The Apartment IU Lives In Was Bought for 21.8 Billion Won in Cash by a CEO Born in 1989

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[Financial News]   The first actual transaction at Eterno Cheongdam, the apartment in Cheongdam-dong, Gangnam-gu, Seoul widely regarded as the most expensive in South Korea, was reportedly made by Kim Min-gi, CEO of the lifestyle platform company Ajungdang.
Korea Economic TV reported on the 21st that Kim bought one 231-square-meter unit at Eterno Cheongdam for 21.8 billion won on the 15th and completed the ownership transfer registration within five days.
Korea Economic TV also said that, given the absence of any separate mortgage registration in the registry, the deal appears to have been made entirely in cash. The transaction was the first sale since residents moved into Eterno Cheongdam and was recorded as the highest-priced apartment deal in the country this year. The seller was former bhc Chicken chairman Park Hyun-jong.
Eterno Cheongdam is an ultra-luxury residential complex that began welcoming residents in January 2024. It has drawn public attention after being known as a development purchased by singers and actors including IU (IU) and Song Joong-ki.
The complex also ranked No. 1 nationwide in officially assessed apartment prices for two consecutive years, last year and this year. The officially assessed price of the 464-square-meter unit reached 32.57 billion won, the highest in the country. The 231-square-meter unit bought by Kim was also reported to have an officially assessed price of more than 15.3 billion won.
Ajungdang, led by Kim, is a platform company that provides price-comparison and subscription services for internet, IPTV, mobile plans, and home appliance rentals. The company raised its profile by casting actor Won Bin as its advertising model, and its revenue grew from around 6 billion won in its founding year to 119.1 billion won last year.
Ajungdang was later acquired by Connectwave after being valued at about 300 billion won. Connectwave operates price-comparison platforms such as Danawa and Enuri, shopping-mall building solution MakeShop, and overseas direct-purchase and logistics service Maltail.
According to the industry, Kim continues to take part in management as the second-largest shareholder even after selling his stake, and he is also reportedly preparing for an Initial Public Offering (IPO) within the next three to four years.
y27k@fnnews.com Seo Yoon-kyung Reporter