Rapper-Turned-Actor Continues Earning $625K Despite Business Decline

Swings sells his Yeonhui-dong building after AP ALCHEMY label dissolves

Rapper-turned-actor Swings has sold his 45% stake in a Yeonhui-dong office building. The sale reportedly earned him about ₩900 million KRW ($625,000 USD) in profit over four years.

The building was bought in June 2021 for ₩6.5 billion KRW ($4.51 million USD) with two partners. Swings invested roughly ₩2.93 billion KRW ($2.03 million USD) of that. After heavy remodeling, the total investment hit nearly ₩8.01 billion KRW ($5.56 million USD).

Swings used the property as his label AP ALCHEMY’s headquarters. But after AP ALCHEMY dissolved and its artists left, Swings moved to cash out.

Building Road Real Estate said Swings sold his stake last May for ₩4.5 billion KRW ($3.12 million USD) to Joo Eon Gyu, former economic YouTuber Sinsaimdang.

“Including acquisition tax, legal fees, and brokerage commissions, the total acquisition cost was around ₩6.88 billion KRW (about $4.77 million USD). When factoring in remodeling costs of roughly ₩4.00 million KRW (about $2,780 USD) per 3.3㎡ (one pyeong), the total investment is estimated at approximately ₩8.01 billion KRW (about $5.56 million USD).”
— Kim Kyung Hyun, Building Road Real Estate

The building was first completed in 1976 and needed serious renovations at purchase.

A mortgage was also registered on the building for up to ₩5.94 billion KRW ($4.12 million USD). The estimated loan was around ₩4.95 billion KRW ($3.44 million USD), putting the building’s full value at about ₩10 billion KRW ($6.94 million USD).

Industry insiders say Swings’ real estate exit came after failed label projects and internal struggles at AP ALCHEMY.

Swings is now focusing more on acting, starring in the upcoming movie Tazza: The Song of Beelzebub.