'Olympic Park Foreon' Long-term Jeonse Housing 2 for Newlyweds: Applicants Accepted Until the 24th

Received on SH Corporation website from 23 to 24
Rental deposit supplied at half the jeonse market price
Income limits: 6.49 million KRW for 2-person households, 9.74 million KRW for dual-income
Total assets including financial assets must meet 655 million KRW
20-year residence guaranteed if one child is born after moving in

The Seoul Metropolitan Government will supply the first batch of Long-term Jeonse Housing 2, which guarantees newlywed couples a minimum residence period of 10 years, starting from the 23rd. They will recruit 300 tenants for Olympic Park Foreon located in Gangdong-gu, Seoul.

Seoul announced that it will accept online applications for Long-term Jeonse Housing 2 (Newlywed 20-year Jeonse Tenant Housing) from 10 a.m. on the 23rd until 5 p.m. on the 24th via the Seoul Housing and Communities Corporation (SH Corporation) website. For information-vulnerable groups, in-person applications will also be accepted on the 24th at the corporation’s 2nd-floor auditorium.

The recruitment targets are 150 households without children (49㎡) and 150 households with children (59㎡). The rental deposit for the 49㎡ units is 352.5 million KRW, and for the 59㎡ units, it is 423.75 million KRW.

Due to the rise in Jeonse prices at Olympic Park Foreon, the rental deposits have been set at about half the market price. Typically, rental deposits for long-term Jeonse housing are supplied at prices below 80% of the market price.

Eligibility requires applicants to be members of a household without a home residing in Seoul as of the recruitment announcement date, newlywed couples married within 7 years, or prospective newlyweds who plan to register their marriage within 6 months. Both spouses must not have owned a home within 5 years as of the announcement date.

Income criteria for general supply applicants are 120% or less of the average monthly income of urban workers by household size (6.49 million KRW for a 2-person household), and for dual-income households, 180% or less (9.74 million KRW for a 2-person household). Priority supply applicants must have an income of 100% or less (5.41 million KRW for a 2-person household), and dual-income households 150% or less (8.12 million KRW for a 2-person household).

The income criteria also apply a total asset limit of 655 million KRW. Total assets refer to the sum of real estate, automobiles, general assets, and financial assets minus liabilities. The automobile value must also meet the standard of 37.08 million KRW or less.

Thirty percent of the units are supplied to priority applicants, and general applicants are selected including those who failed in the priority supply. Additional points are awarded based on continuous residence period in Seoul and the number of subscription savings payments. Full points are given for 10 years or more and 120 or more payments. Selection is made in order of highest score, and ties are decided by lottery.

If tenants have children after moving in, they are granted contract renewal and priority purchase rights according to the number of children. If they have one or more children, the residence period is extended from 10 to 20 years. If they have two or more children, the housing is supplied at 10-20% below market price.

The document screening results for Olympic Park Foreon Long-term Jeonse Housing 2 will be announced on the 9th of next month, and the final winners will be revealed on October 7. Winners can move in starting December 4.

Seoul plans to recruit tenants for Long-term Jeonse Housing 2 at other locations such as Jayang 1 (177 units), Munjeong 3 (35 units), Yeokchon 1 (33 units), Bongcheon (18 units), and Gaebong (16 units) after August.