Golden Print [EN]: Chapter 67

In 2010, even real estate experts weren’t familiar with the term ‘Knowledge Industry Center’. Originally, they were called ‘Apartment Factories’. The name changed to ‘Knowledge Industry Center’ in 2010.

So, what was an Apartment Factory? Well, Apartment Factories were like city factories. They grew in cities where factory land was hard to find. These buildings offered units to companies, similar to how apartments are sold. They often housed small manufacturers and included support facilities for these businesses.

As knowledge and IT industries grew, these centers started housing those industries too. That’s why Apartment Factories were renamed Knowledge Industry Centers in 2010.

Woo-jin thought to himself, “How much are these Knowledge Industry Centers worth now in Seongsu-dong? Maybe around 6 million won per *pyeong*?” (*Pyeong* is a Korean unit of area, roughly the size of a small room.) He knew these places had become gold mines since IT companies moved in. Suddenly, everyone wanted them. Prices had shot up like rockets. Back in 2030, before he went back in time, they were selling for over 20 million won per *pyeong* in Seongsu-dong. Even in just ten years, by 2020, he guessed they would be worth a fortune – maybe 14 or 15 million won per *pyeong*. *This was a smart move,* he thought, a small smile playing on his lips.

Also, the Knowledge Industry Center that Woo-jin planned to buy was near where the Bundang Line’s ‘Seoul Forest’ station would open in about two years. The most important thing when investing in a Knowledge Industry Center is how close it is to a subway station. This place was perfect for Woo-jin.

“You’re investing in an Apartment Factory?” Mr. Kim, the real estate agent, said. “Well, I don’t know much about that, so I don’t have much to say.”

Woo-jin smiled and nodded. “It’s natural you wouldn’t know much about it. I’m running a business, so I’m investing in it to use as an office, among other things.”

“Ah, I see,” Mr. Kim replied.

However, this Knowledge Industry Center investment was a bit different from Woo-jin’s past investments. Before, he had focused on investments that would make a lot of money quickly. This time, he decided to invest and keep his money tied up for a long time.

The reason, as he told Mr. Kim, was to use it as an office. Woo-jin planned to buy almost half of the units on one floor and use them as an office for his model-making workshop and design firm.

“I’m planning to invest in apartments again soon, so don’t be too disappointed, Mr. Kim,” Woo-jin said.

“Haha. Disappointed? Not at all,” Mr. Kim replied. “Since you’re investing, Mr. Representative, I was thinking I should learn more about Knowledge Industry Centers.”

Mr. Kim was serious. He thought Woo-jin’s ideas were much better than most experts. If Woo-jin was interested in something, Mr. Kim felt it would definitely make money.

“Have you confirmed the down payment came through, Mr. Representative?” Mr. Kim asked.

“Yes, it just came in,” Woo-jin confirmed.

“Then, I’ll see you when you pay the rest,” Mr. Kim said.

“Thank you, Mr. Kim,” Woo-jin replied.

Woo-jin, having sold the Seyoung Apartment, left Mr. Kim’s office and took the subway back to Seongsu-dong. He was going to the construction company office of the Knowledge Industry Center near Seoul Forest.

‘Seoul Forest IT Tower’ was a Knowledge Industry Center building that was almost finished. It was huge, with a total floor area of over 120,000 square meters.

AT Construction, a mid-sized company, was building it. ‘Cloud Partners’ was in charge of developing and selling it. But Cloud Partners was having a hard time selling all the units in ‘Seoul Forest IT Tower’.

With less than two months until it was finished, 30% of the units were still unsold.

“Yes, Mr. President. There are many good units left on the 14th and 15th floors,” a salesman said.

“Ah, you’re going to think about it some more?” he continued.

“We can go as low as 5.5 million won per *pyeong*. You know you get a discount on taxes if you buy before it’s finished, right?” he pleaded.

“Yes, then please do me a favor…!”

The developer had to buy back any units that didn’t sell. This meant the company had a lot of money tied up, which was bad because they needed that money to keep things running. So, Cloud Partners was pushing its sales staff very hard.

Employees who sold a lot of units got a big bonus, but those who didn’t sell enough were threatened with being fired.

