Incheon Urban Corporation Holds Purchase Rental Housing Business Briefing... Aiming to Acquire 1,000 Units This Year

Incheon Urban Corporation building exterior

[Asia Economy Reporter Park Hyesook] Incheon Urban Corporation (iH) will hold a briefing session on the existing housing purchase rental project for local construction businesses at 10 a.m. on the 1st of next month at the Songdo Holiday Inn Hotel.

The existing housing purchase rental project is a business where iH purchases multi-family and multi-household buildings and rents them out at rental rates lower than the surrounding market prices, allowing housing-vulnerable groups without homes, youth, newlyweds, the elderly, and single-person households to reside.

This project briefing session was prepared to encourage active participation from local construction companies by providing detailed explanations of the housing purchase direction and specific criteria, aiming to achieve the goal of purchasing 1,000 housing units this year.

Since starting the purchase rental housing project in 2016, iH has purchased a total of 2,010 housing units up to last year and supplied them to low-income groups, youth, newlyweds, and the elderly in urban areas. The rental rate is about 30% of the surrounding market price, making it highly preferred by housing-vulnerable groups.

To induce new construction by private construction companies, iH supplied housing units with exclusive areas of 30㎡ or less last year through the first purchase contract method, but this year, the scale will be expanded to 85㎡.

In addition, the public offering type purchase rental housing method is also being continuously promoted. iH participates directly in design and installs separate community spaces by receiving 2.7 billion KRW of Incheon city finances annually for 9 years, supporting 3 billion KRW and 100 housing units each year, enabling residents to form communities and live together.

However, improvements are being made regarding issues that require supplementation, such as the long period from construction to completion.

Lee Seung-woo, president of iH, stated, "We will continuously increase the volume of purchase rental housing to meet the expectations of relatively housing-vulnerable groups such as youth and newlyweds, and fulfill our role as a public enterprise leading housing welfare."

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