Lotte Construction and Woomi Construction Selected as Preferred Negotiation Partners for Publicly Supported Private Rental Housing

Perspective view of the Paju Wadong 2-block project proposed by the Lotte Construction consortium (Provided by Korea Land and Housing Corporation)

[Asia Economy Reporter Lee Chun-hee] Korea Land and Housing Corporation (LH) announced on the 14th that it has selected the Lotte Construction Consortium (Lotte Construction, Korea Land Trust, Samsung Life Insurance) and the WooMi Construction Consortium (WooMi Construction, Hana Asset Trust) as the preferred negotiation candidates for the Paju Wadong A2 Block and Ulsan Daun 2 B-3 Block projects, respectively, following the evaluation of the 2nd public-supported private rental housing private business operator competition in 2020.

The consortia selected this time were the preferred negotiation candidates announced by LH in the public notice issued last June, and were finally decided after the project plan review by the evaluation committee on the 11th.

The Paju Wadong 2 Block, for which the Lotte Construction Consortium was selected as the preferred negotiation candidate, will supply a total of 858 households, including ▲257 households of 59㎡ (exclusive area) ▲441 households of 74㎡ ▲160 households of 84㎡. Among these, all 59㎡ units and 267 of the 74㎡ units will be supplied as youth housing.

The Ulsan Daun 2 B-3 Block, for which the WooMi Construction Consortium was selected, will supply 652 households of a single 84㎡ size. Of these, 421 households are allocated as youth housing.

The Lotte Construction Consortium proposed a community activation plan in Paju Wadong that enables communication with neighbors, along with residential spaces that respond to the diversified lifestyles of the new normal era following the COVID-19 pandemic. In addition, they planned ‘All-in-Home’ residential services for newlyweds and youth, including youth start-up consulting, cultural programs, housekeeping support partnerships and discounts such as laundry delivery, and fresh salad delivery.

Perspective view of the Ulsan Down2 B-3 Block project proposed by the Umi Construction consortium (Provided by Korea Land and Housing Corporation)

The WooMi Construction Consortium proposed an open complex layout in Ulsan Daun that facilitates communication with neighbors and introduced eco-friendly design to differentiate the complex’s landscape, while also suggesting youth-customized floor plans that maximize space utilization. They will also introduce various customized residential services, including a multipurpose indoor gym and camping zone for health management, public and national daycare centers, small libraries, spaces supporting childcare, learning, and self-development, as well as shared spaces such as guest houses.

The preferred negotiation candidates will establish a rental REITs (Real Estate Investment Trusts) after consulting with the Housing and Urban Guarantee Corporation (HUG) on the project plan. Subsequently, the project will proceed through procedures such as fund investment review, housing construction commencement, and tenant recruitment.

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