“Mr. Kim, how do you only have one sale so far?” his manager yelled.

“Can’t you see everyone running around like crazy?” he continued.

“If more than 10% of the units are unsold this time, the worst performers will be fired. Got it?!”

Mr. Kim was having a terrible time. He had the worst sales numbers. It wasn’t that he wasn’t working hard. He was calling people and running around trying to sell just one more unit, but it wasn’t working.

‘Sigh… This is really awful,’ he thought.

But there was a reason Mr. Kim wasn’t selling much. He worked hard, but he was too honest. Other salespeople were selling to their families or exaggerating how good the units were, but Mr. Kim was selling them honestly.

‘Haa… Should I just quit next month…?’ he wondered.

Feeling down, Mr. Kim went to the rooftop to smoke a cigarette and then walked back down the stairs. Just then, his phone rang.

“Ah, Mr. Park! What’s up?” he answered.

That phone call was like a lifeline that would save him.

Cloud Partners was one of the biggest developers in the business. They had worked with mid-sized construction companies like AT Construction, as well as big construction companies that were in the top 10.

That’s how Mr. Kim and Park Kyung-wan met. They had worked together on several projects.

[Mr. Kim, are you having a hard time with the AT Construction sales?] Park Kyung-wan asked.

“Haa… Mr. Park, I’m really struggling here,” Mr. Kim said. “Why do the bosses keep getting involved in selling these factory buildings…?”

[Haha, haven’t you sold all the units yet?] Park Kyung-wan asked.

“Sold? Haa… You’re making me sigh,” Mr. Kim replied. “It’s supposed to be finished in early September, but 30% is still unsold.”

Mr. Kim wasn’t very close to Park Kyung-wan outside of work, but he liked him. He thought Kyung-wan was a good person. Kyung-wan felt the same way. He knew Mr. Kim worked hard, so he made sure to call him today.

[Mr. Kim, I have some good news for you,] Kyung-wan said.

“Good… news?” Mr. Kim asked.

[I’m talking about news that will make you not worry about your job,] Kyung-wan said.

Mr. Kim chuckled. “Really? What is it?”

Deputy Kim frowned, holding the phone tightly to his ear. He wasn’t sure if Kyung-wan was joking or serious.

“So,” Deputy Kim said, his voice a little shaky, “are you going to find me a new job somewhere? Or else… I’ll lose my job?”

Then, Kyung-wan said something that made Deputy Kim’s eyes go wide with surprise. He couldn’t believe what he was hearing.

“[I didn’t find you a new job, I’m sorry],” Kyung-wan said through the phone. “[But I did find someone very rich who wants to buy the office building.]”

“E-excuse me?” Deputy Kim stammered, his heart suddenly beating faster.

“[I don’t know all the details, but it sounds like they want to buy at least three or four offices. What do you think? Does that sound interesting?]”

Kyung-wan’s words surprised Deputy Kim. He nodded quickly and said,

“Of course! Yes! Who is this amazing person?”

Of course, Park Kyung-wan couldn’t see him nodding over the phone.

He was just very excited and nodded without thinking.

“[He’ll probably be at the office soon. I told him to say your name when he arrives, so please take good care of him.]”

“Yes, definitely! I will take very good care of him!”

Deputy Kim hung up the phone with Kyung-wan and excitedly ran down the stairs.

Arriving in front of the office, he saw a man who looked much younger than him.

“Excuse me, I’m here to see Deputy Kim Jun-young… Is he not at his desk?”

Even if he tried to be kind, Deputy Kim couldn’t believe this man was in his thirties.

But he was looking for him by name.

Deputy Kim stopped him, looking a little unsure.

“Are you perhaps… introduced by Director Park Kyung-wan…?”

“Ah, yes. You must be Deputy Kim Jun-young.”

“That’s right. I’m Kim Jun-young….”

The man looked Deputy Kim in the eye, smiled pleasantly, and offered his hand.

“Nice to meet you. I’m Seo Woo-jin, CEO of WJ Studio.”

Woo-jin’s decision to buy the Knowledge Industry Center was recent.

He was meeting with Seok-hyun and Jin-tae to discuss moving the office when he got a call from Mr. Kim, the real estate agent in Munjeong-dong, who said he had found a buyer.

