The Godeokgangil District 3 in Gangdong-gu, Seoul, has launched public applications for land lease public housing, with prices starting at 280 million won. The land is publicly owned, and residents can live in the buildings for up to 80 years, with the option for private transactions after 10 years.
On October 16, the Seoul Housing and Communities Corporation (SH) announced the recruitment notice for 1,305 units in Godeokgangil District 3. This is the second public application following a preliminary application conducted by SH.
Godeokgangil District 3 is located in Gangil-dong, Gangdong-gu, Seoul. The total supply includes 590 units with a floor area of 49 square meters and 715 units with a floor area of 59 square meters. Of these, 592 units will be prioritized for winners of the preliminary application, while the remaining 713 units will be divided into 566 special supply units and 147 general supply units.
The special supply includes 248 units for newborns and 106 units each for young people, newlyweds, and first-time homebuyers. Any remaining units from the preliminary application that do not meet eligibility criteria or are declined will be converted to general supply.
The building prices are set at 280 million to 320 million won for the 49 square meter units and 340 million to 390 million won for the 59 square meter units. However, since the land ownership remains with SH, residents must pay monthly land lease fees in addition to the purchase price. The land lease fees are 426,000 won for the 49 square meter units and 511,500 won for the 59 square meter units.
To alleviate the burden of land lease fees, it is possible to convert up to 60% of the lease fee into a deposit. Specific conditions for this conversion will be provided during the contract signing process.
In this land lease public housing model, the land is publicly owned while the buildings are owned by the residents. Residents can initially live in the units for 40 years, with the possibility of extending the residency period to a maximum of 80 years through contract renewal. After the 10-year resale restriction period, private transactions will be permitted.
Eligibility for application requires that applicants be members of a household without housing, residing in Seoul, Gyeonggi, or Incheon as of the application announcement date, and enrolled in a housing subscription savings plan. In cases of competition among applicants of the same rank, 50% of the units will be prioritized for those who have lived in Seoul for over two years.
The application schedule is as follows: preliminary application winners on October 26-27, special supply on November 2-3, and general supply on November 4-6. First priority applicants who have lived in Seoul for over two years can apply on November 4, while those who have lived in Seoul for less than two years and residents of Gyeonggi and Incheon can apply on November 5. Second priority applications will be accepted on November 6, with winners announced on November 26.
Applications will be conducted online through the SH internet application system. However, for citizens over 65 and those with disabilities who may have difficulty applying online, a physical application center will be available at the SH headquarters auditorium on the second floor in Gangnam-gu, Seoul.
Godeokgangil District 3 is located near the Han River, with nearby parks such as Misa Hangang Park and Godeok Ecological Park. It is also close to Gangbit Elementary School and Gangbit Middle School, with access to the Gyeonggi Expressway and Olympic Boulevard.
SH plans to supply the district as a 'century home' with high-strength concrete, high-insulation windows, and high-quality finishing materials to enhance long-term housing quality and safety.
SH President Hwang Sang-ha stated, "Godeokgangil District 3 is a high-quality public housing project with a pleasant natural environment and excellent educational conditions. We will continue to supply quality public housing at reasonable prices to ensure housing stability and improve living standards for Seoul residents."
* This article has been translated by AI.
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