Actress Song Ye Jin‘s luxury commercial building is still unable to secure tenants.
According to a News1 report on March 9, KST, Son Ye Jin purchased an old two-story commercial building near Gangnam Station 2022 and rebuilt it into a five-story property in June last year. She bought the 277.7 sq m building for ₩22.4 billion KRW (about $15.5 million USD) and turned it into a 724 sq m building with a basement level and five above-ground floors. The report also stated that Son took out a loan of ₩15.0 billion KRW (about $10.4 million USD).
But the actress is apparently facing difficulties recovering returns from this huge investment as the building remains vacant, despite the prime location and heavy foot traffic. According to industry analysts, the high rent is the primary cause of this unexpected vacancy. The estimated cost for a 30-pyeong unit is at least ₩9.00 million KRW (about $6,220 USD) per month. In addition, the monthly maintenance fee is also reportedly around ₩1.00 million KRW (about $691 USD).
Real estate experts have opined that Son Ye Jin’s building might remain empty for some time in the future, too, unless the cost is adjusted or negotiated to attract potential customers ready to pay the premium price.
Meanwhile, Son Ye Jin recently gave an exclusive peek at her luxury home. Read more about it here:
Son Ye Jin Gives An Exclusive Glimpse Of Her Home