Ministry of Land, Infrastructure and Transport Pilot Project Publicly Supported Private Rental Apartments, 'W Stay Jichuk' 100% Fully Leased

- ‘Goyang-si Jichuk District’ is effectively part of the Seoul living area as a residential site close to Seoul... Residents can enjoy high residential comfort along with new town living infrastructure

- Korea’s first cooperative-type publicly supported private rental housing is cheaper than surrounding market prices and offers long-term stable residence

‘WESTAY’ is a type of social rental housing characterized by cooperative-type publicly supported private rental housing implemented as a pilot project by the Ministry of Land, Infrastructure and Transport. WESTAY Jichuk is a project led by the social innovation company The Ham (CEO Yang Dong-su, hereinafter The Ham). The Ham was certified as the 6th social enterprise in 2018 after review by the Social Enterprise Promotion Committee in accordance with Article 7 and Article 8 of the Social Enterprise Promotion Act and Article 10 of the Framework Act on Employment Policy.

The cooperative-type publicly supported private rental housing WESTAY is operated by The Ham acting as the developer, where residents form a cooperative, invest, and receive public support to create rental housing. The company only enters into simple subcontracting contracts with construction companies, which allows rental fees to be set lower than the surrounding market prices. This model features affordable rent and aims to provide an alternative housing form that addresses the instability issues of private rental housing.

Recently, there has been strong interest from actual demanders in this apartment-style village community ‘WESTAY’.

WESTAY Jichuk, the second WESTAY project launched last November, recorded a highest competition rate of 10.4 to 1 under general supply criteria and recently completed 100% recruitment through additional tenant recruitment. Despite the unfamiliar concept of an apartment-style village community and cooperative-type publicly supported private rental housing, as a pilot project by the Ministry of Land, Infrastructure and Transport, it attracted attention due to its public nature and the locational advantages of the northwestern Seoul area’s Jichuk District, including resolving housing instability, affordable rent, and the benefits of community living. This led to a surge in demand to move into WESTAY Jichuk.

As the name ‘WESTAY’ (WeStay) implies a place to live together, WESTAY Jichuk aims to be a ‘community apartment’ that embodies the true function of social housing as a stable home rather than just a place to buy a residence. To this end, various programs such as shared spaces are diversified to allow residents to enjoy various community activities and customized benefits, which prospective tenants highly appreciate. The cooperative members who have decided to move in respond that it is attractive not only because of the low rent but also because residents participate in creating community facilities and programs such as communal childcare together with neighbors.

Additionally, the location offers access to subway, forest, and mall zones, situated within a 15-minute walk from Jichuk Station on Subway Line 3. When using the subway, it is only one stop away from Seoul, effectively placing it within the Seoul living area. Furthermore, the planned extension of the Shinbundang Line northwest branch and the GTX-A line at nearby Samsong Station and Yeonsinnae Station will enable quick access to downtown and major business districts.

This complex is located in Block B-7 of Goyang-si Jichuk District, consisting of a total of 539 households across 6 buildings, with housing types of 74㎡ and 84㎡ exclusive area, and is scheduled for move-in in the first half of 2022.