JYP builds new headquarters… Successful bid for land worth 75.5 billion won in Godeok-dong

JYP Entertainment (hereinafter referred to as ‘JYP’) plans to build a new integrated headquarters in the Godeok Gangil district of Seoul.

On the 24th, JYP announced that it had won a bid for 10,675 m2 of land in block 2 of the Godeok Gangil District distribution and sales facility site from the Seoul Housing and Communities Corporation (SH Corporation) for 75.5 billion won. This is in the name of acquiring tangible assets (land) for the construction of a new office building.

JYP moved to its current headquarters in 2018. JYP's consolidated sales in the second quarter of this year recorded 151.7 billion won. Operating profit recorded 45.7 billion won. However, there were voices saying that the size of the headquarters is small compared to current competitors Hive, SM, and YG.

Accordingly, JYP explained, "We expect to increase work efficiency and improve productivity by securing physical space and expanding the integrated office building in accordance with mid- to long-term business expansion."

JYP is one of Korea's largest entertainment companies that includes 2PM, Twice, ITZY, Stray Kids, Day6, N-Mix, and Exdinary Heroes.

Reporter Junho Yoon, Ten Asia delo410@tenasia.co.kr