Yoo Jae-suk to build a building on 20 billion land in Nonhyeon-dong..The owner of a seven-story building next year
Mar 10, 2025
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The site was purchased by Yoo Jae-seok for about 20 billion won at the end of 2023, close to the headquarters of the entertainment agency 'Antenna', where he is the third largest shareholder.
Biz Korea said on the 10th that the new building will house offices, restaurants, and photo studios, and there is a possibility that it will be linked to the antenna business.
According to the real estate industry, Yoo Jae-seok started building a commercial building with three basement floors and four ground floors (1,668 square meters) on the Nonhyeon-dong site in the middle of last year. The building will include office space, general restaurants, photo studios, and parking lots that accommodate 12 vehicles. Yoo Jae-seok received a construction permit in December 2023 and completed a full-fledged groundbreaking report in May 2024. The design and construction of the building was undertaken by Strax, which developed the luxury house 'Appurhaus', and the completion is scheduled for February 2026.
Yoo Jae-seok purchased the site for a total of 19.8 billion won in December 2023. The multi-family housing site (275㎡) was purchased for 8.2 billion won and the vacant lot (299㎡) was purchased for 11.6 billion won, and the multi-family housing was demolished four months after the ownership was transferred. At the time of purchase, it was reported that it was traded in cash without a collateral security. However, around the time of the start of construction in August 2024, financial institutions seem to have established a collateral security right worth 9.24 billion won.
In particular, the possibility of linking the new building with the antenna, where Yoo Jae-seok is the main shareholder, is also drawing attention. The antenna office building is owned by Yoo Hee-yeol, and the antenna building is currently leased and used. As Yoo Jae-seok's new building is likely to include broadcasting and entertainment-related facilities, cooperation with antennas is expected.
Attention is focusing on whether the construction of the Nonhyeon-dong building will be the basis for Yoo Jae-seok's expansion of broadcasting and entertainment business beyond simple investment purposes.
Earlier, Yoo Jae-seok drew attention last year when he was found to have purchased land and buildings in Nonhyeon-dong, Gangnam-gu, Seoul for a total of 20 billion won.
lyn@sportschosun.com
