SH Corporation will go through a complete transformation!
Yesterday, SH Corporation announced the “SH Corporation Innovative Measure,” a plan to invest KRW 1 trillion in urban renewal and provide 10,000 units of customized community housing.
SH Corporation invited three civic leaders to the event, where it delivered its “14 Promises of Innovation for Citizens.” Through these promises, it will soon be reborn as a citizen-participatory public developer that works toward housing welfare and urban renewal.
To reinforce its housing welfare service, SH Corporation plans on establishing a customized system for each region and starting a housing welfare program based on 11 “Housing Service Centers.” As part of its “Innovative Measure,” SH Corporation will provide 10,000 units of customized community housing by 2018 for those citizens who have been excluded from the existing public rental housing policy, such as single-person households, institutionalized people with disabilities, and the homeless.
In addition, SH Corporation will carry out the alternative project for districts where the restrictions on New Town developments have been removed in an effort to expand small-scale housing renewal projects by providing investment and funding. The corporation will also utilize its own resources as well as public resources to promote the “10 Minute Town Policy,” where communal facilities are established within a 10-minute walk of the homes of Seoul citizens in the neighborhood.
To gather the necessary resources for the projects, SH Corporation will establish real estate investment trusts (REITs) for urban renewal and attract investment from private capital and public assets, such as pension funds. We have also devised a KRW 1 trillion investment plan for urban renewal, which was one of the pledges I made during the last mayoral campaign.
Most importantly, we will adopt the “3-3-3 Safety System,” a system that ensures safe housing for our citizens by responding to household emergencies within 30 minutes, carrying out repairs within three hours, and installing prevention measures within three days. Furthermore, in order to provide you with housing that is nearly defect-free, construction businesses whose defect occurrence rate exceeds 10 percent will be excluded from the bidding process.
We promise to provide you with the best housing service possible.