LH Announces Public-Private Rental Housing Project with 1,500 Units in Paju and Ulsan, Calls for Operators

Location map of A2 Block, Pajuwadong, Paju-si, Gyeonggi-do (Provided by LH)

[Asia Economy Reporter Lee Chun-hee] The Ministry of Land, Infrastructure and Transport and Korea Land and Housing Corporation (LH) announced that they will open a public bid on the 25th for developers to construct 'publicly supported private rental housing' in two LH-owned sites: Paju Wadong in Paju and Ulsan Daun 2 district.

Publicly supported private rental housing offers rental rates up to 85% lower than surrounding market prices, providing safe housing for more than 8 years. Priority is given to the homeless, and at least 20% of all units are specially allocated to youth and newlyweds, enhancing the public interest aspect.

Among the sites offered through this land bid, Paju Wadong A2 block in Gyeonggi Province has a site area of 31,037㎡ and allows for the construction of mixed-use residential buildings. A total of 858 units can be built, with sizes of 60㎡ (exclusive area) or less and 60?85㎡. The floor area ratio is 300%.

This site is located about 1 km on foot from Unjeong Station on the Seoul Metropolitan Subway Gyeongui-Jungang Line, providing excellent transportation convenience. Nearby are Jisan Elementary School, Hangaram Middle School, and Jisan High School. Within the shared living area of Unjeong New Town, there are numerous convenience facilities such as hospitals, large marts, cinemas, restaurants, as well as public facilities like Garam Library, Unjeong Lake Park, and Unjeong Sports Park.

In particular, the site is adjacent to industrial complexes such as Paju LG Display and the publishing complex, which is expected to generate high rental demand. Additionally, transportation benefits such as the opening of the GTX (Great Train Express) Line A and the Metropolitan Area 2nd Ring Expressway are planned, anticipating steady demand growth.

The Ulsan Ulju-gun Ulsan Daun 2 B-3 block, supplied together, has a site area of 43,011㎡ and plans to build 652 apartment units sized 60?85㎡. The floor area ratio is 170%. Nearby, the Ulsan?Pohang Expressway passes through, and KTX Ulsan Station is about a 25-minute drive away. The opening of the Ulsan Outer Ring Road in 2027 is expected to further improve transportation conditions. Nearby schools include Dajeon Elementary School and Daun Middle and High Schools.

LH plans to announce the developer bid on the 25th and receive letters of intent over two days on July 7?8. Subsequently, business plans will be submitted by August 26, and after evaluation in September, a preferred negotiation partner will be selected. The selected developer will then proceed with detailed business consultations with the Korea Housing & Urban Guarantee Corporation, followed by approvals for housing business plans, Housing and Urban Fund investments, rental REITs (Real Estate Investment Trusts) business licenses, and contract agreements, thereby officially advancing the project.

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