Seongnam City to Begin Move-Ins for Yatap Public Sale Housing 'Bundang Athera' in July
242 Units of Public Sale Housing Through Public-Private Partnership
Driving Residential Stability and Urban Development
Seongnam City in Gyeonggi Province (Mayor Shin Sangjin) announced on June 18 that it will hold a completion ceremony for the Yatap Public Sale Housing Complex 'Bundang Athera,' located at 134-1 Yatap-dong, Bundang-gu, on June 23.
This project is a public development initiative directly implemented by Seongnam City since 2015, with Seongnam Urban Development Corporation commissioned for construction and sales. It is notable for creating residential space for citizens without homes by utilizing underused public parking lot land.
The completion ceremony will begin at 11:00 a.m., with key figures such as Seongnam Mayor Shin Sangjin, local members of the National Assembly, city council members, prospective residents, and officials from the construction company expected to attend.
'Bundang Athera' consists of four buildings with three basement levels and up to 21 above-ground floors, offering a total of 242 units with exclusive areas of 74m² and 84m². This project is characterized by the participation of Kumho Construction, a top-tier construction company, in a private sector partnership format within a public sale housing project directly managed by Seongnam City. It is considered a rare example of public-private cooperation nationwide, presenting a new model for public development.
Seongnam City applied a price cap system to ensure supply centered on actual demand, and in March 2024, the project drew significant attention with an average competition rate of 39.16 to 1 at the time of sale. In particular, it was highlighted as an opportunity for local newlyweds and actual home-seekers without homes to purchase a residence, with all units sold out at first-priority selection.
In May, Seongnam City submitted 'Bundang Athera' for the 29th Livable Apartment Contest in the Housing Innovation category. The main strengths presented included: provision of affordable housing facilities through direct municipal development; private sector participation by a top-tier construction company; a location adjacent to Bundang's forests and a specialized design reflecting current residential trends; creation of community-specialized spaces, such as a rock garden and wall art decorations developed with local residents; incorporation of quality improvement requests; and support for the relocation of Korea Electric Power Corporation switchgear, highlighting that the apartment was created together with residents. The final results are scheduled to be announced in July.
Yatap-dong has not seen new apartment supply since 2003, making this the first new housing supply in approximately 20 years. As a result, the project is expected to improve the housing supply rate in Seongnam City and contribute to residential stability by providing high-quality housing in close proximity to workplaces in Pangyo Techno Valley.
The sales proceeds generated from this public development project will be reinvested in projects such as the Pangyo Botdeul Reservoir Complex Development, contributing to improvements in the urban and residential environment, enhancing citizens' quality of life, and promoting the city's sustainability.
Mayor Shin Sangjin stated, "We will continue to supply high-quality, livable apartments like Bundang Athera to expand homeownership opportunities for citizens without homes."
Prospective residents are expected to begin moving in sequentially for about two months starting July 3, following the completion at the end of June, finally settling into their new homes after a long wait.
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