[2024 Asia Construction Awards] Booyoung Group, Full Effort on Private Rentals... Supplying 1,226 Units in Taebaek

19th Asia Construction Awards
Asia Economy Representative Award - Social Contribution Category Winner

Booyoung Group, which won the Asia Economic Representative Award in the social contribution category of this year's Asia Construction Comprehensive Awards, has been playing the role of a 'housing ladder' for the common people by supplying high-quality private rental apartments. Based on Chairman Lee Joong-geun's philosophy that "the purpose of a house is not ownership but residence," out of the 300,000 households supplied nationwide, 230,000 households were provided as rental apartments. Currently, about 90,000 rental apartments are under management, and 140,000 units have been converted to sale apartments. In particular, Booyoung Group is making every effort to improve the quality of finishing materials and common facilities for residents to offer rental apartments that are comparable to sale apartments.

Supplying private rental apartments is a business most construction companies avoid. The construction company must continuously bear management and maintenance costs, and the deposit is recognized as a liability on the financial statements, increasing the debt ratio and negatively affecting corporate credit ratings. There are also difficulties such as damage to the company and brand image due to complaints.

Despite these challenges, Booyoung Group continues to promote the rental business steadily. ‘Taebaek Forest Ashiang,’ supplied in August last year, received positive responses from residents due to stable living and educational conditions. Taebaek Forest Ashiang Phases 1 and 2 were built with a total of 1,226 households in the area of 119 Gowon-ro, Hwangji-dong, Taebaek-si, Gangwon (former KBS Taebaek Broadcasting Station site). Phase 1 consists of 7 buildings with 2 basement floors and up to 28 floors above ground. It includes 334 households of 59㎡ and 316 households of 84㎡. Phase 2 consists of 6 buildings with 2 basement floors and up to 28 floors above ground, comprising 576 households of 59㎡.

'Taebaek Forest Asian' perspective / Image provided by Booyoung Group

The biggest advantage of this apartment is the stable living environment. Residents can live without worrying about moving for 10 years, and the rental deposit is guaranteed through deposit insurance. In addition, under the Private Rental Housing Act, there is a limit on the increase in the deposit amount, reducing the burden of housing costs.

The complex is adjacent to Taebaek Station and Taebaek Terminal, as well as National Road No. 31 (towards Yeongwol), National Road No. 35 (towards Bonghwa), and National Road No. 38 (towards Samcheok). Nearby are Hwangji Elementary, Middle, and High Schools, Hwangji Free Market, Hanaro Mart, E-Mart, large supermarkets, the community center, and public offices such as Taebaek City Hall.

Throughout the complex, various community facilities such as fitness centers, GX rooms, a small library, and a cafeteria are provided, along with nature-friendly landscaping facilities including a rock garden, ecological pond, water playground, outdoor exercise facilities for residents, and walking trails. The ‘Booyoung Sarangro Daycare Center’ located in the management building greatly reduces the childcare burden for parents. As part of social contribution, the waived rent is used for children's events and field trips, teaching materials and supplies, and improving meal quality through partnerships with organic meal and snack providers.