Kim Heon-dong, SH President, "Half-Price Apartments to Be Promoted from Godukgangil in the First Half of the Year"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] Kim Heon-dong, President of Seoul Housing and Communities Corporation (SH Corporation), announced on the 31st that preparations to supply 'half-price apartments' by significantly lowering the sale price through selling only the building will begin in the first half of the year.

At a press briefing on the cost of sale in Naegok District, Seocho-gu, President Kim said, "We plan to start the procedure to convert the public housing units planned as Happy Housing into apartments sold only as buildings within the first half of the year," adding, "We will do our best to supply them first in the Godeok Gangil District."

President Kim stated, "Besides Godeok Gangil, there is land for (half-price apartments) in Wirye and Magok," and added, "We will also consult with the Seoul Metropolitan Government and the central government to enable building-only sales on other sites such as schools and single-family housing lots." He further mentioned that they are preparing a method to sell only buildings by constructing housing within district office complex facilities, as well as multi-family houses, villas, and one-room units.

Half-price apartments refer to land leasehold sale housing. When SH builds apartments on land it directly owns, residents pay only the sale price of the apartment building and live there while paying monthly land lease fees to SH. On this day, President Kim said, "If we had sold only the building in Naegok District, a 35-pyeong unit could have been sold for 200 million won at that time."

President Kim said, "The land lease fee will be at the level of regular deposit interest rates, about 3-4% of the land development cost," adding, "Based on a land cost of 100 million won, the monthly fee would be around 200,000 to 300,000 won, which is not a heavy burden."

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