A 356-unit co-living facility aimed at young single-person households, including university students and office workers, will be built in Yongdu-dong, Dongdaemun-gu, Seoul.
Homes Company said on the 17th that it will develop a rental dormitory of 356 units spanning one basement level and seven above-ground floors on a site near a subway station in Yongdu-dong. All units will be single-occupancy rooms, and the company has signed a land purchase contract and begun the permit process. Completion is targeted for the first half of 2029.
The site sits within walking distance of two subway stations, Jegi-dong Station on Line 1 and Yongdu Station on Line 2. It is close to major universities including Korea University, Kyung Hee University, University of Seoul, Hanyang University and Sungshin Women's University, and offers easy access to business districts such as Cheongnyangni and Seongsu. Homes Company plans to target rental demand from young adults, including university students, international students and early-career workers.
Unlike typical studio apartments or officetels — studio units used as either a home or an office — the project will take the form of co-living, which guarantees private living space while adding extensive shared areas and residential services. The company said it will apply data accumulated over a decade of operating co-living facilities from the design stage to improve housing quality for young single-person households.
The project is being pursued under a build-to-rent (BTR) model, with Homes Company directly handling everything from land acquisition and project planning to permits, financing, development and operation. Under this business model, residential facilities are developed on the premise of long-term leasing and operation rather than resale.
This is Homes Company's second in-house BTR development, following a 430-unit project in Deungchon-dong, Gangseo-gu, Seoul, that began in the first half of this year. Combined, the two projects bring the total rental housing the company has begun developing this year to 786 units. It currently operates 13 buildings with about 520 co-living units in Korea and Japan.
"This project shows that co-living can be a proper way of living in a city, not just a temporary place for young people to stay for a while," Homes Company CEO Lee Tae-hyun said. "We will reflect the operating data we have built up with residents over the past decade from the design stage."
