Urban Upcycling Cooperative officials pose for a photo after signing a memorandum of understanding with the Urgench District government during the Korea-Uzbekistan Economic Cooperation Forum in Tashkent, Uzbekistan, on June 16. (Urban Upcycling Cooperative) Urban Upcycling Cooperative said Friday it signed a preliminary memorandum of understanding with the Urgench District government in Uzbekistan's Khorezm Region to pursue a 130,000-square-meter mixed-use residential development project.The initiative explores a public rental housing model based on a public-private-people partnership framework. Drawing on Korea's experience in urban regeneration, social housing and cooperative-managed rental housing, the cooperative plans to propose a housing model tailored to local demand.The project gained momentum following the Korea-Uzbekistan Economic Cooperation Forum, hosted by Herald Media Group in Tashkent from June 16-18.As part of its 2030 national development strategy, Uzbekistan seeks to accelerate urbanization in regional cities and expand affordable housing supply. This creates opportunities for Korean firms to participate in new-town projects that combine for-sale and public rental housing.The proposed site forms part of a larger new-town development being promoted by the Urgench District government to support regional urbanization. Based on a detailed master plan provided by the Uzbek side, the cooperative is reviewing participation either independently or through a consortium of Korean companies.Under the proposed PPP model, the Uzbek central and local governments would provide land, permits and policy support; a Korean consortium would be responsible for investment, design, construction and operations; and residents and cooperatives would participate in demand forecasting, community management and long-term rental operations.The cooperative believes the model could reduce the government's fiscal burden while expanding affordable housing infrastructure. If successful, it could be replicated in other parts of Uzbekistan and neighboring Central Asian countries, including Kazakhstan, Kyrgyzstan and Tajikistan."The agreement marks the first step in applying Korea's expertise in urban regeneration and public rental housing to new-town development in Central Asia," said an Urban Upcycling Cooperative official.