Son Ye Jin’s $15M Gangnam building struggles to attract tenants

South Korean actress Son Ye Jin. Photo from Son's Instagram

According to Pinkvilla, the five-story property was completed in June 2023.

Son purchased the original two-story structure near Gangnam Station in 2022 for 22.4 billion won (US$15.5 million). She then invested heavily in its redevelopment, transforming it into a five-story commercial space with a basement, spanning 724 square meters.

Given its location in one of Seoul’s busiest business areas, the building was expected to fill up quickly—but that has not been the case.

Industry experts attribute the prolonged vacancy to steep rental prices. Leasing a 30-pyeong (99 square meters) unit in the building costs at least 9 million won per month, with an additional maintenance fee of approximately 1 million won.

While Gangnam remains a major commercial hub, other nearby buildings offer competitive rental rates, making it difficult for Son’s property to stand out. Additionally, shifting business trends have seen more companies opting for flexible lease terms or moving to emerging commercial districts with lower rental costs and stable foot traffic.

Reports indicate that Son took out a 15 billion won loan to finance the purchase and redevelopment of the property. Without tenants, the delay in rental income could add financial pressure in managing loan repayments.

Son, 43, was born Son Eon Jin and rose to fame with her roles in "The Classic" and "Summer Scent." Her performances in "A Moment to Remember" and "April Snow" further cemented her status as one of South Korea’s top actresses, earning her the title of "Nation’s First Love."

According to South China Morning Post, her estimated net worth is around US$20 million.