BTS member Jin, whose real name is Kim Seok-jin, has sold one of his luxury apartments at Hannam the Hill in Hannam-dong, Yongsan-gu, Seoul, for 12.7 billion won ($8.81 million). The sale generated a capital gain of more than 8 billion won on a unit he purchased roughly seven years ago for 4.49 billion won, according to court registry documents.
The 235-square-meter unit was sold on April 7, with Jin receiving the final payment from the buyer and transferring ownership on Monday. Court records indicate that Jin acquired the apartment in July 2019 for 4.49 billion won. Comparing the purchase price with the sale price, he realized a gain of 8.21 billion won over the approximately seven-year holding period. No mortgage was registered at the time of purchase, suggesting he paid the full amount in cash. The buyer, identified only as a person born in 1979, also appears to have paid entirely in cash, as no mortgage was registered in connection with the transaction.
Jin's real estate holdings and career
Jin has held a total of three units at Hannam the Hill, including the one he just sold. In November 2019, he purchased a 206-square-meter unit for 4.27 billion won, and in March last year he bought a 243-square-meter unit for 17.5 billion won—a record high for the complex at the time. With this latest sale, he now holds two units at Hannam the Hill. His real estate decisions are often watched closely because he is one of the most recognizable entertainers in South Korea, and his purchases and sales can signal broader trends in the luxury housing market.
Jin, born in 1992, is the oldest member of BTS, the K-pop group that debuted in 2013 under Big Hit Entertainment. BTS rose to global prominence with hit songs such as "Dynamite," "Butter," and "Permission to Dance," and became the first Korean act to top the Billboard Hot 100. The group's commercial success and worldwide fan base have made its members among the wealthiest entertainers in the country. Jin, in particular, has built an individual following through his solo music and appearances in television variety programs. His investments in high-end real estate have therefore been a recurring topic in Korean entertainment and property news.
Hannam the Hill and the luxury property market
Hannam the Hill was developed by Daewoo Engineering & Construction and Kumho Industrial on the former site of Dankook University and completed in 2011. The complex comprises 32 buildings with a total of 600 units ranging from 57 to 240 square meters, spread across two basement levels and up to 12 above-ground floors. The 235-square-meter type that Jin held is among the most sought-after large-format units in the complex. A defining feature of the development is its low-rise design, with all units capped at 12 floors. Units of 297 square meters or larger were built to just three or four stories, and many include duplex layouts or large terraces.
The prestige of Hannam the Hill goes beyond its architecture. It sits in Hannam-dong, a neighborhood known for embassies, cultural institutions, and sweeping views of the Han River and Namsan. The area is also close to central business districts and international schools, making it a favorite among business leaders and celebrities. Large-format units have continued to change hands for well above 10 billion won. In May last year, singer Ok Joo-hyun purchased a 332-square-meter duplex unit from SPC Group president Heo Hee-su for 19 billion won, setting a new all-time high for the complex. Such transactions underline the enduring appeal of top-tier residences in Seoul, even as the broader market faces higher borrowing costs and tighter lending rules.
Hannam the Hill has long been considered a bellwether for South Korea's high-end property market. Its scarcity value stems from a combination of location, limited supply, and the privacy it affords residents. Even during periods of economic uncertainty, the complex's large and specially designed units have outperformed smaller and more conventional apartments. Buyers are often willing to pay substantial premiums for views, layout, and security. The sale of Jin's unit in April came after Seoul apartment land-transaction permit applications had halved from an earlier peak, as overall price gains slowed. Yet the continued strong interest in Hannam the Hill shows that the ultra-luxury segment remains resilient.
Tax changes and timing of the sale
Jin's decision to sell in April also appears tied to tax policy. The contract was signed just before the government reinstated a capital gains tax surcharge on multi-home owners in designated adjustment target areas, a policy that took effect May 10 this year. By signing the sale contract in April, Jin avoided the higher tax burden that would have applied to sellers of additional homes in these designated zones. The surcharge was intended to curb speculation by raising the tax rate on households owning more than one home in overheated areas. Under the reinstated rule, owners in designated adjustment target areas face additional capital gains taxes when disposing of properties.
Property holding taxes are also set to rise through second-half tax reforms. A simulation by Woo Byung-tak, a senior adviser at Shinhan Premier Pathfinder, applying a fair market value ratio of 80 percent, found that the annual holding tax on the 235-square-meter Hannam the Hill unit would rise from 87.32 million won this year to 137.16 million won next year—an increase of 49.84 million won, or 57.1 percent. Such a sharp increase in annual costs is a significant consideration for owners of expensive apartments. For multi-home owners, the combination of heavier capital gains taxes and higher holding taxes has made portfolio management more complex and has encouraged some to reduce their exposure to the luxury residential market.
Who has lived at Hannam the Hill
Over the years, Hannam the Hill has attracted a roster of prominent business and entertainment figures. Among those known to have owned or lived there are LG Group Chairman Koo Kwang-mo, NCsoft CEO Kim Taek-jin, MBK Partners CEO Kim Gwang-il, People Power Party lawmaker Ko Dong-jin, and former Samsung Electronics Vice Chairman Kim Ki-nam. The entertainment world is also well represented: actors Ahn Sung-ki, So Ji-sub and Han Hyo-joo, broadcaster Lee Young-ja, and singer Park Hyo-shin have all been associated with the complex. BTS itself once used the development as a group residence, adding to its cultural cachet.
With the sale complete, Jin remains the owner of two apartments at Hannam the Hill. The 206-square-meter unit he bought in 2019 and the larger 243-square-meter unit purchased last year continue to form part of his real estate holdings. Whether he will retain them or eventually sell at another premium price is a question that fans and property watchers will likely follow in the years ahead.
Source:The Herald Business News