Barun Law has assist on a KRW324.2 billion (USD211 million) public-supported private rental housing project in Goyang, South Korea, structured through a real estate investment trust (REIT).
The REIT will be funded by the Korea Housing & Urban Guarantee Corporation, Kyeryong Construction Industrial, KB Real Estate Trust and Korea Land & Housing Corporation, and established as an entrusted management REIT under the Real Estate Investment Company Act.
“The discovery of waste at the project site triggered urgent negotiations regarding cleanup responsibility and costs, which were complicated by the conflicting interests of the parties involved,” Kyung Ho Jeong, lead partner of the Barun Law team, told Asia Business Law Journal.
Associates June Young Kim and Dong Gi Kwon assisted Jeong.
Public-supported private rental housing refers to properties developed with government-backed support, which must then be leased to the public for a mandatory duration.
“As housing affordability becomes an increasingly critical issue amid recent increases in housing prices, this major residential project in the Seoul-adjacent city of Goyang is anticipated to provide relief for those facing housing difficulties, including younger demographics,” Jeong said.
The public-supported private rental housing complex in Janghang-dong, Ilsandong-gu comprises 1,107 units. The construction period is scheduled from June 2026 to March 2029.
