LH Gwangju Jeonnam, First Purchase Announcement for Private New Construction Purchase Agreement Method

Korea Land and Housing Corporation Gwangju Jeonnam Regional Headquarters (Head Jeong Sumi, hereinafter LH) is implementing the first public announcement of the year for the private new construction purchase agreement method (number of units to be purchased: 1,128 units) and will start accepting purchase applications from the 11th.

According to LH Gwangju Jeonnam Headquarters on the 7th, the private new construction purchase agreement project is a business where a private developer and LH enter into a prior purchase agreement for housing planned to be built (including housing under construction), and after completion, LH purchases the housing and rents it to homeless citizens.

The target housing for purchase includes the entire Gwangju Metropolitan City and six areas in Jeollanam-do: Gwangyang-si, Naju-si, Mokpo-si, Suncheon-si, Yeosu-si, and Muan-gun, with housing units having a residential exclusive area of 85㎡ or less per household.

Since there are differences in detailed area standards, housing types, and number of rooms depending on the supply type, applicants must check the announcement carefully before applying.

The application period for purchase is about two months, from the 11th to May 10th, and the submitted housing will undergo document screening followed by a review by the Purchase Review Committee composed entirely of external experts to decide whether to purchase.

Afterwards, if the seller agrees to the estimated sale price determined through the first appraisal, a purchase agreement will be concluded.

For more details, please check with the LH Gwangju Jeonnam Regional Headquarters Housing Welfare Project Team 2 or the purchase announcement posted on the ‘LH Subscription Plus website - Housing Sale’.

Applicants wishing to sell should prepare the documents attached to the announcement and visit the LH Gwangju Jeonnam Regional Headquarters Housing Welfare Project Team 2 to submit their application in person.

Jeong Sumi, Head of LH Gwangju Jeonnam Regional Headquarters, said, “We will do our best to selectively purchase high-quality housing in areas desired by residents to provide customers with a better living environment.”

Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong baekok@asiae.co.kr