SH, 1,744 Redevelopment Rental Housing Units Supplied

[Asia Economy Reporter Kim Min-young] Seoul Housing and Communities Corporation (SH Corporation) announced on the 18th that it will recruit tenants for redevelopment rental housing in 140 complexes, including Cheonho Taeyoung, totaling 1,744 households. The tenant recruitment announcement will be posted on the SH Corporation website on the 19th.

This supply targets 1,744 remaining vacant units in existing complexes caused by tenant move-outs and contract cancellations. The supply volume by exclusive area ranges from 24 to 45㎡, with supply prices expected to be approximately 6 million to 56 million KRW, and rents around 60,000 to 320,000 KRW.

Starting with this supply, SH Corporation is introducing a new method for selecting preliminary tenants for redevelopment rental housing. Unlike before, when a new tenant recruitment announcement and related procedures were required whenever vacancies occurred, preliminary tenants will be assigned immediately to shorten the time until move-in. The total number of preliminary tenants being recruited this time reaches 4,017 households.

Eligibility for general supply requires applicants to be members of a household without home ownership currently residing in Seoul, with a monthly average urban worker income of 70% or less per household (priority 1: 50% or less, priority 2: 70% or less). The total household assets must be 292 million KRW or less, and the value of household-owned vehicles must be 34.96 million KRW or less.

Applications for subscription will be accepted from the 29th of this month to the 3rd of next month for priority applicants, and from the 21st for secondary applicants, with subscriptions conducted only via internet and mobile. However, postal subscription will also be implemented for applicants who have difficulty using the internet, such as the elderly and disabled. If the number of priority applicants exceeds 200% of the supply units, secondary applications will not be accepted.

Document screening candidates and winners will be announced on the 31st of next month and June 3rd of next year, respectively, and move-in will be possible from July 2022.

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