'20-Year Lease' Silver Stay, First Public Offering in Guri Galmae Station Area

Gurigalmae Station Area Silver Stay Project Public Offering
725 Units Supplied... Residents Aged 60 and Over Eligible

KB Golden Life Care launched KB Pyeongchang County, a senior welfare housing (Silver Town) introduced for the first time in Pyeongchang-dong, Jongno-gu, Seoul. Photo by Jinhyung Kang aymsdream@

The Ministry of Land, Infrastructure and Transport announced on the 18th that it will hold a public contest for operators of a pilot Silver Stay project in the Guri Galmae Station area business district in cooperation with Korea Land and Housing Corporation (LH) starting from the 19th. This is a follow-up measure to the 'New Rental Housing Introduction Plan' announced last August.

Silver Stay is a private rental housing tailored for the elderly, providing facilities and services customized for senior citizens. The mandatory rental period is 20 years. These residences apply facility standards to ensure stable living for the elderly and also offer life support services. The eligible age for residents is 60 years and older, with priority given to those without housing.

The rent is affordable, set at 95% or less compared to similar facilities such as senior welfare housing. When tenants renew their lease contracts, rent increases are limited to 5% or less. The deposit must be fully covered by mandatory rental deposit insurance.

The supply scale of Silver Stay in the Guri Galmae Station area district consists of 725 apartment units with exclusive areas ranging from 60 to 85 square meters. It will be developed as a station-area complex near Galmae Station on the Gyeongchun Line and Byeollae Station on the Greater Seoul Metropolitan Express Railway (GTX) Line B. It is also close to Sinnae IC and Galmae IC, making access to Seoul and the metropolitan area convenient.

Additionally, it offers easy access to the Nuclear Hospital in Gongneung 2-dong, Nowon-gu, Seoul (3 km) and Seoul Medical Center in Sinnae-dong, Jungnang-gu (3 km), with abundant nearby sports and cultural facilities such as Galmae Park.

The Silver Stay operator for this project may build the entire housing units exclusively for the elderly or develop a mixed-type complex supplied together with publicly supported private rental housing. In the latter case, at least 300 units of Silver Stay must be supplied. The mixed-type Silver Stay prioritizes supply to the housing-vulnerable children of residents and allows parents and children to live within the same complex.

Detailed information will be announced on the LH website starting the following day. Letters of intent to participate will be accepted from the 26th to the 27th.

The Ministry of Land plans to expand the supply of such Silver Stay units to more than 1,500 units next year. Additional contests will be held focusing on excellent locations among public land, and private proposals will also be solicited for privately owned sites.