South Korea to supply 2,000 dormitory rooms for youth on state land

South Korea's government is set to provide around 2,000 dormitory rooms for university students and young workers on state-owned land in Seoul's Geumcheon district and Sejong's Naseong-dong. This initiative is part of the "2027 State Property Comprehensive Plan" approved by the State Property Policy Deliberation Committee.

The plan involves collaborating with educational and scholarship foundations to offer long-term leases on state property for these dormitories. Specifically, 1,000 rooms will be developed for university students using sites like the Guro Center of the Korea Customs Service in Seoul and a site in Haengdang-dong. Another 1,000 rooms for young workers will be created on land in Sejong Naseong-dong and the former Seoul National University of Agriculture in Suwon.

In a separate pilot project, the government intends to lease underutilized state-owned land in non-metropolitan areas to private entities for the development of "senior residences." These facilities will offer housing and medical services to the elderly. Potential sites under consideration include a reserve army training center in Yeongdo, Busan, a Ministry of Oceans and Fisheries dormitory site, and a former prison site in Wonju, Gangwon Province.

Furthermore, the government aims to expedite the construction of 28,000 public housing units announced in January, with groundbreaking scheduled for next year. Development methods for state properties will be diversified, including the redevelopment of approximately 200 aging public office buildings annually and pursuing complex development projects in major overseas hubs like New York. Some domestic public buildings with surplus space will be leased to the private sector to generate rental income.