Within 15 Years of Completion: 300 Existing Apartment Units Added to Purchase Target Alongside 600 Jeonse Fraud Houses
Also Includes 1,589 Semi-Basement Units and 712 Newly Built Purchase Agreements
Seoul Housing and Communities Corporation (SH Corporation) will purchase 4,000 households, including rental scam houses, semi-basement houses, and apartments, to be used as rental housing.
On the 23rd, SH Corporation announced a housing purchase notice and stated that it will purchase 3,951 households by adding new types such as semi-basement houses, newly constructed purchase agreements, existing apartments, and rental scam houses.
The application schedule for purchases is until the 24th of next month for apartments and unsold newly constructed houses, and until the 31st of next month for newly constructed purchase agreements. Semi-basement houses will be accepted on an ongoing basis until the end of the year.
Initially, SH Corporation has been conducting the housing purchase project through two methods: purchasing old semi-basement houses or newly constructed purchase agreements. The newly constructed purchase agreement is a method where the seller demolishes the existing house and agrees to sell a newly constructed house. From this announcement, small-sized old apartments, which are highly preferred by citizens, have been added to the existing housing purchase targets.
For existing apartments, SH Corporation plans to purchase 300 households within 15 years of completion. If the target is not met, they will consult with the Ministry of Land, Infrastructure and Transport to establish management plans such as seismic and fire safety, and then consider including apartments over 15 years old as purchase targets.
They also plan to purchase 600 rental scam houses. If the conditions for negotiated purchase are met, priority will be given to negotiated purchases, and if not, a separate announcement will be made after consultation with related organizations based on auction purchase standards.
The corporation has set a purchase target of 1,589 semi-basement houses and 712 newly constructed purchase agreement houses. For semi-basement houses, to encourage relocation and housing upgrades for residents, the corporation plans to prepay tenant rental deposits upon the seller’s request even before the final payment is made.
A new type, youth (dormitory) type, will be introduced in the newly constructed purchase agreement method. They will actively promote the supply of rental dormitories targeting single-person households in urban areas.
More detailed information on purchase criteria and procedures can be found in the SH Corporation website announcement or at the '2024 Housing Purchase Project Briefing Session' to be held on the 8th of next month.
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