Dongmun The East in Yangpyeong-dong, Yeongdeungpo-gu to Begin Move-ins for Public-supported Rental Units in May

Rent Set at 80% of Market Rate
"We Will Expand Public-Private Partnership Models"

Exterior view of Dongmun The East in Yangpyeong-dong. Seoul Housing and Communities Corporation (SH Corporation)

Seoul Housing and Communities Corporation (SH Corporation) announced on April 30 that Dongmun The East in Yangpyeong-dong, Yeongdeungpo-gu, Seoul, which was jointly developed with the Yangnam Market Redevelopment Cooperative, will begin move-ins on May 1.

Dongmun The East in Yangpyeong-dong is a residential-commercial complex with four basement levels and twelve above-ground stories, totaling 79 units. It was developed as part of the Yangnam Market redevelopment project in the area of 30 Yangpyeong-dong 1-ga. The Yangnam Market redevelopment project aimed to demolish aging market buildings, improve the living environment, and revitalize the local commercial district.

All 38 public-supported rental housing units have completed lease contracts and will begin welcoming residents starting next month. The rent has been set at approximately 80% of the prevailing market rate. On the second floor, public-supported rental commercial spaces for local small and medium-sized businesses and small business owners will be provided, to be used as offices, retail, and manufacturing facilities.

SH Corporation joined the project as a co-developer in February 2020. Construction began in December 2022, and was completed on April 22, 2025. With SH Corporation's participation, the project was recognized as an urban regeneration initiative, and some facilities were pre-purchased by a "Space Support REIT" in which SH Corporation invested, allowing public-supported rental housing and commercial spaces to be offered at affordable prices. In the early stages, the project faced significant difficulties due to the contractor's withdrawal, a slump in the housing market, and challenges in securing funding. However, SH Corporation's participation in 2020 secured initial capital, enabling the project to get back on track.

Hwang Sangha, President of SH Corporation, stated, "Based on the expertise and know-how we have accumulated over the past 36 years, we will expand collaboration with the private sector and spread successful public-private partnership models," adding, "Through these efforts, we will increase the supply of high-quality housing and contribute to housing stability for Seoul residents."