Korea Land and Housing Corp. (LH) is moving to purchase 5,000 unsold apartment units in provincial regions this year to help revive the local construction industry. The state-run developer will hold briefing sessions for construction firms in affected areas across six regions starting Monday.
LH said Sunday it will acquire post-completion unsold apartments in all areas outside the Seoul metropolitan region to support housing for provincial workers and stabilize the construction market. The purchases are being carried out under a third acquisition notice issued on the 10th.
Eligible properties include unsold apartments that have already been completed or are scheduled for completion by the end of July. LH will select quality homes by comprehensively evaluating rental and sales-conversion potential, housing quality, complex size, sales rates and the length of time units have remained unsold.
The purchase price will be determined within LH's calculated price, set at 90% of the appraised value with an adjustment rate. Homes with lower asking-price ratios will be purchased first.
Sellers can submit applications for six weeks, from the 27th through June 5, via the LH Cheongyak Plus website. Phone consultations are also available through LH's Construction Market Stabilization Support Group.
LH will hold regional briefings starting in the Daegu and North Gyeongsang region on Monday, followed by North Jeolla on Tuesday, Gwangju and South Jeolla on Wednesday, the Chungcheong region on the 28th, Gangwon, Jeju and other areas on the 30th, and Busan, Ulsan and South Gyeongsang on May 14.
"We will swiftly proceed with the relevant procedures to help resolve the unsold housing problem in provincial regions and support the recovery of the construction market," said Cho Kyung-sook, acting president of LH. "The purchased homes will be used for middle-class rentals and housing support for provincial workers, contributing to the housing stability of non-homeowners with genuine demand."
