The Jeju Provincial Development Corporation has started works on new rental housing units in (아라동) Ara-dong. The works are slated to be completed during the first half of 2018.

Mike Laidman has more.



Report

The Jeju Provincial Development Corporation has recently been restructured to create a division for housing development.

[slug] JPDC restructured to support housing development

The JPDC is expanding the scope of its business to cover real estate development after the success of (삼다수) Samdasoo water.

[slug] Groundbreaking ceremony for “Happy Housing” in Ara 2-dong

Workers broke ground on the development of the JPDC’s first “Happy Housing” units.

“Happy Housing” buildings are affordable residential units for newlyweds, university students, young workers, and the elderly in Jeju.

[slug] 39 units for newlyweds, young workers, university students

The JPDC has leased about 2,000 square meters of state-owned land in (아라동) Ara-dong, Jeju City to build the 39 units.

The area of each unit is between 27 and 40 square meters.

[slug] 6-year rentals, lower rent

The units are 6-year rentals, and rent is as low as 60 percent of the current market rate.

The JPDC will begin the search for tenants in the second half of this year, with residents able to start moving in in May of next year.

Recording
O Gyeong-su / CEO, JPDC
We develop housing for islanders and are devoted to housing welfare. This is an important role for us as a public corporation and is a social responsibility.
<씽크:오경수/제주도개발공사 사장>
"저희가 주택사업을 추진하는 이유도 바로 제주도민을 위한 것입니다. 도민 주거복지 향상에 기여하고 지방공기업으로서 역할과 사회적 책임을 다하기 위함입니다. "

The JPDC is responsible for finding tenants, choosing a contractor, construction inspection, and maintenance, too.

Once this project is complete, the corporation has plans to build an addition 4,000+ “Happy Housing” units among a planned 7,000 additional Jeju units.

The JPDC would have to bear the financial burden of all this new construction.

Recording
Won Heeryong / Governor
The public sector should accept financial losses if it has to for housing welfare. The province is willing to fill in the losses.
<씽크:원희룡/제주특별자치도지사>
"제주도민의 주거복지를 위해서는 정책적인 적자도 감수해야되고 그 부분에
대해서는 제주도 재정으로라도 뒷받침할 것입니다."

[Reporter] Mike Laidman
[Camera] Park Byeong-joon

With all these new commitments, the Jeju Provincial Development Corporation is being put to the test as it embarks on a new business venture.

Mike Laidman, KCTV