Dongyang Wins Contract for Youth Housing Near Sangbong Station, Seoul

Perspective view of the youth housing near the station in Sangbong-dong, Seoul, contracted by Dongyang.
[Photo by Yujin Group]

[Asia Economy Reporter Kim Jong-hwa] Dongyang, a subsidiary of Eugene Group, announced on the 5th that it has signed a contract for a 29.7 billion KRW-scale construction project for youth housing near a subway station.

The youth housing project near the station that Dongyang recently won is located in the area of 118-9, Sangbong-dong, Jungnang-gu, Seoul. It is a new construction project for youth housing and neighborhood living facilities with a total floor area of 17,328㎡, spanning from 4 basement floors to 20 above-ground floors. A total of 299 households (102 public rental units and 197 private rental units) will move in. The construction period is scheduled to start in November this year and aims for completion in March 2024.

Youth housing near subway stations is a Seoul city project that provides rental housing at prices lower than the surrounding market rates near subway stations to ensure housing stability for university students, young workers, and newlyweds aged between 19 and 39.

The youth housing to be built in Sangbong-dong boasts an ultra-convenient transportation environment. It is located within about a 3-minute walk from Sangbong Station, which is a triple station area served by Subway Line 7, Gyeongui-Jungang Line, Gyeongchun Line, KTX, and ITX, and is also close to Mangu Station. Using the Dongbu Expressway, it offers easy access not only to downtown Seoul but also to the metropolitan area and Gangwon Province.

The ceiling height is designed at 2.5 meters, which is 20 cm higher than the typical apartment ceiling height of 2.3 meters, maximizing the sense of space and openness. While most youth housing is designed with mechanical parking, the Sangbong-dong youth housing will operate both self-parking and mechanical parking simultaneously, significantly enhancing convenience for residents.

The living infrastructure is also highly convenient. Large shopping malls such as Homeplus, E-Mart, Costco, and Enter Six are within walking distance. Additionally, the nearby Jungnangcheon Stream, Yongma Park, and Bonghwasan Neighborhood Park provide convenient residential amenities and a pleasant living environment.

A Dongyang official said, "Based on our long-standing know-how and track record in housing construction, we received high evaluations in winning the Sangbong-dong youth housing project near the station," adding, "We plan to focus more on strengthening our order-winning capabilities in urban regeneration and redevelopment projects in line with the government's housing supply policies."

Meanwhile, Dongyang ranked 109th out of a total of 3,072 companies in the civil engineering and architecture sector of the '2021 Construction Company Construction Capability Evaluation' announced by the Ministry of Land, Infrastructure and Transport last month. This is 12 ranks higher than last year and continues an upward trend since ranking 244th in 2017.