Seoul City to Supply 500 Land-Lease Units in 'Godeok Gangil 3 Complex'

Aerial view of Godeok Gangil 3 Complex, Gangil-dong, Gangdong-gu, Seoul (Photo by Seoul City)

[Asia Economy Reporter Ryu Taemin] The Seoul Metropolitan Government is introducing ‘land leasehold sale housing’ in the Godeok-Gangil area. Pre-reservations will be accepted early next year, with the main subscription scheduled for 2026 and move-in planned for 2027.

Seoul City and Seoul Housing & Communities Corporation (SH Corporation) announced on the 28th that they will announce the pre-reservation for the ‘land leasehold sale housing’ at Godeok-Gangil Complex 3 in Gangil-dong, Gangdong-gu, Seoul on the 30th of this month. They will recruit 500 applicants for 59㎡ exclusive use units, with applications accepted through SH Corporation’s online subscription system from February to March next year.

Land leasehold sale housing is a type of ‘sharing-type housing’ included in the new public housing supply plan announced by the Ministry of Land, Infrastructure and Transport on October 26. It is a type of sale housing where the public sector owns the land, and the buyer acquires ownership of the building and other structures. Residents can live for 40 years and, through renewal, up to a maximum of 80 years (40+40 years).

Godeok-Gangil Complex 3 applies a ‘post-sale’ system to reduce the burden of loan periods, interim payments, and interest for buyers. The main subscription is scheduled for the second half of 2026, when 90% of construction is completed.

The estimated sale price of buildings in Godeok-Gangil Complex 3 is about 355 million KRW as of the main subscription in the second half of 2026. The estimated monthly land lease fee is 400,000 KRW. The pre-reservation announcement price is an estimate, and the actual building sale price and land lease fee will be finalized and announced according to relevant regulations at the time of the main subscription.

Future schedules include accepting pre-reservation applications from February to March next year after the announcement on the 30th of this month, followed by the announcement of successful applicants. Construction will begin in May of the same year, with the main subscription conducted in 2026 and move-in targeted for March 2027.

Seoul City and SH Corporation plan to apply high-quality design and finishing to Godeok-Gangil Complex 3. They aim to construct buildings that are functionally excellent and eco-friendly, such as housing performance grade 2, ultra-high-speed communication top grade, and green building certification highest grade. Additionally, they will create a luxurious exterior using highly insulating system windows and elegantly designed long brick walls. High-quality materials will also be reflected inside, including entrance floors, art walls, and kitchens, in terms of quality and design.

Before the main subscription in 2026, they are actively consulting with related agencies such as the Ministry of Land, Infrastructure and Transport to allow private housing transactions between individuals after the resale restriction period (10 years) through related legal amendments. Regarding this, the government announced on October 26 through the ‘Public Housing Supply Plan of 500,000 Units for Youth and Low-Income Housing Stability’ that it plans to recognize 70% of the market price gain when repurchasing by the public sector between the mandatory residence period (5 years) and the resale restriction period (10 years) for sharing-type ‘land leasehold sale housing.’

Furthermore, the city plans to discuss with the Ministry of Land, Infrastructure and Transport measures to reduce the burden on buyers by introducing a prepayment system with ‘prepayment discounts’ in addition to converting the monthly land lease fee into a deposit. According to the Housing Act Enforcement Decree, which was announced for legislative notice last month, if the land lease fee calculation standard changes from development cost to appraisal price or lower, public project operators are expected to partially recover the value according to the land location, prevent excessive market price gains when allowing private transactions, and reinvest in rental housing projects.

The pre-reservation recruitment announcement for Godeok-Gangil Complex 3 can be found on the SH Corporation website. Starting with this supply, the city plans to promote additional supply of land leasehold sale housing on land owned by SH Corporation in areas such as Magok and Godeok-Gangil.

Yoo Changsoo, Director of the Seoul Housing Policy Office, said, “The ‘land leasehold sale housing’ introduced in Godeok-Gangil this time will serve as a housing ladder for non-homeowners who had to give up their dream of owning a home due to high housing prices. We will continue to supply various houses with excellent quality and reasonable prices to ease the housing burden of Seoul citizens.”

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