The Korea Asset Management Corporation (KAMCO) announced on October 17 that it will lease four idle state-owned buildings to support housing stability and entrepreneurship for young people from November 2 to 4.
The properties include two officetels in Hanam, Gyeonggi Province, designated for youth housing, and two commercial spaces in Naju, Jeollanam-do, and Yangsan, Gyeongsangnam-do, intended for youth startup use.
Eligibility for housing is limited to individuals aged 19 to 34 under the Youth Basic Act, while the startup spaces are available to youth-led businesses with representatives aged 39 or younger, as defined by the Small and Medium Enterprises Start-up Support Act.
To alleviate initial cost burdens for young applicants, KAMCO will apply a 1% annual rent rate, in accordance with the revised Enforcement Decree of the State Property Act enacted in June. The selection process will utilize a random drawing among qualified applicants instead of a competitive bidding system, reducing price competition stress.
Applications can be submitted through Onbid, the public asset disposal system, with the opening of bids scheduled for November 5. Detailed information about the properties and application procedures can be found on the Onbid website and mobile app.
Kim Seok-hwan, KAMCO's Director of State Property Division, stated, "Stable housing and startup spaces are essential foundations for young people to plan their futures and take on challenges. We will continue to identify state properties that meet the actual needs of youth and support their use in various fields, including housing and entrepreneurship."
Additionally, KAMCO operates a dedicated section within the state property portal for youth-appropriate properties, allowing young individuals and startup businesses to search for state-owned assets based on their intended use, location, and size.
* This article has been translated by AI.
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