Gyeonggi Province and Gyeonggi Housing & Urban Development Corporation (GH) said on the 5th they plan to purchase 600 newly built contracted buy-to-lease dwellings this year to supply them to young people and others.
Buy-to-lease dwellings are homes that GH purchases from existing multifamily, multiunit, and officetel buildings and supplies at rents set at 30% to 50% of market rates.
In the case of newly built contracted units, GH purchases dwellings planned for construction before the start-of-work notification, participates from the design stage to build high-quality dwellings, and then leases them.
This year's 600 units are allocated as 211 units in Southern Zone 1 including Seongnam and Yongin, 213 units in Southern Zone 2 including Suwon and Anyang, and 176 units in the Northern Zone including Goyang and Uijeongbu.
The dwellings will be supplied as 300 units for young people, 150 units for newlyweds, and 150 units for general residents of the province without homes.
Building owners who wish to contract can submit applications to GH by mail from May 4 to 15.
GH plans to conduct purchase deliberations in August for the applied dwellings. It plans to begin formally signing purchase contracts starting in Oct.
A Gyeonggi Province official said, "We plan to build dwellings equipped with living amenities and community spaces, reflecting the trend of increasing one-person and elderly households."