Geukdong Construction Consortium Selected as Preferred Negotiation Partner for Publicly Supported Private Rental Housing

Aerial view of Asan Baebang A9·10 blocks proposed by the Far East Construction Consortium (Provided by LH)

[Asia Economy Reporter Lee Chun-hee] Korea Land and Housing Corporation (LH) announced on the 8th that it has selected the Geukdong Construction Consortium (Geukdong Construction, Korea Land Trust, Samsung Life Insurance) as the preferred negotiation partner for the Asan Baebang District A9·10 block project following the evaluation of the first public-private supported private rental housing private business operator contest in 2020.

The selected consortium was chosen as the preferred negotiation partner in the contest announced by LH last March and was finalized after the project plan review by the evaluation committee on the 5th.

The Geukdong Construction Consortium, selected as the preferred negotiation partner, will construct a total of 554 households (including 278 youth housing units), consisting of 235 units of 74㎡ and 319 units of 84㎡.

Notably, this contest reflected applicants' certified residential service performance over the past three years in the project operator selection evaluation and also provided guidelines for shared public-supported private rental housing (share houses).

The Geukdong Construction Consortium proposed a project plan and residential services considering the conditions of each district based on a business structure that meets the requirements presented in the contest criteria.

As a major project plan, they proposed a complex plan that combines two complexes into one, forming three platforms. They also planned to place all parking lots underground to create a car-free safe complex, along with an eco-friendly mixed community composed of various yards and gardens.

Additionally, they intend to provide various residential services. These include childcare services such as all-day care and child-parent living spaces, cultural and leisure services like outdoor climbing walls and family GX, and convenience services such as coin laundry and home appliance and furniture rentals.

The preferred negotiation partner will proceed with the project by establishing a rental REITs through business plan consultations with the Housing and Urban Guarantee Corporation (HUG). Subsequently, after fund investment review, the project will advance through procedures such as housing construction commencement and tenant recruitment.

This content was produced with the assistance of AI translation services.