Park Jin Young Sells JYP Building for $7.6 Million USD
Park Jin Young, CEO of JYP Entertainment, has sold the landmark building of JYP Entertainment.
According to reports, the property was purchased for 7.6 billion KRW (approximately $7.6 million USD) on November 25. The land area is 329.5㎡ and the gross floor area is 1039.3㎡. The building has a total of six floors, one of them underground.
The new owner of the building is SK Happiness’ Chief Director Choi Ki Won, the younger sister of SK Group’s President Choi Tae Won. According to Herald News, a representative of SK Group revealed that the new owner has bought the property, located in the upscale district of Cheongdam, with the intention of using it for SK Happiness in the future.
JYP Entertainment will not be leaving the building, however. The company has signed a lease contract that allows them to stay in the building for three years. The deposit has been revealed to be 1 billion KRW (approximately $1 million USD) along with a monthly rent of 25 million KRW (approximately $25,000 USD).
Park Jin Young took ownership of the property in March 2001, when he purchased it for 2 billion KRW. The property value has increased over three-fold in 13 years.