Groundbreaking of Sinchon Startup Youth Housing... Completion Scheduled for September Next Year

A total of 154 households scheduled to move in a building with 2 basement levels and 13 floors above ground... Priority supply to users of D.CAMP, Front1, and Seodaemun-gu youth startup facilities

[Asia Economy Reporter Jongil Park] Seodaemun-gu (Mayor Moon Seok-jin) held a groundbreaking ceremony on the afternoon of the 4th at the construction site in Changcheon-dong for the tentatively named ‘Sinchon Startup Youth Housing,’ aimed at ensuring housing stability for startup (early-stage venture) youth.

This housing will be built on nine parcels of land totaling 671.7㎡ at 20-81 Changcheon-dong, Seodaemun-gu, with 2 basement floors and 13 above-ground floors, covering a total area of 5,682.68㎡.

It is located 300 meters from Sinchon Station and 600 meters from Ewha Womans University Station on Seoul Subway Line 2, providing excellent accessibility via public transportation.

Scheduled for completion in September next year, a total of 154 single-person youth households will move in.

In addition to studio-type residential units (3rd to 13th floors), the building will include a resident community facility and management office (1st floor), a youth startup support center (2nd floor), a mechanical room (basement 1), and a mechanical parking lot (basement 2).

Once the private developer completes the construction, SH Corporation will purchase the building and supply it as public rental housing tailored for startups.

Seodaemun-gu will be responsible for tenant recruitment and management, as well as supporting the operation of the startup youth community. Rent will be set at approximately 30-50% of the surrounding market rates.

The district will prioritize housing opportunities for youth residing in D.CAMP located in Gongdeok-dong, Mapo-gu, which is established and operated by the Korea Federation of Banks’ Youth Startup Foundation as a support space for youth startups, as well as for youth tenants of FRONT1 in Yeoksam 1-dong, Gangnam-gu, and users of local youth startup facilities. To this end, a business agreement was signed with the Korea Federation of Banks’ Youth Startup Foundation on the 27th of last month.

Moon Seok-jin, Mayor of Seodaemun-gu, stated, “In addition to investment, space, and networks, housing conditions are crucial for successful startups,” and added, “We will support the growth of the startup ecosystem by providing stable housing for startup youth.”

He also said, “We will actively promote the creation of the Sinchon Venture Valley by linking this youth housing with youth facilities in the Sinchon area,” and “This area will become a place of challenge for young people with dreams of entrepreneurship.”