Seoul City-SH Corporation, Call for Autonomous Housing Maintenance Project Operators Utilizing Vacant Houses

[Asia Economy Reporter Kim Min-young] The Seoul Metropolitan Government and Seoul Housing and Communities Corporation (SH Corporation) announced on the 20th that they will be inviting private developers to participate in a self-housing maintenance project utilizing vacant houses (purchased land).

The Seoul Metropolitan Government and SH Corporation will purchase land adjacent to the previously acquired project sites and participate directly in the housing maintenance project as joint implementers, or participate as overall project managers (PM) by obtaining consent from adjacent landowners (owners of buildings and land within the maintenance area).

The project sites include Myeonmok-dong in Jungnang-gu, Ok-in-dong in Jongno-gu, Sinsa-dong in Eunpyeong-gu, Mukjeong-dong in Jung-gu, and Jeongneung-dong in Seongbuk-gu.

The private sector will lead the overall implementation of the project, including design and construction. After completion, the portions owned by SH Corporation will be supplied as public housing, while the privately owned portions will either be purchased by the corporation and supplied as public housing or directly sold or rented out by the private developers.

Previously, SH Corporation has been conducting a pilot public-private joint self-housing maintenance project utilizing vacant houses in the Gusan-dong area of Eunpyeong-gu, supplying 22 units of public housing.

Kim Heon-dong, President of SH Corporation, stated, "Through the self-housing maintenance project linking the private and public sectors by utilizing vacant houses, we hope to renovate aging buildings in deteriorated low-rise residential areas and contribute to the housing stability and improvement of the residential environment for Seoul citizens. We will continue to review and expand the project to revitalize local communities."