South Korea's rental housing sector draws planned US$300 mil flexible living, build-to-rent fund

EdgeProp Singapore

/ EdgeProp Singapore

May 29, 2026 3:00 PM SGT

propertyeditor@edgeprop.sg

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City skyline in South Korea. The proposed multifamily build-to-rent fund targets an initial US$300 million in institutional commitments, with first operations expected in 4Q2026. (Photo: Unsplash)

A major real estate asset manager in South Korea and a Thai co-living platform have inked an MOU to establish HOMA Korea — a flexible living business targeting both asset-heavy and asset-light growth strategies in the country’s under-institutionalised rental housing sector.

IGIS X Asset Management, the institutional vehicle of IGIS Asset Management with about US$45 billion in assets under management, as well as HOMA, which has a portfolio of rental apartment properties and co-living spaces in Thailand, announced the tie-up on May 26.

HOMA Korea will be structured through a Singapore-based joint venture asset management company.

The partnership will scale into a formal multifamily build-to-rent fund targeting an initial US$300 million ($383.1 million) in commitments from international institutional capital. The first operations are expected in 4Q2026.

Pok Jun Ho, chief executive of IGIS X, said this is a “pivotal step” in institutionalising South Korea’s rental housing market, with the aim of delivering institutional-quality build-to-rent assets that meet the evolving demands of Korean renters.

Blake Olafson, co-founder and managing director of HOMA, said that in 2017 the firm had set out to build what institutional capital wanted in living-sector exposure, with real operating data and a platform that scales. Bringing HOMA to South Korea through IGIS X’s local platform is the “natural next step”, Olafson added.

Meanwhile, to lead the operational execution of its global expansion, HOMA has appointed Eric Schaffer as chief operating officer.

Schaffer brings more than 17 years of experience in operational real estate, investment and technology, including senior roles at flexible workspace technology firm Essensys, global co-working provider WeWork, and property consultancy Cushman & Wakefield.

Separately, HOMA also announced it has signed an MOU to establish HOMA MENAT, a joint venture holding exclusive master franchise rights for its brand across the Middle East, North Africa, and Turkey, with first assets targeted for 2027.

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