Korea Land and Housing Corporation (LH) announced on the 14th that it held a groundbreaking ceremony for the housing complex in Gurye, Jeonnam, developed through the package-type return-to-farming and rural migration housing development REIT project.
The package-type return-to-farming and rural migration housing development REIT project is a business in which a REIT established by a private developer selected through a public offering purchases LH’s multi-family housing sites and return-to-farming and rural migration sites. The multi-family housing units are sold, and the return-to-farming and rural migration houses are leased for four years before being converted to sale.
The Gurye, Jeonnam return-to-farming and rural migration housing complex is the first case of the package-type return-to-farming and rural migration housing development REIT project promoted by LH. Through this project, 26 detached houses will be built in Gurye-gun, Jeonnam, with construction handled by DL E&C and Kumho Construction.
The Gurye, Jeonnam return-to-farming and rural migration housing complex is located at 377-3, Oesan-ri, Sandong-myeon, Gurye-gun, Jeonnam, covering a project area of 25,127㎡. The total project cost is approximately 19 billion KRW.
The REIT business license and land purchase contract were completed in June last year. After the resident recruitment announcement in January 2023, housing occupancy is scheduled for September 2023.
The Gurye, Jeonnam return-to-farming and rural migration houses have a net floor area of 74㎡ and consist of △74A type with 15 households and △74B type with 11 households.
Anyone wishing to return to farming or migrate to rural areas can apply. Applications are accepted regardless of subscription to the Housing Subscription Savings, income and asset levels, or home ownership status. Residents are selected in order of highest scores based on the point system if eligibility requirements are met. Detailed recruitment criteria will be finalized in the second half of the year. The houses will be supplied at prices close to the nearby market value after appraisal.
Nearby the housing complex are Jirisan Lake Park and Jirisan Hot Spring Tourist Complex, and it is possible to reach Gwangju Metropolitan City within an hour by using the Suncheon-Wanju Expressway.
Elementary and middle schools are within a 5-minute drive, and major infrastructure such as the township office, health center, and supermarkets are concentrated nearby.
For further details, inquiries can be made by phone to LH.
Meanwhile, about 50 people, including Oh Young-oh, Head of LH Fair Management Innovation Headquarters, Kim Soon-ho, Gurye County Governor, and local residents, attended the groundbreaking ceremony held on the 13th.
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