Q. Mr. Minseob, could you please introduce yourself briefly? 

I am responsible for discovering new business locations and expanding new businesses at MGRV. Recently, I have taken on the role of *CRO.

*Typically, CRO stands for Chief Risk Management Officer, overseeing risk management. However, at MGRV, it means Chief Real Estate Officer, in charge of real estate development.

Q. In general, real estate development refers to businesses that generate profits through leasing and sales. How is MGRV different from traditional real estate developers?

MGRV aims to be an impact developer. Here, 'impact' refers to the kind of 'impact business' we conduct. The difference between conventional business and impact business lies in the approach and criteria used to evaluate output. Real estate development involves bringing land or buildings to their highest and best use*. Traditional real estate developers generally assess this optimal use based on the total financial profit after liquidation.

* Making the most effective use of real estate

On the other hand, MGRV does not view achievements solely in terms of monetary gains. We comprehensively evaluate and assess aspects such as the satisfaction of resident members who are the actual consumers, the influence we have on them, and how the buildings developed by MGRV affect the surrounding neighborhood and community.

In fact, the one-person household rental housing market tends to favor suppliers. The process usually involves developers creating rental housing and then supplying it to landlords, who further supply it to consumers. There is rarely an occasion where housing suppliers meet the end consumers, and there's little opportunity to hear from consumers. As a result, the needs or situations of the people who actually use the housing are hardly considered. The deficits and inconveniences experienced by users of rental housing were a catalyst for MGRV to start this business.

Q. Impact is essentially about addressing social issues. What specific group and problem does MGRV aim to solve?

MGRV sees young professionals as the main target group for Mangrove. Before starting this business, I had the chance to look around various residential spaces where they might live. Most of the housing environments were cramped, uncomfortable, and standardized, yet each room distinctly showcased the resident's taste and personality. They decorated their living spaces with cherished items and favorite posters. Walking through the corridors, I strongly felt the differences between each room.

I began to wonder how significantly and in what ways their lives could change if young professionals with clear preferences could live in a place where their needs and preferences were reflected.

The poor quality of young professionals' residential spaces, like studios or housing in tight quarters, partly stems from the fact that suppliers in this market do not need to consider what would provide a better, more beneficial product to consumers. Existing suppliers focus more on securing prime locations rather than improving living environments. They make simple judgments: as long as the location is good, it will sell well. Consumers, when choosing a product like a studio, have no room to consider 'lifestyle' as an option. This pattern continues, and the living conditions of young professionals do not change. I wanted to deeply contemplate what certain consumers truly want in a housing market driven by suppliers so far.

Q. Due to the nature of residential areas, while considering the improvement of living environments, it seems MGRV cannot ignore the established paradigm of 'good location.' Does MGRV have its own criteria for site selection?

Similar to traditional real estate development, Mangrove also prioritizes areas convenient for the main target group of young professionals to commute. Naturally, regions with good accessibility have higher land prices, and this burden inevitably transfers to consumers.

For instance, business feasibility arises even when slightly outside main Central Business Districts (CBDs) like Gwanghwamun, Jonggak, Yeouido, City Hall, and Gangnam. Mangrove is located in areas accessible within 15-20 minutes by subway from CBDs. We aim to find the best places that satisfy both accessibility and economy.

While considering potential business sites, Mangrove places importance on the area's 'vibe' as much as accessibility and economy. We wish for people to experience regions with unique characteristics or colors, even if they are relatively underdeveloped. With a stable living environment, people can enjoy vibrant and diverse local cultures.

© Choi More 

Q. Is there a reason for considering local culture amidst location selection?

Though we're constantly connected online, there remains a desire for a certain degree of personal space in real life.

The start of the business is about transforming living environments, yet ultimately, there is an intent to resolve various 'structural limitations of the generation' through this.

As the desire for personal space grows in real life, it can sometimes weaken communities and lead to social isolation or difficulty empathizing with others. I wondered if these issues arise because there's no physical space to express oneself properly. While one can perhaps express oneself authentically online, offline, it becomes difficult due to complex interests that exclude consumers.

However, if one lives in a slightly improved living environment, perhaps they can embrace life more positively and acknowledge diversity. It might sound idealistic, but perhaps even a brief period of two to six years living in rental housing can turn out to be an enjoyable and vital phase when looked back upon later in life.

Q. We are curious about the process and results of contemplating the desired form of housing for your target group of young professionals, and we've heard that the second Mangrove branch is opening soon. Have you found some answers to your considerations?

No. We are still deliberating. (Laughter) During the early planning stages of the Mangrove project, we conducted in-depth interviews with people living in domestic share houses and friends living with roommates, not just once but several times. We collated what they wanted in a house and the issues they currently faced, filtering them down to 48 questions. These '48 questions' were the basis for planning and designing the first Sungin branch. When selecting partners to work with, MGRV gives them this questionnaire, saying, 'We are looking for partners to solve these issues together.' Working through these questions is a crucial requirement.

