HS Hwaseong wins contract for public-backed private rental housing project in Busan

HS Hwaseong announced Saturday that it will participate as both contractor and equity investor in the Beomcheon-dong public-backed private rental housing project in Busanjin-gu, Busan.

The project will develop apartment units and ancillary welfare facilities in the Beomcheon-dong area, with a total of 614 units.

The construction period is approximately 52 months, and the contract value is about 234.5 billion won ($175 million), excluding value-added tax.

The development is structured as a public-backed private rental housing project operated through a real estate investment trust.

The Korea Housing and Urban Guarantee Corporation, HS Hwaseong and private financial institutions are all participating to reinforce project stability, distribute development risk and improve transparency.

HS Hwaseong is expanding its role across the entire development process by participating not only as contractor but also as a direct equity investor.

"We will ensure a stable supply of public-backed private rental housing while continuing to expand a business model that integrates construction and development, laying the groundwork for new growth," said Park Ji-sik, head of HS Hwaseong's development sales team.