South Korea to build 2,000 youth dorms on state land

South Korea's government has announced plans to develop approximately 2,000 youth dormitory units on state-owned land in Seoul and Sejong City. This initiative is part of a broader strategy outlined in the '2027 National Property Comprehensive Plan,' which aims to maximize the value of national assets for public benefit and national wealth creation.

The plan involves long-term leases of state property in collaboration with educational foundations, scholarship foundations, and local public corporations. Specifically, around 1,000 dormitory units for university students will be created using the former Korea Customs Service Guro Center and the Ministry of Education's Haengdang-dong site in Seoul. An additional 1,000 units for workers will be established on state land in Na-seong-dong, Sejong, and the former Seoul National University College of Agriculture site in Suwon.

Beyond youth housing, the government intends to pilot a 'Senior Residence' program in non-metropolitan areas. This project will involve long-term leases of underutilized state property to the private sector. Potential sites under consideration include a former reserve forces training ground and a Ministry of Oceans and Fisheries official residence site in Yeongdo, Busan, as well as a former prison site in Wonju, Gangwon Province.

Further plans include expanding public parking facilities for cargo trucks from the current 12 to 72 by 2029, utilizing idle land near highways. Vacant government buildings, such as former police substations, will be renovated to provide affordable workspaces for the elderly, youth, and social enterprises. Additionally, the government plans to pursue complex development projects for public buildings in 14 key overseas locations, including New York and Hanoi, Vietnam, to consolidate scattered public institutions and reduce rental costs.

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The policy goal of the plan is set as the creation of national wealth and return to the people through maximizing the value and utilization of national property.