K-pop star Rain rakes in RM119m in profit through sale of Seoul building
PETALING JAYA, June 22 — Singer Rain has raked in a hefty 32.7 billion won (RM119 million) in profit after selling off a commercial building in Seoul, South Korea.
Korean newspaper JoongAng Ilbo reported that the K-pop star, whose real name is Jung Ji-hoon, recently sold the property for RM181.1 million after he bought it in July 2008 for around RM61.6 million.
While the 38-year-old ended up selling the building for almost three times the price of what he originally paid for, it’s estimated that the actual profit from the sale will be lower once taxes and brokerage fees are taken into account.
The Love Song singer previously used the building to house his record label Rain Company.
The six-storey lot is located in the Cheongdam neighbourhood of the glitzy Gangnam district and boasts facilities such as a cafe, restaurant, and a beauty salon.
Eight Building Brokerage Corporation team leader Jeon Gye-woong told JoongAng Ilbo that Rain’s purchase led to Cheongdam’s increased popularity amongst entertainment agencies who also chose to set up shop in the area.
“After Mr Rain bought the building a long time ago, entertainment agencies settled in the area, and the commercial area changed and the land price increased a lot.
“It's a good investment,” said Jeon.
The building also picked up the grand prize at the Korean Architecture Award ceremony in 2020.
Rain and his actress wife Kim Tae-hee are well-known in South Korea as celebrity real estate moguls.
Korean news show Entertainment Weekly reported in October 2020 that the couple owns a combined RM298 million worth of property across Seoul and California.
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