SH Corporation Signs Memorandum of Understanding with Jungnang-gu Office for Startup Support Center Complex Project

Bird's-eye view of Jungnang Startup Support Center

[Asia Economy Reporter Donghyun Choi] Seoul Housing and Communities Corporation (SH Corporation) announced on the 8th that it has signed a Memorandum of Understanding (MOU) with Jungnang District Office to officially launch the 'Jungnang Startup Support Center Complex Project.'

SH Corporation and Jungnang District jointly applied for the Ministry of Land, Infrastructure and Transport's job-linked support housing contest in May and were finally selected on July 23. In this regard, they are cooperating in various fields such as the ‘Jungnang Fashion Sewing Smart Anchor Consignment Development Project’ and the ‘Northern Arterial Road Compact City.’ With this MOU, the Jungnang Startup Support Center project is expected to play a key role in strengthening Jungnang District's industrial competitiveness and regional economic development through synergy with existing cooperative projects.

The Jungnang Startup Support Center Complex Project will utilize a 2,999㎡ district-owned land within the current Sinnae 3 District, investing a total project cost of 55.1 billion KRW to construct a building with three basement floors, 11 above-ground floors, and a total floor area of 18,115㎡.

The complex project is a business model that minimizes financial burden by reducing local government project costs through the creation of complex facilities such as public facilities, happy housing, and living SOC by utilizing underused, aging, and low-utilization public land. This project method has recently received great attention because it can supply necessary local facilities while minimizing financial burden by utilizing land owned by local governments.

The newly established Jungnang Startup Support Center will focus on providing infrastructure optimized for startups, including a high-tech industry-centered maker center and research space-based startup support center on floors 1 to 3 above ground, and 114 startup support housing units on floors 4 to 11 above ground.

The Jungnang Startup Support Center Complex Project is planned to proceed with basic planning and feasibility review this year, aiming for construction commencement in 2022 and completion in 2025.

Kim Seyong, President of SH Corporation, stated, "We will successfully promote the Jungnang Startup Support Center project to contribute to revitalizing the local industry," adding, "We will take this as an opportunity to continuously expand complex projects utilizing aging and low-utilization public land in Seoul and lead efforts to alleviate housing difficulties for youth and newlyweds.”

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