Consortium selected as preferred bidder for the Silver Stay pilot project
LOS ANGELES: A Consortium has now been selected as the preferred developer of an innovative seniors housing community.
The Umi Construction Consortium was selected as the preferred bidder for the Silver Stay pilot project to be built in the Guri Galmae Station area of Gyeonggi-do. The Korea Land and Housing Corporation (LH) announced on the 16th that such a selection result was made in connection with the Silver Stay pilot project, a new project model for publicly supported private rental housing.
The Silver Stay pilot project is a project in which the private sector builds customized long-term rental (20 years) housing for middle-class seniors on publicly supported land, and the first public offering was conducted for the B2 block in the Guri Galmae station area in December last year.
The B2 block in the Guri Galmae station area supplies 725 apartments with a dedicated area of 60-85㎡ to 34,593㎡ of land, of which 346 are silver stays for the elderly aged 60 or older. The rest consist of 10-year existing publicly supported private rental housing, including young people, newlyweds, and the general public. The land cost in the area is worth KRW 1,954.751 billion.
Umi Engineering & Construction formed a consortium with Kyobo Life Insurance, Hanwha Insurance and Korea Land Trust, while Shinhan Investment & Securities and SK D&D participated in the competitor Daewoo Engineering & Construction consortium.
The area is a five-minute walk from Galmae Station on the Gyeongchun Line and is also adjacent to Byeolnae Station on the GTX-B route in the Seoul metropolitan area. There are many large hospitals and large supermarkets within a 3km radius, which has excellent settlement conditions.
LH plans to sign a contract with the Umi Construction Consortium in December next year when the local government approves the housing construction project and invests in the Housing and Urban Guarantee Corporation (HUG) fund. Construction will begin in January 2027 after the signing of the sales contract, and occupancy will begin at the end of 2029.
LH plans to offer about 600 additional silver stays in the second half of this year. Following the Guri Galmae station area, it plans to speed up the selection of additional silver stay business sites to be promoted within the year.