Singer IU buys W13b residence in Seoul in cash

Singer and actress IU has purchased a high-end villa unit in Cheongdam-dong, a posh district in Seoul, for 13 billion won ($11.7 million) in cash, according to news reports Wednesday.

The singer bought a residential unit of Eterno Cheongdam, currently under construction by Hyundai Engineering & Construction, according to local news outlet Biz.Hankook. The 20-story villa with four floors underground has one or two residential units on each floor starting from the second floor above ground.

A 488-square-meter super penthouse of the riverside luxury villa, one of the highest-end residential properties in Seoul, is currently on sale for 30 billion won.

The residence purchased by the K-pop star measures around 244 square meters. She is likely to complete her payment all in cash, as loans for a residential property valued at 1.5 billion won are completely banned in the city.

As she bought the new residence, she also sold another real estate property recently. In May 2012, she bought a housing unit measuring 173.82 square meters in Bangbae for 840 million won, and she had her residence registered at the property. She sold it in June 2019 for 860 million won.

The 28-year-old owns other real estate properties around Seoul as well. She purchased a commercial building for 4.6 billion won in Gwacheon, Gyeonggi Province, in February 2018 and a town house for 2.2 billion won in Yangpyeong, Gyeonggi Province, in August 2018. She also owns 1,524 square meters of land, valued at some 800 million won.

The K-pop star is believed to have received the green light from the district office to purchase the residential property. In affluent areas south of the Han River, purchasing residential properties requires permission from a district office, a measure to prevent speculative investment and cool down the overheated real estate market in Seoul.

By Kim Young-won (wone0102@heraldcorp.com)