BTS Jungkook hits 10 Billion Won jackpot in real estate deal?

BTS members believe in real estate as best form of investment. We know that all of them own more than a couple of homes plus commercial spaces. A few years back, BTS maknae Jungkook had bought an under-constrction single storey property in Itaewon, Yongsan-gu, Seoul. It seems its worth has increased by 10 billion Won in less than four years time. The youngest member of BTS and his brother have made widespread investments in different avenues right from retail space to apparel and even cryptocurrency. A Korean YouTube channel with focus on real estate, Jungkook had purchased a single-storey home in Itaewon-dong in 2020 for 7.63 billion won. The property had a land area (plot size) of 637 m (close to 7,000 sq ft) and the floor area of 230.74m (close to 2,500 sq ft). It seems he paid 39.59 million won (Rs 24 lakhs) for every 36 sq feet. 

After he bought the place, Jungkook demolished the old house and in 2021 secured permission from district office to build a new home. The new place was far bigger with two basements and a three storeys. The carpet area of the house is now more than 12,000 sq ft. The building is now in the final stages of completion. 

The present market is over 10 Billion Won for every 3.3 m. This means the capital gains from sale could be more than 10 Billion Won. A representative of the brokerage firm said, "The area where the house is located is home to high-profile business leaders, and the houses on either side along the road are enormous in scale. There have been sales in this area at around 70 million won per 3.3? in 2022, so prices have more than doubled already.”  

People who live in Itaewon do not normally sell their homes. Prospective buyers are willing to wait and shell out exorbitant amounts. The representative further said, “Even an asking price of over 10 billion won per 3.3? could attract buyers.”

Jungkook’s single-house property is located within 10 minutes from Itaewon Station and Noksapyeong Station on Line 6. All the international embassies are in the neighbourhood. It is referred to as the ‘Korean Beverly Hills’ or ‘Itaewon Hill’. 

The late chairman of Samsung Group Lee Kun-hee lived there along with others like Chey Tae-won of SK Group, Shin Dong-won of Nongshim, and Lee Myung-hee of Shinsegae Group. The most expensive home belongs to Myung-hee with a price of 28.57 Billion Won. 

This story was done by a certain Park Yong-hoon, CEO of An Real Estate Brokerage Co., Ltd. He operates a YouTube channel 'An House TV' which provides information on luxury real estate.