Developing Post Office for 1,000 Public Rental Units... Pilot Projects in Gwanak, Dobong, and Jung-gu

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 14th that it will sign a business agreement with the Korea Post Service Headquarters and Korea Land and Housing Corporation (LH) on the 15th to supply 1,000 public rental housing units by redeveloping old post offices in the metropolitan area into mixed-use complexes in transportation hubs.

The redevelopment of old post offices is a project to reconstruct aging post offices into mixed-use buildings combining post offices and Happy Housing. The Ministry of Land and others will pilot the project at three locations, including the Toegye-ro 5-ga Post Office in Jung-gu, Seoul, and signed the business agreement to define roles for discovering additional development candidate sites by next year.

Post offices are usually located in areas with convenient urban transportation, so supplying public rental housing through mixed-use redevelopment is expected to contribute to housing stability for young people. It will also provide post office users with comfortable services in new buildings.

The three pilot project sites (173 units) are expected to receive project approval early next year, begin construction in 2022, and recruit residents in the first half of the following year.

Looking at each pilot project site, the Toegye-ro 5-ga Post Office is located near many universities, including Dongguk University, within 300 meters, so it is expected to attract many university students who want to commute.

The Ssangmun 2-dong Post Office in Dobong-gu is surrounded by large marts, hospitals, parks, and other convenience facilities, and the Haengun-dong Post Office in Gwanak-gu is located three minutes from Seoul National University Station, making it suitable for university students and office workers to live.

The Ministry of Land plans to select additional mixed-use redevelopment candidate sites by next year.

Kim Heung-jin, Director of the Housing and Land Office at the Ministry of Land, said, "The redevelopment of old post offices is a model case that provides a highly satisfactory residential environment to young people such as university students and early career workers through inter-agency cooperation, and we plan to develop it into a successful cooperative business model."

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