He decided to invest on the spur of the moment that day.

“Jin-tae, we’ve decided on Seongsu-dong for our next office.”

“What?”

“Seok-hyun, you know that too. It’s even closer to your house, so isn’t that great?”

“Seongsu-dong all of a sudden? What’s there?”

Even though the investment decision was spontaneous, it wasn’t without reason.

As soon as Woo-jin thought about the Knowledge Industry Center, he started to research good locations.

He had already picked out a Knowledge Industry Center in Seongsu-dong, in a location with the highest investment value.

The more he looked into it, the more he realized that investing in a Knowledge Industry Center was perfect for Woo-jin’s current situation.

Here’s why:

First.

He could greatly lower the monthly rent from expanding the office. At the same time, he could turn the company’s rent into Woo-jin’s personal income.

‘I should buy it in my name and have my company pay me rent.’

Even though Woo-jin owned 100% of the shares, the company’s money wasn’t Woo-jin’s money.

But if he made it so the company paid rent to Woo-jin, rent it would have to pay anyway…

He could legally move the company’s money to his personal account, giving Woo-jin a good income.

‘If my income goes up, it’ll be easier to give my mother an allowance….’

And second.

Because apartment-type factories had only recently become Knowledge Industry Centers, the ‘Knowledge Industry Center’ itself was very cheap.

Right now, it might be hard to find renters for the Knowledge Industry Center if Woo-jin didn’t use it himself.

But in six months to a year, there would be no empty offices in the Seongsu-dong IT Tower.

If that happened, he could sell it for much more money and make a big profit. Even if Woo-jin moved his company, he could charge much higher rent to other renters.

Lastly.

There were many benefits for companies moving into the Knowledge Industry Center.

In 2010, the Ministry of Land, Infrastructure and Transport was trying to make this new type of industrial building popular.

‘The banks also give good loans for these buildings.’

So, Woo-jin, after being introduced to Deputy Kim Jun-young by Park Kyung-wan,

Entered the developer’s office and signed the contract without hesitating.

“Wait, are you serious? You want to buy *all* the units from 11 to 18?”

“Yes, that’s what I said.”

“Even with the discount, it costs over 2 billion won…”

“Doesn’t the loan cover almost 90%?”

“I can’t promise 90%, but I can definitely get you 85%.”

“That’s enough. I was going to put in about 400 million won anyway.”

Woo-jin planned to tear down all the walls from unit 1411 to 1413 and use it as a model workshop.

And from unit 1414 to 1415.

He planned to combine those two units and use them as a design office.

‘I should find renters for units 16 to 18… and set the monthly rent.’

He would have a huge loan of 1.8 billion won, but he wasn’t worried.

At the current interest rate, he would pay about 6 to 7 million won in interest each month, but the rent from units 16 to 18 would cover almost 5 million won.

And the rent he got from WJ Studio would be well over 7 to 8 million won.

Even after paying all the interest, Woo-jin would make over 5 million won each month.

‘I should stay here until I can buy land and build my own company building. By the time the company is big enough to build its own building… the price will have more than doubled.’

Woo-jin made another investment that others would think was crazy.

He walked out feeling like he was floating. A big smile stretched across his face, and he felt like he could take on the world.

“Deputy Kim, if you know any good real estate agencies around here, could you introduce me?”

“Real estate agencies?”

“I’m planning to rent out a few units a little early.”

Cloud Partners sold to real estate agencies nearby.

Real estate agencies had many rich customers.

To do business with them, he needed to know the real estate agency owners.

Woo-jin knew this well and asked Deputy Kim for an introduction.

Kim happily gave Woo-jin a few business cards.

“I think I can recommend these two places.”

“Thank you, Deputy.”

“Even though it’s a little far, try Youngjin Real Estate. The owner is very good at his job.”

“Haha. Thank you for your help.”

“Thank you… I’m very grateful.”

Woo-jin left the building in a good mood and took the bus home.

He planned to call the real estate agencies and rest for the day.

‘Ugh, I’m tired. My car will be here next week, so goodbye to walking everywhere.’

Woo-jin felt proud of how much he had grown. He smiled without even realizing it.