Incheon Urban Corporation to Supply 'The Sharp Bupyeong Public Support Private Rental' to Middle Class Next Month

The 'The Sharp Bupyeong Public Support Private Rental' apartment complex, consisting of a total of 5,678 households, is the largest single complex in Incheon and is scheduled for occupancy in May 2022.
[Photo by Incheon Urban Corporation]

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[Asia Economy Reporter Park Hyesook] Incheon Urban Corporation will supply the 'The Sharp Bupyeong Public Support Private Rental' apartments, the nation's first real estate fund-type public support private rental project, to the middle class next month.

According to the corporation on the 21st, The Sharp Bupyeong, with a total of 5,678 households, is the largest single complex in Incheon. Excluding landowners and tenant units, 3,578 general units will be offered to middle-class tenants, with recruitment announced on the 10th of next month.

The recruitment will be handled by 'Aegis No.151 Specialized Investment Private Real Estate Investment Limited Partnership.' On the 11th, a model house will be unveiled at 164 Yeolumul-ro, Bupyeong-gu.

The Sharp Bupyeong redevelopment project, located at 216 Sipjeong-dong, Bupyeong-gu, was halted for a long time due to lack of profitability after receiving approval for residential environment improvement in 2009, but resumed in 2015 when Incheon Urban Corporation joined as the new project operator.

The Urban Corporation improved project feasibility by changing the project method to a management disposition method and laid the groundwork for project normalization by linking it with public support private rental housing to resolve unsold inventory risks.

Additionally, they signed a real estate sales contract with 'Aegis No.151 Specialized Investment Private Real Estate Investment Limited Partnership' to sell 3,578 general units, eliminating funding uncertainties and securing momentum for project advancement.

The Urban Corporation plans to supply 1,550 units to original landowners and 550 public rental housing units (250 public rental units convertible to sale, 300 permanent rental units) to tenants within the project area in the second half of next year. They will also expand Yeolumul-ro and Igubo-ro roads and secure additional children's parks to improve the surrounding residential environment.

An official from Incheon Urban Corporation stated, "It will contribute to housing stability for the middle class amid the rapidly changing real estate market recently," adding, "The apartment construction is currently 36% complete and is progressing smoothly with move-in scheduled for May 2022."

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