Seoul City to Recruit 300 Long-Term Jeonse II Units on July 23-24
Exclusive 49㎡ for Childless Newlyweds, 59㎡ for Families with Children
Total Asset Criteria Introduced... Financial Assets Included, Must Not Exceed 655 Million KRW
Supply Scheduled for August at Jayang-dong Lotte Castle Eastpole and Others
Recruitment for tenants of 300 units in the first Long-term Jeonse HousingⅡ for newlyweds, 'Olympic Park Foreon,' will begin on the 23rd. Dual-income newlywed couples with an average monthly income of 9.74 million KRW or less can live for at least 10 years with a deposit ranging from the mid-300 million to the low-400 million KRW range. Although a total asset criterion is introduced, if a child is born, re-contracting is possible regardless of income and asset criteria.
On the 10th, Seoul City announced that applications for Olympic Park Foreon, the first Long-term Jeonse HousingⅡ for newlyweds or prospective newlyweds, will be accepted on the SH Corporation website from the 23rd to the 24th. 150 units of 49㎡ exclusive area will be supplied to childless households, and 150 units of 59㎡ exclusive area will be supplied to households with children.
Up to 20 years residence possible after childbirth... Deposit from mid-300 million to low-400 million KRW
Long-term Jeonse HousingⅡ is the second brand of long-term Jeonse housing, providing stable housing and opportunities to own a home for newlyweds planning childbirth or marriage. Residence is guaranteed for at least 10 years, and if a child is born, residence can be extended up to 20 years. Households with two or more children are granted the right of first refusal to purchase.
The Jeonse deposit for Olympic Park Foreon Long-term Jeonse HousingⅡ is 352.5 million KRW for 49㎡ and 423.75 million KRW for 59㎡. As of July, the market price for the same area is around 600 million and 800 million KRW respectively, so tenants can move in at about half the price.
Eligibility for moving in includes newlyweds who have registered their marriage within 7 years or prospective newlyweds who plan to register their marriage within 6 months from the recruitment announcement date. Both spouses must not have owned a house within 5 years as of the announcement date.
Incentives are provided to households that have children after moving in. They can re-contract every two years regardless of income and assets. Additionally, the residence period is extended from 10 to 20 years. Households with two or more children are granted the right of first refusal to purchase the house at up to 20% below market price. If the number of household members increases due to additional children after moving in, support is provided to move to a larger unit starting from the 10th year of residence.
Dual-income earners making 9.74 million KRW monthly can apply, total assets limit set at 650 million KRW
Seoul City has significantly relaxed the selection criteria for Long-term Jeonse HousingⅡ and established area and re-contract criteria based on income and household size. First, the income criteria for newlyweds have been greatly eased. For exclusive areas of 60㎡ or less, public rental housing can be applied for if the monthly average income of urban workers' households is 120% or less (180% for dual-income households), and for areas exceeding 60㎡, 150% or less (200% for dual-income households).
In the case of Olympic Park Foreon, only housing units of 60㎡ or less are supplied, and dual-income newlywed couples without children can apply even if their average monthly income is 9.74 million KRW. For dual-income households of three members, the average monthly income can be up to 12.95 million KRW, and for four members, up to 14.84 million KRW.
Newlywed couples without children can also apply for the 49㎡ type. Long-term Jeonse HousingⅡ applies separate area standards from the Public Housing Special Enforcement Rules. According to the current Public Housing Special Act Enforcement Rules, the area standards by household size are regulated as follows: ▲1 person up to 35㎡ ▲2 persons over 25㎡ up to 44㎡ ▲3 persons over 35㎡ up to 50㎡ ▲4 persons over 44㎡.
The asset criterion has also changed to 'total assets.' Previously, long-term Jeonse housing only considered the value of cars and real estate, but to prevent high-asset holders from moving in, a total asset criterion will be applied. Applicants can apply for long-term Jeonse housing if their total assets, including financial assets, are 655 million KRW or less. Total assets include real estate, cars, general assets, and financial assets, excluding liabilities.
30% priority supply to low-income newlyweds, 'no home ownership' scoring criteria abolished
Income will be prioritized in tenant selection, and the no-home-ownership scoring system will be abolished. 30% of units will be preferentially supplied to low-income newlywed couples. For Olympic Park Foreon, households with monthly average income of 100% or less of urban workers (150% or less for dual-income) for units 60㎡ or less are eligible for priority supply. For units exceeding 60㎡, the threshold is 120% or less (180% or less for dual-income).
To expand housing opportunities for newlyweds, the no-home-ownership scoring criterion has been abolished, and points will be awarded based on continuous residence period in Seoul and the number of housing subscription savings payments. Full points are given for continuous residence of 10 years or more and 120 or more payments into housing subscription savings. However, if there is a long-term Jeonse housing contract within 3 or 5 years from the recruitment announcement date or other long-term Jeonse housing contracts, points will be deducted.
The document screening results for Olympic Park Foreon Long-term Jeonse HousingⅡ will be announced on the 9th of next month, and the final winners will be announced on October 7. Winners are scheduled to move in starting December 4.
Seoul City plans to recruit tenants for 288 units of Long-term Jeonse HousingⅡ in August. The supply includes ▲177 units in Jayang 1, Gwangjin-gu (Lotte Castle Eastpole) ▲35 units in Munjeong 3, Songpa-gu ▲33 units in Yeokchon 1, Eunpyeong-gu ▲18 units in Bongcheon, Gwanak-gu ▲16 units in Gaebong, Guro-gu ▲9 units in Gireum, Seongbuk-gu. The Lotte Castle Eastpole units supplied in Jayang-dong will have exclusive areas of 79㎡ and 82㎡. A recruitment announcement for 500 units is also planned for December.
A Seoul City official said, "From 2026, we plan to supply more than 4,000 units annually, including Jeonse rental housing, to support housing stability for newlyweds, and the expansion plan will be announced in the second half of the year."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
