264 Units of 'Bulgwang-dong Station Area Youth Housing' Supplied Near Yeonsinnae Station

Public 74 Households, Private 190 Households... Urban Management Plan Decision Notice on 2nd
Moms Cafe, Seminar Room, Coin Laundry, etc. Responding to Youth Demands... "Available to Residents"
Construction Starts This Second Half, Move-in Scheduled for Feb 2023 "Expecting Youth Housing Stability and Regional Revitalization"

[Asia Economy Reporter Yuri Kim] A total of 264 units of 'Bulgwang-dong Station Area Youth Housing' will be built near Yeonsinnae Station on Seoul Subway Lines 3 and 6. It consists of 74 public rental units and 190 private rental units, with construction starting next month and scheduled for occupancy in February 2023.

On the 2nd, the Seoul Metropolitan Government announced, "The area 323-21 in Bulgwang-dong has been designated as a station area youth housing supply promotion district, and the urban management plan has been approved and officially announced today." A mixed-use residential building with a total floor area of 12,835㎡, consisting of 4 basement floors to 21 above-ground floors, will be constructed on a vacant lot previously used as a parking lot. Construction will begin next month, with a schedule to announce tenant recruitment in December 2022 and complete construction and occupancy in February 2023.

Full-option built-in appliances have been installed free of charge in Bulgwang-dong Station Area Youth Housing. Community facilities such as a lounge, Moms Cafe, seminar room, and coin laundry have also been provided. The city plans to simultaneously achieve housing stability for local youth and revitalization of the local economy through this project.

The basement floors 2 to 1 will be used as parking lots, the first to second floors above ground will be neighborhood living facilities, the third floor will be community facilities, and floors 3 to 21 above ground will be youth housing.

Inside the housing, built-in appliances necessary for daily life are provided free of charge as full options to minimize the economic burden on resident youth and maximize storage space. An excellent floor plan design has also been introduced. To enhance residential comfort, expandable balconies will be installed in all units. On the third floor, community facilities such as a lounge, Moms Cafe, seminar room, and coin laundry have been installed for the convenience of youth. The first floor has been planned as a public pedestrian passage to serve as a passageway and resting place for local residents. On the second floor, a village vitality center accessible to all residents of Eunpyeong-gu has been established. The Seoul Metropolitan Government explained, "It is expected to be born as a community-strengthening type station area youth housing."

The city expects active progress in the project since the private project implementer highly values the growth potential of the Bulgwang-dong area and the Seoul Metropolitan Government has actively cooperated during the permit process.

This station area youth housing project being supplied this time started when the private project implementer submitted an integrated application for urban management plan changes and building permits to the city at the end of December 2019, in accordance with the 'Special Act on Private Rental Housing' and the 'Seoul Metropolitan Government Ordinance on Support for Station Area Youth Housing Supply.' The city conducted integrated committee reviews and building permit processes simultaneously according to relevant regulations and officially announced it today. The city explained, "To minimize the burden on private developers, the process was handled remarkably faster compared to other projects involving urban management plan decisions."

Jinhyung Lee, Director of Housing Planning at Seoul Metropolitan Government, said, "As station area youth housing expands throughout Seoul, it is expected to make a practical contribution to youth housing stability," and added, "We will continue to actively supply high-quality, affordable, customized housing for university students, young professionals, and newlyweds in well-connected station areas."