SH Corporation to Supply 330 Seoul REITs Happy Housing Units

Seoul Housing and Communities Corporation building exterior
[Photo by SH Corporation]

Seoul Housing and Communities Corporation (SH Corporation) announced on the 27th that it will supply Seoul REITs Happy Housing to university students, young people, newlyweds, and the elderly at 60-80% of the surrounding market price.

This tenant recruitment includes 33 units of Happy Housing owned by Seoul REITs in 12 autonomous districts, including Eunteurak (Eunpyeong-gu). Applications for subscription will be accepted for three days from the 10th to the 12th of next month.

The supply volume of this Happy Housing is targeted at 72 remaining vacant units caused by existing tenant departures and contract cancellations, and 258 prospective tenants. The supply price, including both rental deposit and rent, is set at 60-80% of the market price in nearby areas, with differentiated amounts applied depending on the eligible applicant even for the same area.

The average deposit and rent by area for this recruitment are as follows: for exclusive use under 29㎡, a deposit of 46.49 million KRW and rent of 160,000 KRW; for exclusive use under 39㎡, a deposit of 120.96 million KRW and rent of 430,000 KRW; and for exclusive use under 49㎡, a deposit of 150.37 million KRW and rent of 540,000 KRW.

The maximum residence period is 6 years for university students, young people, and newlyweds without children; 10 years for newlyweds with children; and 20 years for the elderly.

Application requirements are that applicants must be members of a household without a home as of the tenant recruitment announcement date, with a monthly average income per household member of 100% or less of the previous year's urban worker household income by household size, total household assets of 361 million KRW or less, and a household-owned vehicle value of 36.83 million KRW or less.