Public rental apartments in Naepo New Town, Chungnam, will be supplied under conditions that allow residents to live for six years at rent lower than the market price and then purchase the housing at the original sale price at the time of move-in.
On the 18th, Chungnam Province held a basic design plan briefing session for the first project of the ‘Chungnam-type Urban Live Together’ at the Chungnam Provincial Office. The project is being promoted to provide housing stability and opportunities to secure housing for newlyweds, young people, and other non-homeowners.
Residents of the Chungnam-type Urban Live Together can receive deposits through ultra-low interest loans and live at rents cheaper than the surrounding market prices. After six years, they can purchase the housing at the sale price confirmed at the time of the resident recruitment announcement.
This differs from the typical public rental housing conversion, which is usually converted at the appraised value, and its strength lies in reducing the housing cost (home purchase) burden for non-homeowners.
The briefing session focused on the first project of Chungnam-type Urban Live Together, which involves constructing and supplying public rental apartments in Naepo New Town. It was organized to share analyses of the effects on local economic revitalization and resident convenience.
This is a follow-up measure to the plan announced last July when Chungnam Province and Korea Land & Housing Corporation (LH) signed a win-win agreement to supply 5,000 Chungnam-type Urban Live Together apartments.
Through the project, Chungnam Province plans to supply 949 households (all units 84㎡, formerly 34 pyeong) on a 68,271㎡ site near Hanul Elementary School in Hongbuk-eup, Naepo New Town.
The basic design plan includes 10 buildings with one basement floor and 25 above-ground floors, with all units facing south. Additionally, a ventilation axis of 30m and a wide distance of 80m between buildings are secured to maximize lighting, ventilation, and privacy protection in the residential environment.
The apartment brand has been named ‘e-Pyeonhansesang’ rather than a rental housing name. Chungnam Province plans to start construction next year aiming for move-in by 2026.
In particular, resident convenience facilities such as daycare centers and small libraries will be built using wooden structures, and the apartments will be designed as specialized buildings with differentiation and symbolism by using solar panels, landscape lighting, and curtain wall looks.
Chungnam Province also plans to involve 85 local companies in the project to achieve effects of local economic revitalization.
Kim Tae-heum, Governor of Chungnam Province, said, “Chungnam-type Urban Live Together is a new type of public rental housing that did not exist before. We will strive to erase the negative image of public rental housing as cheap and low-quality housing and provide a ‘housing ladder’ for non-homeowners such as local youth and newlyweds to start with monthly rent and eventually secure their own homes.”
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