LH Secures Applications for 2,100 Non-Housing Remodeling Units, Exceeding Target

[Financial News] Korea Land and Housing Corporation (LH) has secured applications exceeding its target under a program to convert vacant urban retail and office spaces into public rental housing for young people and newlywed couples.
LH said on the 6th that it had secured applications covering 2,125 units, exceeding the target of 2,000 units, following the announcement of its 2026 Non-Housing Remodeling Program. The program converts vacant urban retail spaces, offices, lodging facilities and knowledge industry centers into housing or quasi-housing units, which are then supplied as public rental housing for young people and newlywed couples.
The target was exceeded thanks to institutional improvements designed to lower barriers to participation. LH improved participation conditions in two ways. First, it extended the application deadline once, from September 9 to September 30. This reflected a proposal raised at a meeting with project operators on July 30. LH also introduced a simplified process to reduce the paperwork burden: applicants can submit a preliminary expression of intent containing basic building information, after which LH reviews their eligibility and gives them time to prepare the formal application documents.
LH plans to conduct document reviews this month and purchase deliberations next month before beginning full-scale agreement signing at the end of the year.
Lee Seong-hoon, president of LH, said, "We secured applications exceeding our target as a result of institutional improvements designed to reduce the burden of private-sector participation and secure a large number of high-quality urban properties for young people and newlywed couples." He added, "We will continue with follow-up procedures to diversify housing supply methods, including remodeling, and help ease rental market difficulties in urban areas."

[email protected] Jung Kyung-soo Reporter