Yoo Jae-suk Secures 7.7 Billion Won Loan Against 20 Billion Won Land for New 7-Story Building

Renowned South Korean entertainer Yoo Jae-suk is reportedly constructing a seven-story building in Gangnam, leveraging his 20 billion won property as collateral for a 7.7 billion won loan.

According to a real estate report on the 13th, Yoo acquired two plots of land in Nonhyeon-dong, spanning a total of 573.7 square meters, for approximately 20 billion won two years ago. He is now building a structure with a total floor area of 1653.55 square meters, encompassing three basement levels and four above-ground floors.

Construction, which commenced in May of last year, is slated for completion in February next year. Yoo Jae-suk has already registered a business under the name 'JS607,' indicating plans for real estate or rental business operations. The location of the new building, directly opposite his agency Antenna's headquarters, has fueled speculation about its intended use, with the area being a hub for entertainment companies and startups.

This development follows Yoo's significant property acquisition in June 2023, where he purchased two land parcels totaling 573.7 square meters for a combined 19.8 billion won, paying entirely in cash. He is currently consolidating these lots to erect the new building after relocating previous tenants.

Yoo Jae-suk's real estate portfolio is already substantial, including properties acquired fully in cash, such as a luxury penthouse and a high-end apartment in Apgujeong, collectively valued at over 36 billion won. The addition of the new building further solidifies his status as a major player in the Gangnam real estate market.

In related news, Yoo Jae-suk's transparent tax practices have recently gained attention. A tax expert highlighted his choice to use the 'standard expense ratio reporting' method, which involves fixed rates set by the government, rather than detailed bookkeeping. This method results in a higher tax burden but ensures transparency and avoids potential disputes, allowing him to navigate tax audits without any issues.

Yoo Jae-suk, often called the 'Nation's MC,' has maintained his top-tier popularity for decades since his debut in 1991. His diligent and humble demeanor serves as an inspiration to the public, and his ability to lead various variety shows to success has earned him the moniker 'Yoo Jae-suk effect.' He also consistently engages in philanthropic activities, exerting a positive influence.