Busan's First Autonomous Housing Maintenance Project Completed... 'Detached House → Multi-family Housing'

(Photo by Ministry of Land, Infrastructure and Transport)

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 10th that the first autonomous housing maintenance project in the Busan area, conducted in Goejeong-dong, Saha-gu, Busan, has been completed.

The autonomous housing maintenance project is a small-scale housing maintenance project where two or more homeowners (fewer than 10 single houses or fewer than 20 multi-family housing units) form a resident consensus group to renovate or rebuild houses on their own.

The project completed this time in Busan was promoted by two owners of old single houses adjacent to the Goejeong-dong project site, which is pursuing a residential support-type urban regeneration New Deal project, forming a resident consensus group. The existing houses (2 units) were demolished and new multi-family housing (12 units) was newly constructed.

Since the resident consensus group was formed in May last year, the project was completed in about a year, during which HUG supported 940 million KRW, about 70% of the total project cost of 1.35 billion KRW, with a low-interest loan at an annual rate of 1.5%.

The Korea Appraisal Board provided one-stop services related to business feasibility analysis cost support, project implementation approval, relocation, and completion.

LH signed an agreement to purchase all newly constructed multi-family housing units (12 units) to meet the demand for nearby public rental housing and reduce the risk of unsold units in the private sector.

Since the autonomous housing maintenance project was first introduced in 2018, 97 resident consensus groups have been formed nationwide, of which 27 have started construction and 11 have been completed.

Lee Ji-hye, head of the Housing Regeneration Division at the Ministry of Land, Infrastructure and Transport, said, "To maximize the regeneration effect of aging residential areas, it is necessary to further activate autonomous housing maintenance projects where local residents voluntarily maintain old houses," adding, "We will continue to realize residential regeneration that residents can feel."

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