Opening of Gangdong-gu Youth Startup Housing

Completion of Seongnae Dojeon-suk for Young Artists and Young Entrepreneurs...Expected Synergy Effects from Diverse Young Residents by Housing Type

[Asia Economy Reporter Jongil Park] Gangdong-gu (Mayor Lee Jeong-hoon) will hold opening ceremonies for the youth startup housing “Cheongnyeon Yega (Building 6)” and “Seongnae Dojeon-suk (Building 7),” created for young artists and (prospective) young entrepreneurs, on the 7th and 10th, respectively.

The significance of this opening ceremony lies in the fact that it is prepared together with the young residents who will actually move in.

There will be a welcoming session featuring introductions of young artists’ activity experiences and young entrepreneurs’ startup items.

The event will be conducted strictly adhering to social distancing and quarantine guidelines due to the novel coronavirus infection (COVID-19).

Gangdong-gu’s youth startup housing is a demand-tailored public rental housing where residents can live and work simultaneously, a project jointly promoted by Gangdong-gu and Seoul Housing & Communities Corporation (SH Corporation).

Currently, a total of 7 locations with 139 units have been completed across Gangdong-gu’s districts (Gildong, Sangil, Seongnae, Amsa, Cheonho).

The housing accommodates young people from various fields such as the 4th industrial revolution, leather crafts, YouTube creators, culture and arts, and general startups, fostering empathy and synergy through collaboration among residents in similar fields.

The two newly established youth startup housing units have exclusive areas ranging from 30 to 38㎡, with rental deposits between 19.71 million and 41.25 million KRW, and monthly rents from 256,700 to 592,300 KRW.

These vary depending on income criteria and unit type.

Eligibility for Gangdong-gu youth startup housing requires applicants to be members of a household with no more than two people, currently residing in Seoul as of the recruitment announcement date, aged 19 to 39, and either young artists or (prospective) young entrepreneurs.

Additionally, applicants must meet income and asset criteria, including having an income below 70% of the previous year’s urban worker monthly average income?1-person households must earn less than 1,851,603 KRW, and 2-person households less than 3,065,866 KRW.

Additional recruitment for remaining units is scheduled to be announced in January 2021. For more details, please check the Gangdong-gu Office and Seoul Housing & Communities Corporation websites.