Rain Reportedly Makes S$39mil After Selling His Commercial Building In Cheongdam In Seoul
He’s not called an investment guru for nothing.
Celebrity couple Rain and Kim Tae Hee have proven time and again just how savvy they are with their investments. They are the richest celeb real estate moguls with a combined portfolio of S$98mil of properties, and have made headlines over the years for turning a tidy profit by selling off their buildings.
Most recently, Rain sold his commercial building in the swanky Cheongdam district in Seoul for KRW49.5bil (S$58.95mil) this year. He'd bought it in 2008 for KRW16.8bil (S$20mil), according to Korean media reports. That works out to KRW32.7bil (S$38.94mil) in profits — on paper, that is.
Experts have pointed out that Rain may not have profited as much as you think he has. He'd spent close to KRW8bil (S$9.5mil) to renovate the building when he first purchased it. In addition, he’s had to pay an undisclosed sum in property taxes.
Prior to the sale of the building, Rain was believed to be receiving KRW100mil (S$119k) a month in rental from the tenants, which include coffee shop and beauty salon owners.
Photos: PBE Media
