Busan's First 'Dream Apartment' Dureaum Residents Recruitment Begins

Yeso Construction to Develop 276 Units of 50㎡ and 30㎡ Types, Rent Below 80% of Station Area Market Price
Eligibility Screening for Busan Residents Including Homeless Newlyweds, Multi-Child Families, and University Students... Move-in in Second Half of

Perspective view of the youth rental housing 'Dureaum' under construction by Yesuh Construction.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The recruitment of tenants for Dream Apartment, Busan's first youth rental housing, has begun.

Yeso Construction (CEO Ha Jong-gon) announced on the 8th that it has started recruiting tenants for Dream Apartment "Dureaum," which is being built near Yeonsan Station of the Busan Metro.

This is the first time that tenant recruitment for Dream Apartments, which are built only in station areas, has started in Busan.

The project operator, Yeso Construction, plans to publish a tenant recruitment announcement in the local newspaper dated October 12.

Known as Dream Apartment, Dureaum is a station-area youth rental housing project being constructed at 1244-1 Yeonsan-dong, consisting of a total of 276 units in two types: 50㎡ and 30㎡.

Move-in is scheduled for the second half of 2022, when construction is expected to be completed, with an 8-year lease term.

Dream Apartment is being developed as a rental housing construction project through an agreement on rent between the rental business operator and Busan City.

Busan City provides benefits such as relaxation of floor area ratio and height restrictions to the developer, and in return, the developer sets affordable rent at 80% or less of the appraised market rent of surrounding rentals.

Tenant eligibility is limited to homeless newlyweds, families with multiple children, university students, and young workers employed by small and medium-sized enterprises. Final contracts are made after tenant qualification screening by Busan City.

The developer, Yeso Construction, has already secured construction costs with a construction cost guarantee from HUG (Housing and Urban Guarantee Corporation). Without the burden of down payments and interim payments, construction is expected to proceed smoothly until completion.

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