KAMCO to Lease Four Idle State-Owned Buildings to Social Enterprises... Annual Lease Rate Lowered to 1%
Korea Asset Management Corporation (KAMCO) will lease four idle state-owned buildings in Seoul, Gyeonggi, and Jeju to provide activity spaces for social enterprises and cooperatives, as well as other social economy organizations. In particular, following the revision of the Enforcement Decree of the State Property Act, the annual lease rate has been reduced from 2.5% to 1% of the asset value, alleviating the rental burden.
KAMCO announced that it will hold the “20th Limited Competitive Bidding and Lottery Bid for State Property Leasing in 2026” for three days through Onbid from October 19 to 21. This bidding is exclusively open to social enterprises, cooperatives, social cooperatives, self-sufficiency enterprises, and village enterprises. The four idle state-owned buildings include closed police boxes and security centers located in Seoul, Gyeonggi, and Jeju.
The rental burden for social economy organizations has significantly decreased. With the amendment to the Enforcement Decree of the State Property Act in June, the annual lease rate applied to these organizations has been lowered from 2.5% to 1% of the asset value.
Price competition has also been eliminated from the bidder selection process. Instead of selecting the highest bidder based on price, the winning bidder is chosen through a random lottery from among those who meet the qualification requirements. KAMCO aims to reduce the rental and price competition burden for social economy organizations through this system.
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The bid opening is scheduled for October 22. Detailed announcements and bidding information can be found on the Onbid website and mobile app. Kim Seok-hwan, Executive Director of State Property Division at KAMCO, said, "We hope that idle state-owned buildings will be used as activity spaces for social economy organizations and thereby provide essential services to local residents. Going forward, KAMCO will continue to identify idle state property that aligns with local needs and enhance the public utility of national assets." KAMCO also offers a customized property search service on the KAMCO State Property Portal, enabling social economy organizations and others to easily find state property by intended use, region, size, and more.
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