Busan Urban Corporation Applies for Approval of Ecodelta City Block 11 Project Plan

Construction to Begin Within This Year, Government Housing Policy 'New:Home Standard Type' Supply

Increased General Supply and Lottery System... More Opportunities for Young People

Busan Metropolitan Corporation (BMC, President Kim Yonghak) submitted an application for approval of the housing construction project plan for the 'Eco Delta City Block 11 Private Participation Public Sale Housing Construction Project' to Busan City on the 10th.

Eco Delta City Block 11 is a project where the Daewoo Engineering & Construction consortium is responsible for design and construction as a private operator, supplying a total of 1,370 units with an exclusive area of 59.84 square meters. In April, the project received conditional approval from the Busan City Public Housing Integrated Review Committee and the Landscape Committee, and the corporation submitted an action plan for these conditions along with the application documents for project approval.

BMC plans to thoroughly prepare for the subsequent review by the Architectural Expert Committee (architecture structure, architectural facilities, soil and foundation) as soon as the housing construction project plan is approved, ensuring smooth progress of the project.

The supply method for Eco Delta City Block 11 will be the first apartment in Busan provided under the government's new housing policy, New:Home general type, with 70% of the total supply allocated as special supply and the remaining 30% as general supply.

Of the special supply 70%, 20% is allocated to newlyweds, 20% to first-time homebuyers, 15% to institutional recommendations, 10% to multi-child families, and 5% to those supporting elderly parents. Of the general supply 30%, 24% is allocated through the sequential system (priority based on the total recognized savings amount), and the remaining 6% is allocated by lottery.

A BMC official stated that the introduction of the lottery system in the newly introduced New:Home public sale housing is significant as it expands the chances of winning for young people due to the increase in one- and two-person households and provides opportunities for housing for homeless citizens with lower recognized savings amounts. As a result, opportunities for young people living in the Busan area to own a home are expected to increase.

Kim Yonghak, President of Busan Metropolitan Corporation, said, "We will do our best to complete the approval procedures without delay, aiming to start construction within the year, so that we can provide stable housing supply for homeless citizens."