimated to be worth over 7.5 billion KRW (~5.55 million USD)

It has been revealed that Hyeri purchased and redeveloped a building in Gangnam, Seoul.

Industry sources revealed on April 8 that Hyeri, acting through her corporation, acquired an old building in Yeoksam-dong, Gangnam-gu, Seoul. This purchase was made on December 31, 2020, but the details only came to light recently.

The building was a 20-year-old structure with 4 floors above ground and a site area of 245.3 square meters. It was reported to have been purchased for 4.39 billion KRW (~2.25 million USD).

Subsequently, Hyeri paid off the remaining balance on March 30, 2021. After receiving the occupancy permit on May 24, 2022, Hyeri obtained a redevelopment permit and initiated construction in June. The redeveloped building now features a total floor area of 499.88 square meters, encompassing one basement floor and four above-ground floors.

Shortly after completing the construction, Hyeri entered into a collateral trust agreement with Hana Asset Trust, subsequently transferring ownership. It is estimated that the current market value of the building and land is over 7.5 billion KRW (~5.55 million USD). Reports indicate that since Hyeri's purchase, the market value of the property has increased by 3 billion KRW (~2.22 million USD). 

However, considering acquisition taxes and construction costs, some say that the profit margin is not as large as it seems.

On April 8, Hyeri's agency clarified, "We have not sold the building, there seems to be some inaccuracies in the reports."