Actor Song Seung-ho, the ”owner of Sinsa-dong Starbucks Building,” also buys a nearby dilapidated shopping district... making a profit of over 7.5 billion yen

Actor Song Seung-ho is investing in a building that houses a Starbucks on the main street near Sinsa Station, and also buying the dilapidated shopping arcade just behind it, for a minimum of 67.8 billion won (
It is expected that the buyer will earn a market profit of about 7.517 billion yen. Recently, a Korean media outlet cited a real estate agency as saying that Song Seung-ho had been in the building that houses the Starbucks at Sinsa Station.
The company also plans to buy the shopping mall behind it and hold it together, which is expected to bring in a minimum profit of 67.8 billion won.
Song Seungho was born in October 2006 in Chamwon, Seocho-gu, Seoul.
He bought a building on Gangnam Boulevard in Jamwon-dong for 11.4 billion won (approximately 1.14 billion yen) under his own name. The building is a one-minute walk from Exit 4 of Sinsa Station on Line 3.
It is located within walking distance of Nonhyeon Station, a transfer station between Line 7 and the New Bundang Line, and is a 7-minute walk away. It has one basement floor and four aboveground floors, a site area of 163 pyong, and a total floor area of 1332 pyong.
Seungho bought the building, and after five years of remodeling, opened a Starbucks on the first floor. In 2015, the dilapidated building just behind the building, which was 1 basement floor to 2 floors above ground, was demolished.
He bought the shopping district through a public auction in his own name for 3.65 billion won (approximately 365 million yen). First, he won an 84.5% stake in the real estate public auction for 3 billion won (approximately 300 million yen).
After that, it purchased the remaining 15.5% stake for 650 million won (approximately 65 million yen), giving it ownership of the entire building and site.
An employee of a real estate agency said, "The site of the old shopping street is in a third-class residential area, so if we were to build a new building in an exclusive area,
"Although the land area will be subject to restrictions of 50% and 250% of the floor area ratio, the site is close to the Starbucks building along the main road, which is a commercial district, and this has increased the investment value," he said.
It is estimated that the site can be developed to 14 stories in size. Song Seung-ho is expected to make a market profit of 67.8 billion won from the purchase price just from the site value.
According to a real estate agency, multiplying the land area of the two buildings (233.41 pyeong) by 355 million won (about 39 million yen) per pyeong comes to 82.86 billion won.
The purchase price for the building along Gangnam Boulevard was 3.5 billion won per pyeong, which is about 67.8 billion won more than the purchase price of Song Seungho.
The expected selling price was 355 million won, the midpoint of the current bid price of 360 million won and the bid price of 30 million won.
The employee said, "We bought the land along the main street first, then bought the land just behind it, and
"This is a very impressive purchase example, where the value of the land has been raised to the same level as that of a plot of land."