Public Support Private Rental Operator Recruitment for 'Incheon Gajeong 2 · Yangju Hoecheon'... 1,065 Units Supplied

A Total of 1,065 Units Supplied... Cheaper Than Market Price
Letter of Intent Submission on the 29th-30th

(Data provided by the Ministry of Land, Infrastructure and Transport)

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport and Korea Land & Housing Corporation (LH) are conducting a public contest for developers to construct and supply publicly supported private rental housing on LH-owned sites in Incheon Gajeong 2 District and Yangju Hoecheon District.

According to the Ministry of Land on the 22nd, Incheon Gajeong 2 B-1 BL will supply 429 apartment units with exclusive areas of 60 to 85㎡ on a total site area of 25,013㎡. This location is close to Cheongna International City and Luwon City, with the Seo-Incheon Interchange of the Gyeongin Expressway to the south and the Cheongna Interchange of the Incheon International Airport Expressway to the north. It offers convenient access to Seoul and other metropolitan areas via the Metropolitan Area 1st Ring Expressway, Olympic-daero, and Gangbyeonbuk-ro.

Residents can use commercial and convenience facilities in Cheongna International City and Luwon City, and it is also adjacent to Asiad Main Stadium, Yeonhui Neighborhood Park, and Dream Park Sports Center. Educational facilities include Gawon Elementary School, Cheongna Elementary, Middle, and High Schools, and Luwon Middle School is scheduled to open in 2023.

Yangju Hoecheon A23 BL plans to supply 636 apartment units with exclusive areas of 60 to 85㎡ on a total site area of 43,342㎡. It is adjacent to Yangju Okjeong District and close to the Metropolitan Area 2nd Ring Expressway and the planned Metropolitan Area Express Railway (GTX)-C Line Deokjeong Station. Within 2 km, there is also Deokgye Station on Subway Line 1 (Gyeongwon Line). Nearby educational facilities include Deoksan Elementary School, Sanbuk Elementary School, Deokgye Middle School, Deokgye High School, and Kyungdong University Yangju Campus.

The contest details will be announced on the LH website starting from the 23rd. Letters of intent to participate will be accepted from the 29th until 3 p.m. on the 30th. Only developers who submit letters of intent will be invited to submit business plans by August 26, and a preferred negotiation partner will be selected through evaluation in September.

The selected preferred negotiation partner will proceed with the project after detailed business discussions with the Housing & Urban Guarantee Corporation (HUG), followed by approvals for housing business plans, housing and urban fund investments, rental REIT business licenses, and signing of business agreements.

Publicly supported private rental housing is supplied preferentially to the homeless at rents lower than market prices. General supply rents are capped at 95% or less of market prices, and special supply rents at 85% or less. At least 20% of the units are allocated to youth, newlyweds, and the elderly.