Busanjin-Hae Economic Free Zone Authority increases supply from 100 to 110 units
Young people, newlyweds, and seniors to receive rent 20% lower than general leases
The Busanjin-Hae Economic Free Zone Authority (headed by Park Sungho) has increased the special supply ratio for public-supported private rental housing.
On July 17, the Authority announced that it had raised the special supply ratio for public-supported private rental housing, which Daebang Construction Co., Ltd. plans to provide in the Busan New Port International Industrial Logistics District in Gangseo-gu, Busan, from the original 20% (100 units) to 22% (110 units).
This expansion of special supply was initiated after the Authority proposed the increase to the developer, aiming to support housing stability for actual demand groups such as young people and newlyweds working in nearby industrial complexes, including the International Industrial Logistics District, Mieum District, and Saenggok District.
According to the Special Act on Private Rental Housing, at least 20% of the total supply of public-supported private rental housing must be allocated for special supply. However, due to factors such as a downturn in the construction market and rising material costs, developers typically provide only the legal minimum of 20%. Daebang Construction, after discussions with the Authority, agreed to increase the special supply ratio by 10 units (2%).
Out of a total of 498 units, 110 units will be specially supplied to young people, newlyweds, and seniors, and will be offered at a rental rate approximately 20% lower than that of general supply. The Authority expects that this expansion will help create a stable residential environment for local actual demand groups, including employees of companies located in the Busanjin-Hae Economic Free Zone.
Park Sungho, head of the Authority, stated, "We will do our utmost to ensure housing stability for actual demand groups by providing housing tailored to the characteristics of the region," and added, "We thank Daebang Construction for cooperating to strengthen the public interest despite challenging circumstances."
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