A residential complex for over 800 households is to be built by 2020 in the vicinity of the US military base in Pyeongtaek, Gyeonggi Province, the Gyeonggi regional government announced Wednesday.

The new development is anticipated to provide stable housing for Koreans employed at the military base.

Under the government-led scheme, Anjeong-ri of Pyeongtaek where US Army Garrison-Humphreys is, will have 719 ‘Newstay’ housings and 99 residences built under Gyeonggi Province’s housing-support program.

The 60,870 square-meter area in vicinity of Camp Humphreys was designated as the region for housing support program.

Logistics and construction business Yoosung TNS will steer the project.

This is the third such designation of the state-led ‘new stay zone’ in Gyeonggi Province, following the former AmorePacific plant site in Yongin (139,551 square-meter) and the land near SK hynix in Icheon (39,177 square-meter).

Newstay residents will have the first 8 years’ contract guaranteed with the rent inflation rate capped at an annual 5 percent. In turn, Yoosung TNS gets financial advantage from the government such as a lower interest rate for the loan from the city housing fund and cheaper deal in procuring land.

To enhance the local people’s quality of life, a children’s park and other amenities will also be built.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)