LH Selected as Preferred Negotiation Partner for Hwaseong Dongtan Senior Town Project

'M.D.M Plus' Selected as Preferred Negotiation Partner for Healthcare REITs Project
Development of 180,000㎡ Senior Town Worth 2 Trillion KRW in Hwaseong Dongtan 2 District

Korea Land and Housing Corporation (LH) announced on the 19th that real estate development company MDM Plus has been selected as the preferred negotiation partner for the country's first healthcare REIT project to build a senior town in Dongtan, Hwaseong, Gyeonggi Province.

In December last year, LH launched a public offering for the 'Healthcare REITs (Real Estate Investment Trusts) project,' which is the first in Korea to develop and operate a complex combining senior housing, officetels, medical, business, commercial, and cultural facilities on medical welfare facility land in Hwaseong Dongtan 2 District. A REIT is a company that pools funds from multiple investors to invest in and operate real estate, distributing the profits earned.

On the 19th, LH held an evaluation committee meeting composed of external experts from various fields and comprehensively assessed financial plans, development plans, and operation plans to select the preferred negotiation partner. Detailed evaluation criteria included landmark-type senior welfare housing architectural plans, senior housing resident composition and attraction plans, healthcare service plans, stock offering plans, and social value realization measures.

LH plans to sign a business agreement with the preferred negotiation partner in June, followed by the establishment and business approval of the healthcare REIT by the project operator, and then conclude the land sale contract.

Construction is scheduled to begin in the first half of 2026, with completion and move-in starting in 2029, and a general public offering and listing of REIT stocks planned for 2031. After the stock offering, the general public will be able to own healthcare REIT stocks or receive dividends.

The project site covers approximately 180,000 square meters within Hwaseong Dongtan 2 District. It is located about a 10-minute drive from Dongtan Station, accessible via SRT (Suseo High-Speed Train), GTX (Greater Seoul Metropolitan Express Railway)-A, Dongtan-Indeokwon Line (scheduled for 2029), and Dongtan Urban Railway Lines 1 and 2 (scheduled for 2027), facilitating convenient access to metropolitan transportation and Seoul and other metropolitan areas.

The main concept of the project is a 'village where three generations harmoniously coexist with nature.' It will supply senior housing and medium to large-sized officetels together, developing a complex residential area combined with hospitals, pharmacies, senior care centers, nursing facilities, cultural facilities, and childcare facilities to enable residents of various age groups to live together.

A total of 2,550 senior housing units will be supplied. The design will consider resident safety by including features such as no-step entrance slopes, non-slip tiles, and sliding doors, and various residential services such as healthcare and concierge services will be provided.

A total of 874 officetel units will be supplied. Variable alpha rooms will be introduced to allow for large-sized units and diverse home styling options suitable for families raising children.

Additionally, various community, wellness, activity spaces, and commercial and medical facilities will be arranged as open spaces, expected to enhance the convenience and satisfaction of not only residents but also local community members.

Kim Jae-kyung, head of LH's Regional Balance Headquarters, stated, “In line with the government's policy to expand senior housing, we will continue to promote follow-up projects on LH-owned land in 2nd and 3rd phase new towns and metropolitan cities.”