Ministry of Land, Public Infrastructure and Transport Announces Land Bidding for 1st Publicly Supported Private Rental Housing Project Starting from the 24th

Receipt of Letters of Intent for Bidders in Seongnam Bokjeong 1, Yangju Hoecheon, and Icheon Jungri Residential Site Public Offering

[Asia Economy Reporter Jo Gang-wook] The Ministry of Land, Infrastructure and Transport and Korea Land and Housing Corporation (LH) announced on the 23rd that the first round of public bidding for developers to construct and supply ‘publicly supported private rental housing’ on three LH-owned sites?Seongnam Bokjeong 1, Yangju Hoecheon, and Icheon Jungri?will be held starting from the 24th.

Publicly supported private rental housing is a type of private rental housing with enhanced public benefits, including lower rents compared to surrounding market prices (general supply: 95% or less of market price, special supply: 85% or less of market price), priority supply to the homeless, and a certain proportion (20% or more) of special supply for youth, newlyweds, and the elderly.

Among the three sites for the publicly supported private rental housing land bidding project, Seongnam Bokjeong 1 B2 block plans to supply 650 apartment units with exclusive areas of 60 to 85㎡ on a total site area of 38,231㎡. This site is adjacent to Wirye New Town and offers excellent access to Seoul due to the additional subway Line 8 station within the district scheduled to open within the year, the light rail Wirye?Sinsa Line (planned for 2027), and the Wirye tram (planned for 2024). Additionally, the site provides easy access to areas outside Seoul and the metropolitan area via the Metropolitan Area 1st Ring Expressway and Bundang-Suseo Urban Expressway.

Regarding educational facilities and convenience, the site shares a living area with the adjacent Seoul Songpa District and Wirye New Town, and nearby are Bokjeong Elementary School, Bokjeong High School, Wirye Central Elementary and Middle Schools, Seoul International School, Seongnam City Childcare Support Center, and Gachon University Global Campus. Nearby are also Yeongjang Mountain and Yeongjang Neighborhood Park.

Yangju Hoecheon A23 block will supply 636 apartment units with exclusive areas of 60 to 85㎡ on a total site area of 43,342㎡. It is adjacent to the Yangju Okjeong district and is planned to have the Metropolitan Area 2nd Ring Expressway and GTX-C line Deokjeong Station (within 5 km). Within 2 km is Deokgye Station on Subway Line 1 (Gyeongwon Line), providing convenient rail and metropolitan transportation networks covering Seoul and the metropolitan area. Nearby educational facilities include Deoksan Elementary School, Sanbuk Elementary School, Deokgye Middle School, Deokgye High School, and Kyungdong University Yangju Campus. The area also offers convenient and pleasant living with the Yangju Police Station, large supermarkets, and Gojang Mountain.

Icheon Jungri B4 block plans to supply 451 apartment units with exclusive areas of 60 to 85㎡ on a total site area of 28,084㎡. Icheon Station on the Gyeonggang Line subway is located 500 meters away, allowing travel to Pangyo within 30 minutes and Gangnam within 40 minutes. Using Gyeongchung-daero, vehicle access to Seoul and the Gyeonggi area is convenient, and via Hobeop JC, entry to the Jungbu Expressway and Yeongdong Expressway is possible.

Nearby educational facilities include Icheon Nam Elementary School, Icheon Middle School, and Icheon Jeil High School. Within 700 meters are public offices such as Icheon City Hall, Icheon Police Station, Icheon Tax Office, and Icheon Art Hall. Approximately within 1 km are Icheon General Terminal and various large supermarkets.

LH will announce the developer bidding on the 24th and accept letters of intent from the 30th until 3 p.m. on the 31st. Only developers who submit letters of intent will be invited to submit business plans on May 26, and a preferred negotiation partner will be selected through evaluation in June.

The selected preferred negotiation partner will proceed with the project in earnest after detailed business consultations with the Housing and Urban Guarantee Corporation (HUG), followed by procedures such as housing business plan approval, housing and urban fund investment approval, rental REIT business license, and signing of the business agreement.

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