240 Units of Station-Area Youth Housing to Be Built in Sillim-dong

Held the 1st Transit-Oriented Youth Housing Subcommittee Meeting in 2020

[Asia Economy Reporter Onyu Lim] A total of 240 units of transit-oriented youth housing will be built in Sillim-dong, Gwanak-gu, Seoul.

On the 17th, the Seoul Metropolitan Government announced that it held the 1st Transit-Oriented Youth Housing Authorization Subcommittee in 2020 and approved a revised district unit plan decision for the transit-oriented youth housing project at 1644-3 Sillim-dong, Gwanak-gu. The site area is 1,499.8㎡ and consists of a total of 240 units.

With the approval of this transit-oriented youth housing at the Authorization Subcommittee review, once the district unit plan is officially decided and announced, the youth housing project will be possible at the site.

Transit-oriented youth housing is a policy where private developers build rental housing (public and rental) near transit stations with support from the Seoul Metropolitan Government and prioritize supply to youth. 100% of the residential area is rental housing, specially supplied for youth aged 19 to 39, university students, and newlyweds.

A Seoul city official said, "Affordable rental housing will be supplied compared to the surrounding area, and various youth-related community facilities are also planned, which will contribute to revitalizing youth in this area," adding, "The relevant district office will proceed with the building permit procedures."

Meanwhile, last November, Seoul announced the Transit-Oriented Youth Housing 2.0 plan, deciding to supply up to 70% of the units at half price. To this end, the Seoul Housing and Communities Corporation (SH Corporation) will pre-purchase some youth housing units or allow partial sales. This new method aims to improve the business performance and financial liquidity of private developers carrying out the projects and return the benefits to youth and newlyweds.