South Korean joint venture Kovillage Company, formed by Holmes Company and Gansam Architecture, has completed the licensing process for its Kovillage Goseong development in Toseong-myeon, Goseong-gun, Gangwon-do, South Korea, and has begun business promotion and investment attraction. 

Maeil Business reported that the project comprises approximately 300 apartment and detached housing units across a site of around 77,000 sq m, with completion targeted for the first half of 2028.

The development is designed as a programme-led senior living community targeting residents in their 50s and 60s, structured around four core programmes covering health, assets, AI, and community. The model is described as a third-generation senior housing concept that goes beyond residence to enable systematic life design and retirement planning.

The operating structure is built around a six-month programme-oriented residency model, after which tenants can re-engage for long-term stays, generating recurring demand rather than relying on one-time sales or rental income. A Kovillage Company official said the model accumulates long-term profits based on the programme, securing stable cash flows through repeated stays and lowering demand volatility.

The financing structure combines policy funding with private capital. Twenty per cent of the total project cost will be raised through regional revitalisation investment funds, deployed as preferred stocks and subordinated loans, with project finance loans also to be pursued under Housing and Urban Guarantee Corporation (HUG) special guarantee requirements.

GS E&C and Zeigast have each signed MOUs with Kovillage Company for construction of the development.

Lee Jae-woo, CEO of Kovillage Company, said that with the completion of the licence, an environment has been prepared to accelerate investment attraction.

Read the full report on Kovillage Goseong's licensing completion and investment plans.