LH to Supply 99,000 Public Rental Housing Units This Year
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LH to Supply 99,000 Public Rental Housing Units This Year
Announces plan to supply a combined 184,000 housing units this year

25(Wed), May, 2022

Korea Land and Housing Corp. (LH) will build a tightly knit housing ladder structure by supplying 99,000 public rental housing units this year. 

LH has been evaluated to help people in low- and middle-income brackets move up the public rental housing ladder and give them opportunities to raise assets to buy their own houses. 

The reason is that public rental housing units are designed to lower housing costs for those in low- and middle-income brackets.

On March 23, LH announced a plan to supply a combined 184,000 housing units this year. Public rental housing units account for almost half of the total or 99,000 units.

Some of the public rental housing units will be tailored to meet needs of occupants. 

They include youth/dormitory-type rental housing, youth jeonse rental and newly-wed couples’ purchase rental housing, purchase rental housing for households with multiple children and purchase rental housing for the elderly.

The public rental housing units are divided into three types: 35,000 units for construction rental housing, 30,000 units for purchase rental housing and 34,000 units for jeonse rental housing.

Out of the total purchase rental housing units, 4,000 units will be supplied as public jeonse housing units – jeonse rental units for homeless people in the middle-income bracket for six years. 

LH has divided qualification for occupying construction rental housing according to income levels. Permanent rental housing units for those with relatively lower income levels for a maximum of 50 years will be supplied at prices equivalent to 30 percent of current market prices. 

As for permanent rental housing in the Seoul metropolitan area, the average rental deposit money stood at 8.64 million won and monthly rent amounted to 77,000 won last year. 

Public rental housing units for those in the third and fourth lower income strata will be supplied 60 percent to 80 percent of current market prices for occupying a maximum of 30 years. 

Public rental housing unit occupants will be allowed to raise assets by lowering housing costs. They will be able to move to public rental housing units for transition to selling at prices equivalent to 90 percent of current market prices. 

A bird’s eye-view shows a Korean-Vietnamese industrial complex, to be built in Hung Yen, 36 km south of Hanoi. (Photo: LH)

LH Invites Tender to Build Korean-Vietnamese Industrial Complex

Korea Land and Housing Corp. (LH) is actualizing a project to build a Korean-Vietnamese industrial complex. LH put on a notice a tender on April 19 to build an industrial complex for Korean SMEs wanting to enter the Vietnamese market. 

The upcoming Korean-Vietnamese industrial complex will be a Korean industrial estate being built by LH. It will be located in an area covering 1,431,000 sq. meters in Hung Yen, 36 km south of Hanoi. 

The tender involves the construction of the industrial complex and the building of a waste treatment facility and management office structures. 

The value of the tender stands at about 48.6 billion won, and the construction period is 24 months. 

Korean construction companies and Korean-Vietnamese incorporated entities are qualified to participate in the tender. 

Each Korean contractor can bid for the project or it can lead a consortium consisting of less than five entities. 

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