Osan Sema Station Youth Lease-Purchase Apartment Opens with 121 Units, Recruitment Begins in November

Gyeonggi Province and Gyeonggi Housing & Urban Development Corporation (GH) announced on the 28th that 121 covenant-based lease-purchase housing units created in Segyo-dong, Osan City for residential stability of non-homeowner youth were completed on the 10th, and tenant recruitment will begin in November.

The completed housing comprises one building with 121 units of officetels, located near Sema Station on Line 1 of the subway. The surrounding area features commercial facilities, a library, and parks, providing high living convenience for the youth demographic.

Rental rates are set at 30-50% of the surrounding market rate depending on the tenant's income level. The contract period is two years, and those meeting qualification requirements can renew contracts to reside for up to 10 years maximum.

Tenant recruitment will take place in November targeting non-homeowner youth. Detailed recruitment schedules and application qualifications will be announced through the Gyeonggi Housing & Urban Development Corporation website and call center (1588-0466).

This housing is supplied through a ‘covenant-based lease-purchase housing’ method. Covenant-based lease-purchase housing is a system in which the Gyeonggi Housing & Urban Development Corporation promises in advance to purchase private housing not yet constructed, and participates from the design and construction stages to manage quality.

Unlike the existing purchase method where public institutions buy housing after building completion, this approach has the advantage of allowing public oversight of design and construction from the initial stages of the project, enabling more systematic quality management of rental housing.

Kim Tae-su, director of Gyeonggi Province's Housing Policy Division, stated, “We hope this lease-purchase housing supply will help ease the housing cost burden of non-homeowner youth and support stable residency,” and added, “Going forward, we will carefully examine location and housing quality to continue supplying quality lease-purchase housing where young people can reside with confidence.”