576 Units of Station-Area Youth Housing to Be Built Near Sinpung Station in Seoul

[Asia Economy Reporter Donghyun Choi] The Seoul Metropolitan Government announced on the 8th that it will construct 576 units of station-area youth housing in the area of 3608 Singil-dong, Yeongdeungpo-gu, near Sinpung Station on Subway Line 7.

Seventy units will be public rental housing, and 506 units will be private rental housing, with completion and move-in scheduled for December 2023. Approximately 20%, or 116 units, will be allocated to newlywed couples.

Existing neighborhood living facilities and houses that are over 30 years old will be demolished, and a mixed-use residential building with a total floor area of 54,857.84㎡, ranging from five basement levels to 24 floors above ground, will be constructed. Basement levels 5 to 3 will be parking lots, basement level 2 to the 2nd floor above ground will house neighborhood living facilities, retail facilities, and community facilities, the 3rd floor above ground will be a resident common facility, and floors 4 through 24 above ground will be youth housing.

The Singil 6-dong Community Service Center is included within the project site. The developer will demolish the aging current center building and construct a new building to be donated back to the city. This project plans to obtain housing construction project approval within the year, begin construction in February 2021, and announce tenant recruitment in June 2023.

The Seoul Metropolitan Government provides interest-free support of up to 45 million KRW for deposits under 100 million KRW and up to 60 million KRW for deposits over 100 million KRW to young people moving into private rental housing among the station-area youth housing who meet income and asset criteria.

Ryu Hoon, Director of the Seoul Housing and Architecture Headquarters, said, "Following Dangsan-dong and Dorim-dong, the expansion of station-area youth housing in Yeongdeungpo-gu, including Singil-dong, is expected to make a practical contribution to youth housing stability. We will continue to do our best to actively supply high-quality, affordable, customized housing for university students, young workers, and newlyweds in well-connected station areas."