Letter of Intent Submission from February 8 to 9, Priority Negotiation Candidate Selection in April
[Asia Economy Reporter Park Hyesook] Incheon Urban Corporation (iH) announced on the 27th that it will hold a public contest for private developers to supply 'publicly supported private rental housing with confirmed sale prices for sale conversion (Nuguna Jip)' in Block A65 of Yeongjong Sky City, Jung-gu, Incheon.
iH plans to supply 401 apartment units with exclusive areas ranging from 60 to 85㎡ on a 25,033㎡ site, and will accept letters of intent from private developers on April 8-9, selecting a preferred negotiation partner by the end of April. Construction is scheduled for the second half of next year.
The project site is conveniently located near Unseo Station on the Airport Railroad, the 2nd Gyeongin Expressway (Incheon Bridge), and the Incheon International Airport Expressway, facilitating easy access to Seoul and the metropolitan area. Additionally, Yeongjong Middle and High Schools and Unseo Elementary School are within walking distance, and Haneul High School, Incheon Science High School, and Incheon International High School are located close to the apartment complex.
Previously, in September last year, iH selected Geumseong Baekjo and Jeil Construction consortiums as preferred negotiation partners through a private developer contest for the first pilot project of Nuguna Jip at Geomdan AA27 and AA30 blocks, and is now promoting the private developer contest for Yeongjong A65 block as the second follow-up project.
Nuguna Jip is a new type of housing that provides opportunities for home ownership at affordable prices to non-homeowners such as youth and newlyweds, and creates added value based on a residential service business model to be shared with residents.
Residents can live for 10 years at rent lower than the surrounding market prices, and after the mandatory rental period ends, priority is given to non-homeowner tenants for purchase.
Special supply (at least 20% of total supply) targets non-homeowners including youth, newlyweds, and the elderly with urban worker average monthly income within 120%, while general supply (up to 80% of total supply) is for non-homeowners.
iH President Lee Seung-woo stated, "Nuguna Jip is a housing policy favorable to residents, allowing stable residence during the 10-year mandatory rental period and providing opportunities to own a home at a pre-confirmed affordable sale conversion price."
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