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'Land Value Alone 20 Billion Won' Yoo Jae-suk Builds Commercial Building in Nonhyeon-dong

[비즈한국] It has been confirmed through Bizhankook's coverage that comedian Yoo Jae-suk has begun construction of a commercial building on land he purchased in Nonhyeon-dong, Gangnam-gu, Seoul, about a year ago. The site for the new building is land that Yoo purchased for approximately 20 billion won at the end of 2023, and it is adjacent to the headquarters of Antenna, the entertainment agency where Yoo is the third-largest shareholder. The new building is scheduled to house offices, restaurants, and a photo studio, leading to speculation that it may be linked to Antenna's business activities.

According to the real estate industry, comedian Yoo Jae-suk began construction on the land in Nonhyeon-dong, Gangnam-gu, Seoul, around the middle of last year. The new building will have three basement levels and four floors above ground (total floor area of 1,668㎡), and will include offices, general restaurants, a photo studio, and a parking lot that can accommodate 12 vehicles. Yoo received a building permit in December 2023 and completed the construction report in May of last year. The design and construction are being handled by Stracts, famous for its luxury housing brand 'Upper House.' The building is scheduled for completion in February 2026.

Yoo Jae-suk purchased the Nonhyeon-dong site for the new building about a year ago for 19.8 billion won. In December 2023, he bought a 275㎡ multi-family housing plot for 8.2 billion won, and a 299㎡ vacant plot for 11.6 billion won. The existing multi-family house on the site was demolished in April of last year, four months after the transfer of ownership. Given that there were no mortgage rights set on the real estate at the time of purchase, it appears that the purchase price was funded with cash. However, around the time construction began in August of last year, a mortgage for a maximum debt amount of 9.24 billion won was set on the properties by a financial institution.

Yoo Jae-suk is the third-largest shareholder of Antenna, the entertainment agency he is affiliated with. In June 2023, Yoo purchased 2,699 shares (20.7% stake) of Antenna from Kakao035720 Entertainment for 3.1 billion won, becoming the third-largest shareholder. On the same day, singer Yoo Hee-yeol, the CEO of Antenna, also purchased a 21.4% stake in Antenna from Kakao Entertainment, becoming the second-largest shareholder. With this transaction, Kakao Entertainment's stake was reduced from 100% to 57.9%. Antenna is an entertainment agency founded by Yoo Hee-yeol in 1997. Previously, it was incorporated as a subsidiary of Kakao Entertainment when Yoo Hee-yeol sold a 100% stake to Kakao Entertainment for approximately 10 billion won in 2021.

There is a possibility that the new commercial building in Nonhyeon-dong that Yoo Jae-suk is building will be linked to Antenna's business activities. This site is located 50 meters south of the Antenna headquarters, which is owned by Yoo Hee-yeol. Antenna currently pays Yoo Hee-yeol an annual rent of 444 million won to use the company building. The deposit is 2.1 billion won. The scale of that building is two basement levels and three floors above ground (total floor area of 837㎡), which is about half the size of Yoo Jae-suk's new building. Given that the new Yoo Jae-suk building will house facilities such as a photo studio, it is presumed that it could accommodate facilities capable of supporting broadcasting and entertainment activities.