JYP secures land for new headquarters in Seoul at 75.5 billion KRW ($56.2 million USD)

JYP Entertainment, known for managing groups like TWICE and Stray Kids, is planning to build a new headquarters in the Godeok Gangil Zone of Seoul.

They recently secured a piece of land measuring about 10,675 square meters for approximately 75.5 billion KRW ($56.2 million USD) through a bid with the Seoul Housing & Communities Corporation (SH Corporation). This land acquisition is specifically for constructing their new headquarters.

Their current headquarters, in use since 2018, is near the Olympic Park in Seoul. However, it's smaller compared to some of their competitors in the K-pop industry, like HYBE, SM, and YG Entertainment.

JYP aims to enhance their operations and efficiency by having a bigger and more integrated headquarters, aligning with their long-term expansion plans.

JYP has been showing steady growth, with impressive financial results in the second quarter of this year, earning 151.7 billion KRW ($112 million USD) in revenue and an operating profit of 45.7 billion KRW ($34million USD) Their artists, especially TWICE and Stray Kids, have been achieving significant success in the music industry.