Entertainer Noh Hong-chul Hits Jackpot With Apgujeong Building...Value Jumps 11 Billion Won in Seven Years

According to Financial News, the market value of a building in Apgujeong-dong, Gangnam District, Seoul that entertainer Noh Hong-chul purchased seven years ago has risen by more than 11 billion won. The property is now estimated to be worth well over 20 billion won.
As of the 12th, real estate industry sources estimate that the building owned by Noh Hong-chul in Sinsa-dong, Gangnam District, Seoul is worth around 23.6 billion won. The figure is based on recent transactions of nearby buildings of similar age, which have been selling for between 1.58 billion and 1.66 billion won per 3.3 square meters (one pyeong). The property is located about a six-minute walk from Exit 5 of Apgujeong station on Seoul Subway Line 3, giving it a strong locational advantage. Completed in 1988, the building has one basement level and five floors above ground, with a total floor area of 1,368.60 square meters (about 414 pyeong), and currently houses a café, a private academy and other tenants.
Noh Hong-chul purchased the building in November 2018 for 12.2 billion won in his own name. Including acquisition tax and related costs, the total purchase price is estimated at around 12.9 billion won. Given that the current market value is roughly 23.6 billion won, he is believed to have realized a paper gain of more than 11 billion won in the seven years since the purchase.
According to the land registry, the maximum secured amount of the mortgage on the building is set at 4.2 billion won. As this maximum is typically set at around 120% of the actual loan amount, the principal of the loan is estimated to be about 3.5 billion won. This suggests that Noh Hong-chul injected roughly 9.4 billion won in cash when he acquired the property.
hsg@fnnews.com Han Seung-gon Reporter