Seodaemun-gu - Bank Sector Youth Entrepreneurship Foundation Public Rental Housing Support for Young Entrepreneurs

Startup Youth Housing Support: (Foundation) Bank권청년창업재단 and Seodaemun-gu Sign Business Agreement on 27th Afternoon... Tentatively Named 'Sinchon Startup Youth Housing' for 154 Single-Person Households to be Completed in Late 2025... Providing Residency Opportunities for Youth Working at FRONT1 and D.CAMP... Two Organizations to Collaborate for 'Nurturing Young Entrepreneurs and Creating Startup Ecosystem'

Moon Seok-jin, Mayor of Seodaemun-gu (right), and Kim Hong-il, Director of the Bank권 Youth Startup Foundation, signed a business agreement to ensure housing stability for startup youth.

[Asia Economy Reporter Jong-il Park] Seodaemun-gu (Mayor Moon Seok-jin) signed a business agreement on the afternoon of the 27th at the 3rd-floor lounge of ‘FRONT1’ located in Gongdeok-dong, Mapo-gu, with the Korea Youth Entrepreneurship Foundation (Director Kim Hong-il) to ensure housing stability for startup (early-stage venture) youth.

The Korea Youth Entrepreneurship Foundation is a non-profit foundation established in 2012 by 18 financial institutions contributing 500 billion won to support youth entrepreneurship and job creation.

In March 2013, it opened ‘D.CAMP,’ the nation’s first startup ecosystem hub, in Yeoksam 1-dong, Gangnam-gu, and in July last year, it launched ‘FRONT1’ in Gongdeok-dong, Mapo-gu, the world’s largest startup support space, which it has been operating since.

Based on this agreement, Seodaemun-gu will provide startup youth working at ‘FRONT1’ and ‘D.CAMP’ with opportunities to move into a customized public rental housing tentatively named Sinchon Startup Youth Housing (20-81 Changcheon-dong, etc.).

Scheduled for completion in the second half of next year, this youth housing is located 300 meters from Sinchon Station and 600 meters from Ewha Womans University Station on Seoul Subway Line 2, offering excellent accessibility via public transportation.

With a site area of 671.7㎡ and a total floor area of 5,682.68㎡, the building will have 2 basement floors and 13 aboveground floors, accommodating 154 single-person youth households. The rent will be set at 30-50% of the surrounding market price.

Additionally, through this agreement, the two organizations agreed to cooperate in fostering the startup ecosystem in Seodaemun-gu and nurturing young entrepreneurs.

At the signing ceremony, Moon Seok-jin, Mayor of Seodaemun-gu, stated, “For young people to focus on their main work and move toward successful entrepreneurship, housing conditions are as important as investment, space, and networks,” adding, “We will actively support housing stability for startup youth to build a foundation for sustainable startup ecosystem development.”

Kim Hong-il, Director of D.CAMP-FRONT1, expressed gratitude to Seodaemun-gu, saying, “This is the first case where the public and private sectors cooperate to provide startup youth with ‘places to work’ and ‘places to live.’”