SK D&D announced on the 12th that it will merge with its real estate operating subsidiary, D&D Property Solutions Co., Ltd. (hereinafter DDPS), and the co-living and co-working corporation "Local Stitch."
Since its establishment, Local Stitch has operated 22 locations primarily in Seoul for approximately 10 years, gaining popularity particularly among single-person households with its trendy lifestyle and flexible leasing policies. Through this merger, SK D&D plans to absorb Local Stitch's sophisticated space planning and rapid expansion experience to secure the industry's best service quality.
The integrated "living platform" that SK D&D is planning is a corporate rental housing ecosystem that combines online and offline, designed to allow users to conveniently explore and contract excellent housing options across various regions and price ranges. Especially, in the current housing market, which has many uncertainties such as rental fraud, there are plans to provide a more stable living environment for tenants.
SK D&D plans to secure 50,000 rental units and 300,000 membership customers by 2029 to increase its market share in the domestic rental housing market. Additionally, based on the growth potential of the domestic rental housing market, which is attracting significant interest from foreign investors, the company is also considering global expansion.
Kim Do-hyun, CEO of SK D&D, noted, "Through the merger with Local Stitch, we will provide a reliable and convenient housing platform for both residents and landlords," adding, "We aim to leap to become the number one corporation with competitiveness in the global proptech market beyond Korea."