[2023 Asia Construction Awards] Booyoung Housing Co., Ltd., Rental 'Housing Ladder' for Low-Income People... 1,490 Units in Gwangyang

Booyoung Housing Co., Ltd., which won the Asia Economy Grand Prize in the housing stability sector, has played a significant role as a major pillar of private rental housing in Korea, serving as a 'housing ladder' for the common people. So far, it has supplied about 300,000 apartment units nationwide, of which 230,000 are rental apartments. Currently, about 90,000 rental apartments are under management, and 140,000 units have been converted to sale apartments.

The supply of private rental housing is decreasing compared to demand in the market. From the perspective of construction companies, rental housing projects require a long-term commitment, with slow cost recovery, and the rising prices of construction materials make even the supply of general housing burdensome. According to the Korea Housing Industry Research Institute, the number of private construction public rental housing permits subject to standard construction costs sharply declined from 77,638 units during 2011?2015 to 23,503 units during 2016?2020.

Perspective view of 'Parkview Booyoung' in Moksung, Gwangyang, Jeonnam / Image courtesy of Booyoung Group

Nevertheless, Booyoung Housing Co., Ltd. continues its rental business. A representative example is the 'Parkview Booyoung' private rental apartments currently being supplied in blocks A1 and A2 of the Moksung District in Gwangyang, Jeollanam-do. The total consists of two complexes with 1,490 units: the first complex has 9 buildings from basement level 1 to 28 floors above ground, with 724 units of 84㎡ each; the second complex also has 9 buildings from basement level 1 to 28 floors, with 766 units of 59㎡ each. Among these, 1,064 units (570 units in the first complex and 494 units in the second complex) are rented out in the first phase.

Within the complex, there is the 'Booyoung Sarangro Daycare Center,' part of Booyoung Group's childcare business aimed at addressing social issues such as work-family balance in the era of low birthrates and aging population. Managed by the group's childcare support team, it follows the same standards as public daycare centers, including director selection and free teacher training. These efforts have earned praise for making the apartments a safe and reliable place to raise children.

Residents can access lifestyle infrastructure such as the large LF Square Gwangyang shopping mall, NC Department Store, Gwangyang Nonghyup Local Food Direct Market, and the Gwangyang 5-Day Market. The complex is conveniently connected to various regions nationwide via the Namhae Expressway Gwangyang IC nearby. Within walking distance are Gwangyangbuk Elementary School, Gwangyang Middle School, and Gwangyang High-Tech High School, with Gwangyang Girls' Middle and High Schools, Gwangyang High School, Gwangyang Health College, and Suncheon National University also close by. Additionally, proximity to Gwangyang Steelworks, Gwangyang Port, and Yeosu National Industrial Complex provides excellent work-residence proximity.

As a post-sale complex, residents can move in as soon as the contract procedures are completed. They can live comfortably like their own home for eight years without worrying about moving. The deposit increase is limited according to the Private Rental Housing Act, and security is assured through deposit insurance enrollment.