1314 Apartment Units to Be Built on Underutilized Military Sites in Namtaeryeong, Dongjak, and Wirye

[Sejong=Asia Economy Reporter Kim Hyunjung] The government plans to develop underutilized military facilities in the Namtaeryeong, Dongjak, and Wirye areas into mixed-use complexes, constructing a total of 1,314 apartment units. These apartments will be supplied as sale-type Newlywed Hope Town and rental-type Happy Housing.

On the 30th, the Ministry of Economy and Finance reviewed and approved the entrusted development project plan for national property, which involves the mixed development of military officers' quarters and public housing for youth and newlyweds, through the 'National Property Policy Deliberation Committee Real Estate Subcommittee.'

The approved project involves entrusted development of the Namtaeryeong military officers' quarters, the Subangsa military facility in Dongjak-gu, and the Wirye military site, with a total investment of 662.2 billion KRW. On these sites, 1,187 military officers' quarters along with 1,314 units of Newlywed Hope Town (sale-type) and Happy Housing (rental-type) will be constructed. The Dongjak and Wirye projects will undergo housing project approval and other licensing procedures during 2021, with completion scheduled for 2024, while the Namtaeryeong military officers' quarters are expected to be completed in 2025.

The Ministry expects that supplying public housing in the metropolitan area, where housing cost burdens are high, will somewhat contribute to stabilizing the metropolitan housing market.

The Newlywed Hope Town consists of 1,129 units with an exclusive area of 55㎡. Applications are open to non-homeowning households who have been married within seven years and meet income and asset requirements. The sale price will be set below market price by applying the price ceiling system. The exact sale price will be finalized at the time of sale after 2022.

Happy Housing, rental housing for youth and newlyweds, consists of 185 units sized between 44 and 55㎡, with rents approximately 70% of market rates, allowing residents to stay for a maximum of 6 to 20 years. Since 2018, the Ministry of Economy and Finance has been promoting projects to expand the public interest use of national property by developing public offices in combination with public housing such as Newlywed Hope Town. With this approval, 13 out of the 16 sites selected so far for the project have completed their project plan approvals.