SH Corporation to Purchase 3,450 Semi-basement Units Vulnerable to Flooding

Seoul Housing and Communities Corporation (SH Corporation) plans to purchase more than 3,000 semi-basement houses this year to improve the living environment of disaster-vulnerable households.

On the 11th, SH Corporation announced the purchase of a total of 3,450 semi-basement houses. An SH Corporation official explained, "This announcement follows Seoul City's policy to gradually eliminate semi-basement houses vulnerable to disasters such as flooding during the rainy season, and it is expected to contribute to improving the living environment of disaster-vulnerable households."

This recruitment is a project to collectively purchase multi-family, multiplex, and row houses by neighborhood in all autonomous districts of Seoul, and the relevant houses must have semi-basement units registered as residential use in the building register.

In the case of multiplex and row houses, purchase is possible when more than half of the total number of units in the building, including all semi-basement units, apply together. SH Corporation is continuously consulting with related agencies to allow purchases even when only some semi-basement units apply.

Priority purchase targets include ▲ semi-basement houses with a history of flood damage ▲ semi-basement houses located in seven autonomous districts designated as special disaster zones by Seoul City in 2022 (Guro-gu, Geumcheon-gu, Dongjak-gu, Gwanak-gu, Yeongdeungpo-gu, Seocho-gu, and Gaepo 1-dong in Gangnam-gu) ▲ houses with more than two-thirds of the basement level buried underground.

Tenants who previously lived in semi-basement houses will be converted to tenants of purchased rental housing, with relocation and moving expenses supported, and SH Corporation will uniformly succeed the lease contracts of tenants living on the ground floor.

Owners of semi-basement houses can apply to sell at any time within the year from the announcement date through the SH Corporation website, and postal applications are also accepted.

Submitted properties will go through a purchase review process to decide on the purchase, and applicants will be separately informed of the confirmation and review schedule.

Kim Heon-dong, President of SH Corporation, said, “By purchasing semi-basement and flood-prone houses and providing upgraded housing, we will support Seoul citizens to live in a safer and more comfortable environment,” adding, “The corporation will continue to do its best to improve the living environment of disaster-vulnerable households.”

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