Ministry of Land and Real Estate Agency to Open First PropTech Village on 20th... Startups Winning Entrepreneurship Contest to Move In
A shared office space for startups providing real estate-related services using big data and information and communication technology (ICT) will open for the first time in Seoul.
On the 19th, the Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board announced that they will hold an opening ceremony for the ‘PropTech Village’ at the Korea Real Estate Board’s Seoul Gangnam branch office in Seocho-dong, Seocho-gu, Seoul on the 20th. PropTech is a term combining property and technology, referring to real estate services that incorporate technologies such as mobile and big data.
The newly established ‘PropTech Village’ was remodeled into a shared office space occupying the entire 4th floor of the Korea Real Estate Board’s Seoul Gangnam building located in Seocho-gu, Seoul. It will provide office space and other support free of charge to prospective and early-stage startups.
This space, with an exclusive area of 308㎡, is equipped with individual desks and chairs for 26 people across six office spaces, four meeting rooms accommodating 4 to 14 people, and a lounge area offering food and beverages. Office automation (OA) equipment is also supported.
The Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board plan to provide office spaces within the PropTech Village as follow-up support to the winning teams of the annual ‘Real Estate Service Industry Startup Competition.’ Startups such as Oasis Business, Riverble, and Wondermove, which won awards in last year’s competition, have already confirmed their move-in. Resident companies can use the shared office space free of charge for one year.
Kim Hyung-seok, Director of Land Policy at the Ministry of Land, Infrastructure and Transport, said, "We will seek ways to expand space support for startups in the new real estate industry and strive to broaden the base of the real estate service industry through active support such as providing public data."
Son Tae-rak, President of the Korea Real Estate Board, emphasized, "PropTech Village will become an innovative growth space that discovers and realizes excellent startup ideas in the new real estate industry sector. We will continue to actively support government policies for the development of the new real estate industry, including the spread of PropTech and the creation of a startup ecosystem in the real estate field."
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