Private Proposal Project Contest for Supplying 2,000 Units of 'Publicly Supported Private Rental'

Housing Safe to Live in for Over 10 Years
Cheaper Than Surrounding Market Prices... 8,000 Units to Be Offered Within the Year

[Asia Economy Reporter Moon Jiwon] The second public-private proposal project for public-supported private rental housing in 2021 is underway to supply 2,000 units of public-supported private rental housing.

The Ministry of Land, Infrastructure and Transport and the Housing and Urban Guarantee Corporation (HUG) announced on the 23rd that they will accept letters of intent to participate in the public-supported private rental housing private proposal project, which offers rental rates lower than the surrounding market prices and allows residents to live securely for more than 10 years, from the 26th until the 4th of next month.

The public-supported private rental housing private proposal project is a method where a real estate investment trust (REIT), established through joint investment by the Housing and Urban Fund and private entities, promotes the project on sites proposed by the private sector.

The private proposal project contest was introduced to more effectively select excellent private rental business sites. It targets sites where housing construction can begin immediately without urban planning changes or sites currently under construction.

HUG plans to promote a total of 8,000 units of private proposal projects within the year through the second contest, which will recruit around 2,000 units.

Detailed information about the contest will be available on the HUG website starting from the 25th. Only businesses that submit a letter of intent will be able to submit project applications by July 30th, and a preferred negotiation partner will be selected in August.

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