Incheon 'The Sharp Bupyeong' Private Rental Apartment 3,578 Units Tenant Recruitment

A total of 5,678 households in 'The Sharp Bupyeong' are being promoted as the first public-supported private rental linked redevelopment project in the metropolitan area.
[Photo by Incheon Urban Corporation]

[Asia Economy Reporter Park Hyesook] A total of 3,578 public-supported private rental apartments will be supplied in the Sipjeong 2 Residential Environment Improvement Project Area in Bupyeong-gu, Incheon.

According to Incheon Urban Corporation on the 10th, 'Aegis No. 151 Specialized Private Equity Real Estate Investment Company,' the housing rental business operator of Sipjeong 2 District, announced the tenant recruitment for 'The Sharp Bupyeong' on the 8th.

'The Sharp Bupyeong' is the first public-supported private rental linked redevelopment project in the metropolitan area, consisting of 5,678 households in 28 apartment buildings, making it the largest single complex in Incheon. Of these, 1,550 households will be supplied to landowners, and 550 public rental units will be supplied to tenants.

The 3,578 households supplied this time will be rented to the private sector for more than 8 years with 2-year contracts. The complex ranges from 2 basement floors to a maximum of 49 floors above ground, with more than 90% of the total households composed of small to medium-sized units of 59 to 69㎡, which are highly preferred.

Within a 10-minute walk from the complex, there are schools such as Sipjeong Elementary School and Sangjeong Middle and High Schools, and Dongam Station on Subway Line 1 is a 7-minute walk away. Using the express train, it is possible to reach Seoul Yongsan Station within 30 minutes. Additionally, Homeplus, Lotte Mart, and E-Mart Traders are located within a 10-minute drive.

The model house has opened near the project site at Yeolumul Stadium (164 Yeolumul-ro, Bupyeong-gu), but visits are operated by prior reservation through the website to prevent the spread of COVID-19.

'The Sharp Bupyeong' redevelopment project, located at 216 Sipjeong-dong, Bupyeong-gu, was suspended for a long time due to lack of profitability after receiving approval for the residential environment improvement project in 2009.

Later, in 2015, Incheon Urban Corporation participated as a new project operator, changed the project method from acceptance to management disposition, and linked it with the public-supported private rental housing project to accelerate the project.

The public-supported private rental linked redevelopment project is a method of collectively purchasing general housing generated from urban redevelopment and reconstruction projects as public-supported private rental housing and supplying it to young people, newlyweds, and the homeless at prices lower than market rates for more than 8 years.

Lee Seung-woo, president of Incheon Urban Corporation, said, "It is significant that the urban corporation participated and put the long-neglected project back on track," and added, "We expect 'The Sharp Bupyeong' public-supported private rental apartments to greatly contribute to the housing stability of the middle class amid rapidly changing real estate market conditions."