Seoul Housing and Communities Corporation (SH Corporation) and Yangnam Market Maintenance Project Association announced on the 30th that 'Dongmun The East' in Yangpyeong-dong will start moving in on the 1st of next month.
'Dongmun The East' is a complex facility created as part of the Yangnam Market maintenance project at 30 Yangpyeong-dong 1-ga, Yeongdeungpo-gu, Seoul. After the SH Corporation participated as a co-implementing agency in February 2020, it was recognized as an urban regeneration project in August 2021. Construction began in December 2022 and was completed on April 22 of this year.
The Yangnam Market maintenance project aims to demolish aging market buildings that received an E grade for safety in 2011 and improve living conditions, while revitalizing the local economy.
In this project, 'Space Support Reits,' which was invested in by the SH Corporation, pre-purchased some facilities to supply public-supported rental dwellings and rental stores at affordable prices.
The project initially faced challenges due to the construction company's withdrawal, a decline in the housing market, and difficulties in securing funding. However, securing initial funds with the participation of the SH Corporation in 2020 helped normalize the project.
The public project agency SH Corporation minimized project risks such as construction cost disputes by jointly managing income and supporting project management. Through quality checks in four phases, it contributed to the supply of high-quality sales and rental dwellings.
'Dongmun The East' is a residential and commercial complex with 79 units, spanning from 4 underground floors to 12 above ground. Among these, the 38 public-supported rental dwellings have completed lease contracts for all units. The rent is set at about 80% of the surrounding market price.
On the second floor, public-supported rental stores for local small and medium-sized enterprises and small business owners will be provided, and the space will be supplied as office, retail, and manufacturing facilities.
Meanwhile, to celebrate the successful completion and occupancy of the project, the Yangnam Market Maintenance Project Association held a completion ceremony on the 29th and presented a gratitude plaque to Hwang Sang-ha, president of SH Corporation.
President Hwang Sang-ha said, 'Based on the expertise and know-how accumulated over the past 36 years, we will expand the model of public-private cooperation,' adding, 'Through this, we will increase the supply of high-quality dwellings and contribute to the housing stability of Seoul citizens.'