"Won't Let You Leave Your Hometown" ... Busan City Launches Busan Hope Deoham Apartment Project in Full Swing

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Duyul] Busan City is accelerating the promotion of public housing welfare policies by fully launching the ‘Busan Hope Deoham Apartment’ project.

On the 1st, Busan City established supply guidelines for the ‘Busan Hope Deoham Apartment’ and proceeded with full implementation after consultations with related organizations and administrative notice.

The Busan Hope Deoham Apartment project is a plan to build high-quality housing in highly preferred residential areas near stations and commercial districts, and to sell or lease them to housing vulnerable groups such as newlyweds, young workers, and first-time homebuyers at about 80% of the nearby market price.

Construction and sale/lease are carried out by private housing developers, and the city provides incentives such as relaxation of floor area ratio and exemption from building height regulations to private housing developers.

The project is one of three public housing welfare policies prepared and announced in March by Mayor Park Hyung-jun of Busan, aiming to ensure that young people and newlyweds in Busan do not leave their hometown due to housing problems.

The supply guidelines set the ▲definition ▲procedures for establishing and deciding the project plan ▲detailed supply operation standards for the Busan Hope Deoham Apartment project, which previously had no separate regulations.

The supply guidelines include mandatory installation of community facilities such as shared laundry rooms, shared offices, and fitness centers within the project site for convenient housing and work for young people.

The guidelines also include provisions allowing various incentives such as floor area ratio relaxation and exemption from building height regulations to maximize participation of private housing developers, and a provision that up to 30% of the constructed housing can be purchased by Busan Urban Corporation and used as public purchase rental housing to secure public interest.

Mayor Park Hyung-jun of Busan said, “We will make greater efforts to create a Busan where young people can grow their dreams and live, and a happy city Busan where people want to be born again.”

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