Son Ye Jin's Ambitious Investment in Gangnam

South Korean actress Son Ye Jin, renowned for her roles in 'The Classic' and 'Summer Scent', ventured into the real estate market with a significant investment. In 2022, she purchased a two-story building near Gangnam Station for 22.4 billion won (approximately US$15.5 million). Her vision was to transform it into a five-story commercial space, spanning 724 square meters, complete with a basement. The project was completed in June 2023, sparking interest in one of Seoul's most bustling business districts.

South Korean actress Son Ye Jin. Photo from Son's Instagram

Unexpected Challenges in Attracting Tenants

Despite the prime location in Gangnam, known for its vibrant commercial activity, Son Ye Jin's building has struggled to attract tenants. Industry experts point to the steep rental prices as a significant barrier. Leasing a 30-pyeong (99 square meters) unit costs at least 9 million won per month, with an additional maintenance fee of approximately 1 million won. This pricing strategy has made it difficult for the property to compete with nearby buildings offering more competitive rates.

Shifting Business Trends and Financial Implications

The real estate market in Gangnam is evolving, with more companies seeking flexible lease terms or moving to emerging commercial districts that offer lower rental costs and stable foot traffic. This shift has added to the challenges faced by Son's property. Reports indicate that Son took out a 15 billion won loan to finance the purchase and redevelopment of the property. The delay in securing tenants could add financial pressure, impacting loan repayments.

Son Ye Jin's Legacy and Net Worth

Son Ye Jin, born Son Eon Jin, has established herself as one of South Korea's top actresses, earning the title of 'Nation's First Love' through her performances in 'A Moment to Remember' and 'April Snow'. According to the South China Morning Post, her estimated net worth is around US$20 million, underscoring her success in the entertainment industry and her ventures into real estate.