'Youth Shared Housing Provided Within Company Dormitories'... KAMCO Signs MOU with Busan City

Scheduled Completion of Company Housing for New Employees in Busan
Also Provides Space for Local Residents' Use

[Asia Economy Reporter Minwoo Lee] Korea Asset Management Corporation (KAMCO) has partnered with Busan City to create residential spaces within company housing for young people.

On the 7th, KAMCO announced that it signed a memorandum of understanding (MOU) regarding the construction and operation of 'KAMCO Youth Shared Company Housing' with Busan City and Busan Nam-gu Office at Busan City Hall.

Accordingly, KAMCO will build youth shared company housing within the new employee housing scheduled for completion in 2024 in Daeyeon-dong, Nam-gu, Busan, where young people in the Busan area (such as university students) can reside. Among the housing units, 25 rooms will be provided to support housing for young people in the Busan area.

The housing support rooms will be fully equipped with necessary facilities for living, including furniture, home appliances, cooking devices, bathrooms, heating and cooling systems, and beds. Residents can use these rooms under rental conditions that are lower than the market price for more than two years.

Additionally, KAMCO plans to develop the second floor of the company housing into the 'Busan Children's Complex Cultural Space' promoted by Busan City. Facilities such as a library, digital experience center, learning center, and community zone accessible to local residents will be installed.

Among these, the 'Community Zone' will serve as a space to build networks between KAMCO employees residing in the company housing and local youth (such as university students), and will be used to strengthen employment capabilities through regular meetings and mentor-mentee activities.

Busan City and Busan Nam-gu Office will assist in recruiting and selecting users of the 'Youth Shared Company Housing' after its completion and in operating the 'Busan Children's Complex Cultural Space.'

Kwon Nam-ju, President of KAMCO, emphasized, "Since the youth shared company housing is the first project attempted in an innovation city nationwide, it was made possible thanks to the bold deregulation by the Ministry of Land, Infrastructure and Transport and the active administrative support of Busan City and Nam-gu. We will take responsible roles to establish this as a leading model for regional coexistence and cooperation."

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