SH Corporation, Revamping Old Rentals to Supply 'Long-Term Jeonse Housing'

889 Households Increased After Reorganization of Hagye 5 and Sangye Madle
Additional Supply Planned Through Long-Term Jeonse Housing 1 and 2

Seoul Housing and Communities Corporation (SH) will supply the increased housing units from the redevelopment of aging public rental apartments, including Hagye 5 Complex, as long-term lease housing.

Perspective view of the Summer Complex 5 Redevelopment Project (Photo by Seoul City)

On the 10th, SH announced plans to supply 889 additional housing units constructed through the redevelopment of aging public rental housing as long-term lease housing. Some of these will be provided as Long-term Lease Housing 2 (Mirinae House) specifically for newlywed couples.

This is part of the "Low Birthrate Response Plan to Expand Public Housing for Newlywed Couples" announced by Seoul Mayor Oh Se-hoon to support homeownership for newlyweds and address the low birthrate issue.

SH plans to supply the increased housing units as Long-term Lease Housing 1 and 2 when further redeveloping aging public rental complexes it owns, such as Seongsan Complex and Gayang 9-1 Complex.

The redevelopment of aging public rental housing involves demolishing rental complexes that are over 30 years old and redeveloping them with high-density development. Seoul City is promoting pilot projects targeting Hagye 5 Complex and Sangye Madle Complex. The number of units in Hagye 5 Complex will increase from 640 to 1,336, and in Sangye Madle Complex from 170 to 363.

Kim Heon-dong, President of SH Corporation, said, "We will actively implement Seoul City's 'Low Birthrate Response Plan to Expand Public Housing for Newlywed Couples' by supplying the additional units constructed through the redevelopment of aging public rental housing as long-term lease housing."