Twice's Nayeon buys Cheongdam-dong building for W9.5b

Nayeon, a member of K-pop group Twice, has purchased land and a building in Cheongdam-dong, Gangnam-gu, Seoul for 9.5 billion won ($6.88 million).

According to Chosun Biz, Nayeon signed a purchase contract for the Cheongdam-dong property on May 3 for 9.5 billion won.

The ownership transfer was registered Monday. A collateral mortgage with a maximum secured amount of 10.2 billion won has been set on the property.

The building is an aging structure with one below-ground floor and two above-ground floors. Expanded in 2010, it has a total floor area of approximately 219 square meters — 105.38 square meters on the first floor, 73.31 square meters on the second floor and 40.18 square meters in the basement.

The building's designated use was recently changed from a mix of residential and neighborhood commercial facilities to an entirely neighborhood commercial designation.

Industry insiders believe Nayeon made the purchase with an eye toward the land's high underlying value and potential for future redevelopment, rather than for rental income alone.