SH President: "Seoul 25-pyeong Apartment Available for Sale at 300 Million to 500 Million Won"

Kim Heon-dong, President of SH, is disclosing the sale cost of Segok 2 District at the '100 Days in Office' press conference held on the 24th. (Photo by Yonhap News)

[Asia Economy Reporter Kim Min-young] Seoul Housing and Communities Corporation (SH Corporation) is promoting the supply of apartments priced between 300 million and 500 million KRW in Seoul by selling only the buildings.

On the 24th, SH Corporation President Kim Heon-dong said at a press briefing, "The average construction cost of apartments supplied by SH in Gangdong, Songpa, Hang-dong, and Segok is 6 million KRW per pyeong, which amounts to 150 million KRW for a 25-pyeong unit," adding, "It is definitely possible to sell them for 300 million to 500 million KRW."

Marking 100 days since his inauguration, President Kim has expressed his commitment to supplying so-called 'half-price apartments' even before taking office. He said, "From now on, SH will sell only the buildings of the apartments it constructs," and added, "I hope we can start as early as the first half of the year."

He also revealed plans to introduce the 'Seoul-type construction cost' and supply a high-quality apartment tentatively called 'Baeknyeon Jutaek' (Century House).

He stated, "We will supply apartments that can be used for 100 years without the need for reconstruction even after 50 years, and the rental period will also be extended to 100 years."

Regarding concerns about insufficient land for supplying 'half-price apartments,' he explained, "There is still some land left in areas where SH has developed housing sites such as Magok and Wirye, and there are many places where national and public lands are being developed in a mixed-use manner," adding, "We will continuously secure land going forward."

President Kim added, "We are also considering selling only buildings in various forms such as villas or multi-family houses, not just apartments, by utilizing land owned by the corporation."

He also emphasized, "It is in line with market principles to sell apartments after they are fully built," and stressed, "If more than 90% of the construction is completed before sale, there will never be poor construction like the Gwangju I-Park case."

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