Q. What's included in the '48 questions'?

They range from minor facility issues, such as 'The shoe cabinet smells from the entrance' or 'I wish there was a full-length mirror somewhere in the house,' to more complex problems like, 'I want to always have the choice of being alone or being with housemates.' There are also problems related to lifestyle and order with others.

The first Sungin branch alone is still small in scale and limited, so we haven't found a complete solution to the '48 questions' yet. It's more like we are on a journey to find solutions. What changes would occur if 'The toilet and shower room were separate spaces,' or 'You could go straight to your room without bumping into anyone in a share house,' or 'Shoes were stored far from the living space,' or 'Small, purpose-specific shared facilities were freely available.' It's a space where we can find hints on how to solve the questions necessary for living well, separately and together.

Based on the operation of the first Sungin branch, we are considering what kind of spaces MGRV can and should create in the future. While there are still many unresolved issues, we want to think through and resolve more problems as we open the second, third branches, and so on. New questions also arise as we solve problems. It's endless. (Laughter)

Q. Opening new Mangroves is indeed a 'process' of tackling problems. 

Exactly. There are certainly attempts even beyond our team to solve issues of poor housing.

The unique aspect of MGRV's awareness is that, alongside improving living environments, emphasis is placed on considerations related to 'living a healthy life together.'

We believe that if space planners don't simply divide personal and common spaces and instead compose spaces across multiple layers, a much wider range of lifestyles can be accommodated.

Q. I heard in a previous podcast* about Mangrove. The idea of not wanting to divide private and public spaces into 0 and 1 spheres was memorable. If they're not divided just in dichotomous terms, could we understand that specific spaces are semi-private with 0.8 private and 0.2 public, and others might be semi-public with 0.3 private and 0.7 public?

*Podcast HeyRison

Precisely. In Mangrove, we aim for communities that arise naturally within such intricate space layers, but for healthy communities to function effectively, complete personal spaces are essential. We can't always be together.

When private and public spaces are divided dichotomously, it means that when a person uses one space, another space's function and purpose become entirely null. It turns into an unnecessary or obstructive space, just like how people in a room next to the living room can be bothered by the noise of a cheerful party. There needs to be a buffer space in between.

As semi-public and semi-private spaces are layered more intricately, the possibilities of small spaces diversify. Among residents using the space, limitless chemical reactions will occur.

Unimaginable rituals or relationships that were not anticipated by space planners will unfold. MGRV is constantly considering ways to implement and operate the tightly planed canvases for such spaces and encourage the healthy community to keep emerging and growing. It requires free imagination, which is why I work with team members from diverse backgrounds.

Q. The idea of a community generating chemical reactions within spatial layers sounds genuinely intriguing and amazing. While setting the direction for Mangrove, were there any overseas examples you referred to?

Yes, we referred to social house brands such as Social Apartment in Japan and London's Collective Old Oak, and Amsterdam's Student Hotel. We were especially inspired by an interview with a founding member of Social Apartment. One of their ultimate goals was the growth of residents, which was memorable. They hoped that residents, initially participants in the community, would grow both internally and externally while living at Social Apartment, to the point where they could create new communities and exhibit positive influence. Drawing out such potential is said to be one of Social Apartment team's roles and significant missions.

© Social Apartment, Japan

© Social Apartment, Japan

© the collective old oak, London

© the collective old oak, London

For quite some time, both domestically and abroad, there have been many movements to revive aging business districts and create communities to transform neighborhoods into villages through urban regeneration. Most goals or achievements seemed abstract and vague, but their stories were clear and struck a chord with me. While highly engaging, which might also entail a certain degree of weary responsibility due to the high involvement model, it remains a fascinating and exciting model. It aligns quite similarly with MGRV's business objective to resolve generational issues while growing the community and solving living problems. Currently, Social Apartment has become a global company utilized by young people of various nationalities and backgrounds, not just Japanese youth. It remains open and strong in its pursuit of communities.

Q. What does living together mean to you, Mr. Minseob? 

Years ago, I thought it was essential, but now I feel like I need some time and space solely for myself. Currently, with marriage, I live with my family, and all time and space overlap. It's all public. (Laughter) So much so that I wonder, 'Did I inherently dislike living with others?' I do need time and space for myself. (Laughter)

Joking aside, I believe living together is about maintaining a life where personal and communal spaces are balanced. While living in a space designed for such balance, like Mangrove, is ideal, ultimately, what creates this balance is the mutual 'understanding' between co-residents.

Each person has different standards and backgrounds. Understanding this diversity is key, and if that attitude exists, I believe people can 'live' together. MGRV hopes that residents experience moments of diversity and understanding during their rental housing stay. Through numerous experiences of failures and successes, we hope they develop ample resilience to 'live together' both within a specific space and beyond, to move across an entire era.

Could I live here too? → Inquire about a tour

Written by | Jin-young Kim

Photos by | Jong-heon Um, Choi More