[Housing News] The New form of Rental Housing 'Seoul REITs'

Date 2015-08-05 Writer scaadmin
Seoul, Republic of Korea decided on the new form of rental housing 'Seoul REITs' because of solving the housing insecurity. REITs follow the way of benefits, such as public advantages and private funding. Especially, suffering from housing burden and housing expenses are focusing on the supply for instance 2030 new employees as well as newlyweds. SH Corporation is responsible for Seoul REITs so that SH Corporation aims to establish a kind of capital by investing in REITs which is Real estate investment company to secure a stable supply in the long-term residential rental property for more than 50-year an investment of private funds. Also, the goal is that the synergies of the business through a public-private partnership governance. Seoul metropolitan government was selected Eunpyeong New Town as the first site of Seoul REITs.

Basically, the 4 basic directions of 'Seoul REITs' distinguish 4 types land so they plan to offer a tenant's generation features. The first site Eunpyeong New Town sets the goal at starting construction work on Febrary, 2016, with the 2030 generation housing will supply the community housing. Following the Eunpyeong New Town, Yeongdeungpo-gu, Yangcheon-gu and Gangnam-gu will be preparing to No.2~4 businesses.

Seoul city mayor Park Won Soon said that Seoul REITs will relieve the residential anxiety of the 2030 generation as well as the first step of improving residential environment and innovation of residential culture would be the best example of rental housing supply.