Leased Apartment Complexes in Seoul Gangnam Area

In Seoul Gangnam area, leased apartment complexes, which people can live with the 70~80% of current market deposit price, will be built.

The director of the Bureau of House in the City of Seoul, Bae, Gyong-Dong announced, “We are planning to build small to mid-sized leased apartment complexes for common people at Gangnam-Gu and Socho-Gu,” and “the each complex will have 200~300 units.”

The length of lease is 50 years and low-income families have priorities. The scale of the building is not decided, yet.

The leased apartment complexes in Gangnam area are the part of the 100,000-leased apartment building plan of the City of Seoul. They originally considered building leased apartments in released areas from the Green Belt, but the City is driving the plan to buy the land for urban planning, which has not been used for long time, and build apartments there.

The land for urban planning is the land to build schools or roads. The unused land for urban planning for ten years is up to 29,820,000 pyong.

The City plans to buy those lands with its own budget and collect the money as lease deposit of the apartments. And it considers the way to get money from the National Housing Fund since the apartments are for the low-income families.

At the newly building apartment complexes, the net area of 15 and 18 pyong like the People`s Leased Housing and 25.7 pyong will be included. If we consider it as a gross area, it is a mid-sized one near 32 pyong.

The City of Seoul official said, “If we make individual complex large, it has a chance to be a slum, so we will reduce the size of individual complex and build them in many places,” and “we will build more 30-pyong apartment, which actual users prefer.”

Ki-Jeong Ko koh@donga.com