Equity Accumulation Type Sale Housing 'Yeolliji Home' Unveiled... 17,000 Units to be Supplied by 2028

[Asia Economy Reporter Kim Yuri] The Seoul Metropolitan Government and Seoul Housing and Communities Corporation (SH Corporation) will supply approximately 17,000 units of equity-accumulation type sale housing called 'Yeonriji Home' in new project sites such as underutilized idle land within Seoul by 2028.

At a press briefing held at Seoul City Hall on the 12th, SH Corporation announced this along with unveiling three new housing brands, including the equity-accumulation type sale housing brand 'Yeonriji Home,' developed to help the 30s and 40s age group achieve homeownership.

SH Corporation stated that with the introduction of Yeonriji Home, a 'lifecycle-customized housing supply system' has been established. The brands were systematized according to supply methods: ▲Cheongsinho Housing and Able Lab (ablab), a challenge dormitory supporting youth entrepreneurship for people in their 20s and 30s ▲Yeonriji Home, an equity-accumulation type sale housing for realizing homeownership for people in their 30s and 40s ▲Nuri Jae, a pension-type housing guaranteeing stable retirement life for people in their 50s and 60s.

Yeonriji Home is the brand name of the equity-accumulation type sale housing announced earlier in the August 4th measures. For example, it is a new public sale system where one can purchase a home with 20-40% of the sale price and then acquire additional equity over 20-30 years. SH Corporation explained, "Since 2019, together with the Seoul Metropolitan Government, we have been considering policies to help newlyweds and non-homeowners in their 30s and 40s reduce the burden of home acquisition and ownership."

The pension-type small-scale housing maintenance project brand Nuri Jae, which guarantees stable retirement life for middle-aged people in their 50s and 60s, was also unveiled on this day. If owners of old houses aged 60 or older participating in the autonomous housing maintenance project wish, they can sell their existing homes to the public and resettle in public rental housing constructed on the site, receiving the sale proceeds plus interest as a pension over 10-30 years. SH Corporation stated, "According to the monthly payment simulation of the pension-type small-scale housing maintenance project, elderly people with small asset shares or low proportional rates who cannot afford additional contributions can participate without economic loss." They added, "For a homeowner with an asset valuation of 277 million KRW choosing a 30-year pension type, it is expected that after deducting the deposit and monthly rent for resettlement in public rental housing, they can receive between 660,000 and 770,000 KRW monthly."

Along with Cheongsinho Housing, Able Lab was announced as housing for people in their 20s and 30s. Able Lab, introduced as Season 2 of 'Dojeonsuk,' a work-residence integrated startup support housing for one-person creative enterprises and prospective entrepreneurs, plans to include ▲creation of a startup cluster near campus towns ▲strengthening tripartite cooperation among autonomous districts, universities, and SH Corporation ▲participation in construction-type Dojeonsuk projects ▲development of new floor plans in preparation for the 'post-COVID-19' era.

To supply the first Able Lab, SH Corporation signed a business agreement last month with Nowon-gu and Seoul National University of Science and Technology to establish a 'startup cluster creation project model.' They also began in July the development of new floor plans reflecting the advantages of Able Lab, which combines office and residential spaces, and actively incorporating untact (contactless) trends to prepare for the post-COVID-19 era. Plans are underway for site and funding procurement next year and construction commencement in 2022.

Kim Seyong, President of SH Corporation, said, "We will continue to build various public housing models" and added, "We will join forces with the Seoul Metropolitan Government and the central government to successfully implement the August 4th real estate measures."

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