“Nesting Housing” Project Starts Moving

Ground breaking ceremony to start construction of low-cost apartments held in Gangnam-gu, Seoul

The Ministry of Land, Transport and Maritime Affairs held a ground breaking ceremony at the Nesting House Residential Project in Gangnam-gu in southern Seoul on Nov. 15 with Minister Chung Jong-hwan and some 200 guests including President Lee Ji-song of the Korea Land and Housing Corp. (LH) in attendance.
Minister Chung said in his speech at the ceremony that everyone involved, including construction companies, should do their utmost to keep up the high hopes for the project held by the general public.
The project involved the construction of 6,821 apartments, out of which 5,572 apartments will be leased to poor families, at a site 940,677 square meters in area for some 18,416 residents in the Gangnam district of Seoul. LH will take charge of building the low-cost apartments
The ministry designated the area in the ward last year for the Nesting House Residential Project, under which apartments for lease and sale to low-income families will be built not only in the ward, but also around the country as part of the government’s welfare program for the poor. The government has already paid for the land where the apartments are to be built and has selected families to move into those apartments through lotteries.
What has been attracting special attention to the project is that the ministry designated three blocks as “special construction” areas to build apartment complexes based on the design chosen through public bids to make the complexes harmonious and make the surrounding scenery beautiful.
The residents selected through the lotteries will sign official contracts to either purchase or lease the apartments so that they can move into them in December 2012, LH said.
Unveiled at the ceremony was a public relations hall for the introduction of green technologies that will be applied in the building of those nest-house apartments, aptly named The Green, to show the people what green technologies mean as they are applied to environmentally friendly apartment construction.
The Green is designed to introduce the nest-house residential project, the green technology experience and its experiment and was open to the public following the ceremony.
LH chose the residents for the 3rd Nest House Residential Project to be built in Hanam City, Gyeonggi Province, and Incheon and Hang-dong in Seoul, with priority given to newlyweds and families with more than three children in a lottery conducted on Nov. 17.
LH will build and supply 2,877 apartment units in Hanam including 1,264 units for sale and 1,613 units for lease. The company will build and supply 1,481 units in Incheon, including 673 units for sale and 808 units for lease, and 400 units in Hang-dong, for sale only.
The apartments to be built in Hanam will have various sizes ranging from 51 square meters to 84 square meters to give the buyers a wide range of choices depending on their money situation.
The expected price for a 74 square meter apartment will be around 328 million won, payable in installments, which is only 79 percent of the cost of similar apartments in other locations. The monthly lease charge will be around 460,000 won with guarantee money of 110 million won, which is repaid when the lease period is up. LH officials said the installment lease will be based on a monthly lease payment of 680,000 won and guarantee money of 88.5 million won payable in installments, which comes to 86-88 percent of the leasing conditions in the nearby areas. nw

A ground-breaking ceremony for “nesting housing” project held on Nov. 15 in Gangnam-ku in southern Seoul by Korea Land and Housing Corp. and the Ministry of Land, Transport and Maritime Affairs with Minister Chung Jong-hwan and President Lee Ji-song cutting tapes.