Seoul Housing Corp to Join Redevelopment as Developer, Preserving Public Rentals for Newlyweds

The Seoul Housing & Communities Corporation (SH) is set to participate as a developer in the redevelopment of Seoul's Jangan 1 district, a move aimed at preserving the city's public rental housing supply. The district, originally developed in the 1970s, is slated for a major overhaul, creating a complex of 1,754 units.

Under the new plan, SH will invest in the redevelopment project. Upon completion, the corporation will receive newly built apartments, which will then be used to replace the existing public rental housing that would otherwise be lost. This initiative is part of a broader policy shift by Seoul city authorities, implemented last year, to ensure public housing is maintained even as areas undergo redevelopment.

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If SH pays the contribution, they can receive newly built apartments equivalent to the number of existing rental housing units.

These newly acquired apartments are designated to be supplied as 'Mirinae Homes,' a program specifically targeting newlywed couples seeking affordable housing. This strategy addresses the city's housing needs for young families while ensuring the continuity of public rental housing stock, a crucial measure given the ongoing redevelopment projects across Seoul.

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We plan to supply them as rental housing for newlywed couples, 'Mirinae Homes'.