"There are a lot of people working in artificial intelligence, and after starting a community, my portfolio has really gotten stronger. We recruited residents and even ran speech training, so there were many chances to do productive things." (Lim Ji-yoon, resident at Eskis Gasan)
Lim, who moved into Eskis Gasan in Seoul’s Geumcheon District through a special allocation for digital-industry workers, said that during a visit on April 30.
South Korea’s Ministry of Land, Infrastructure and Transport has begun expanding public rental housing by remodeling non-residential buildings. The program, part of purchased rental housing, buys vacant office and commercial properties and converts them into homes. The goal is to supply 2,000 units for young people and newlyweds near subway stations and university areas.
Eskis Gasan is a conversion project that changed the former Hedamchae Hotel into housing. A second-floor hotel office was turned into a study room, and the rooftop was rebuilt as a lounge and other community space. The building is about a six-minute walk from Gasan Digital Complex Station on Seoul Subway Lines 1 and 7.
As a “specialized” purchased rental housing project, it includes studios and meeting space for digital-industry workers. A fitness room was built on basement level 2, and the second floor includes a shared-office-style coworking area and a filming studio.
Lee said the project tried to preserve the hotel’s structure while reconfiguring spaces to match what young residents want.
The complex also runs education programs alongside housing. It offers AI and startup-and-employment training for residents, with a curriculum designed using big-data analysis. Training can run up to 17 sessions, and some participants can be linked to startups and jobs. The layout also encourages resident study groups and networking.
Lim said her monthly rent and maintenance costs are lower than when she lived in a one-room studio, making life more stable. She called access to study rooms and shared spaces the biggest advantage. Another resident said information-sharing is active because people with similar interests live in the same building.
Rents were set to reduce housing costs: for a 16-square-meter unit, the deposit is 7.4 million won with monthly rent of 190,000 to 230,000 won. For units of 20 square meters or more, the maximum deposit is 12.28 million won and monthly rent is about 330,000 won.
Korea Land and Housing Corp., known as LH, said it will allow purchases of buildings up to 30 years old across Seoul and key areas of the greater capital region, widening eligibility from the previous 10 to 15 years. Eligible non-residential types include neighborhood living facilities, office buildings and lodging facilities. LH plans to speed the program by using both direct implementation and private-sector purchase agreements.
Officials said, however, that whether a building can be converted depends on its structure and ownership, making a one-size-fits-all approach difficult. When a building is divided among multiple owners, securing consent can also be challenging. The policy is to prioritize whole-building purchases, while seeking owner consent in other cases.
Purchase prices will be set by considering the applicant’s proposed price, appraised value and remodeling costs. A down payment will be made when the sales contract is signed, and the balance will be paid after confirming that rights issues have been resolved and safety inspections are complete. LH introduced the direct-implementation method in April, and plans to announce the private purchase-agreement method next month, with purchases expected to begin in earnest in the second half of the year.
* This article has been translated by AI.
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