Busan Metropolitan Corporation Announces Final List of Successful Applicants for Ilgwang Integrated Public Rental Housing

A Total of 1,134 Units Available
Average Competition Rate Reaches 2.59 to 1

Busan Metropolitan Corporation (BMC), led by President Shin Changho, announced the final list of successful applicants for the Ilgwang Integrated Public Rental Housing on August 29.

This public rental housing project was promoted with the goal of ensuring residential stability for a diverse range of groups, including young people, newlyweds, and the elderly. The complex will consist of a total of 1,134 units.

The rent has been set at 35% to 90% of the surrounding market rate, attracting significant attention. As a result of the application process, the average competition rate reached 2.59 to 1. The final number of successful applicants was confirmed at 1,117, with 856 people designated as reserve tenants.

Contracts will be signed from September 15 to 24 at the Integrated Public Rental Housing reception desk on the first floor of Busan Metropolitan Corporation. Applicants can visit on weekdays between 10 a.m. and 4 p.m. The corporation plans to thoroughly prepare for pre-inspections and management to ensure convenience for residents.

Move-in is scheduled for the end of December. If there are any remaining units after the contract period, additional contracts will be offered to reserve tenants in October. If there are still units left after the recruitment of reserve tenants, a separate additional recruitment will be conducted.

Shin Changho, President of Busan Metropolitan Corporation, stated, "This supply will contribute to residential stability and the improvement of housing welfare for citizens," and added, "We will make thorough preparations to ensure there are no inconveniences during the contract and move-in process."

Perspective view of Ilgwang Integrated Public Rental Housing.

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