MGRV, which operates the co-living house "Mangrove," will begin its first operation of public-supported private rental dwellings.
MGRV said on the 8th that it will begin accepting tenant applications for "Mangrove Changcheon," a Youth Safe Housing complex located at 35 Sinchon-ro, Seodaemun-gu, Seoul.
Mangrove Changcheon is MGRV's first project to operate public-supported private rental dwellings and will comprise three underground floors and 20 above-ground floors with a total of 288 dwellings. Of these, 196 dwellings (40 special supply and 156 general supply) will be offered as Youth Safe Housing. The supplied dwellings come in three types: a one-room Type 26 (121 dwellings) and two-room Type 36 (15 dwellings) and Type 37 (60 dwellings).
Eligible applicants are unmarried, non-homeowner youths ages 19 to 39 as of the recruitment notice date, who must meet income, asset, and other Youth Safe Housing eligibility requirements. Contracts can be renewed in two-year increments, and tenants may reside for up to 10 years if they continue to meet the relevant criteria.
Starting with Mangrove Changcheon, MGRV plans to expand its operating scope beyond a business model centered on in-house development and operation. MGRV CEO Jo Gang-tae said, "To solve the youth housing problem, it is important for the public and private sectors to continuously increase diverse housing options."
Applications for Mangrove Changcheon will be accepted online for four days from the 17th through 11 p.m. on the 20th. Winners and building-unit assignments (dong and ho numbers) will be announced on the 23rd, and contracts will be signed from Oct. 15 to 18.