Introduction of Preliminary Subscription System for 3rd Phase New Towns in the Seoul Metropolitan Area... Early Sale of 9,000 Houses Next Year

Approximately 9,000 Pre-Subscription Units Next Year
Specific Details Such as Location to Be Confirmed Later

Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Moon Jiwon] The government has decided to introduce a pre-subscription system for the 3rd generation new towns and major public housing sites in the metropolitan area. The purpose is to promote housing stability by allowing people to pre-subscribe to relatively affordable and well-located apartments, such as those in the 3rd generation new towns, instead of high-priced housing in Seoul.

The Ministry of Land, Infrastructure and Transport announced the 'Metropolitan Area Housing Supply Plan' containing these details on the 6th. The ministry explained, "Among the 770,000 apartments to be supplied on public land in the metropolitan area, more than 50% will begin recruiting residents by 2023, and some will be sold early through the pre-subscription system."

The pre-subscription system allows some units to be subscribed to 1 to 2 years before the main subscription. Those who win the pre-subscription are guaranteed to be selected if they maintain eligibility until the main subscription, enabling them to plan moving into new apartments in advance.

The government also introduced a pre-subscription system for public rental housing in 2009. However, at that time, there was controversy because the expected sale price at pre-subscription and the actual sale price at move-in differed significantly, or the move-in period was delayed more than expected.

In fact, the government conducts pre-subscription 1 to 2 years before the main subscription, but during periods of rapid economic change, fluctuations in prices, material costs, and labor costs can cause differences between the expected price and the confirmed sale price.

The Ministry of Land, Infrastructure and Transport stated that for the pre-subscription conducted this time, since land compensation has been completed, the possibility of delays is low, and the difference in sale prices will not be significant. According to the ministry, about 9,000 units will be available for pre-subscription next year, and specific details such as location will be finalized in the first half of next year considering the progress.

The ministry is also accelerating the plan to supply 300,000 housing units in the metropolitan area. For projects with fast progress and excellent locations, recruitment of residents is planned to start as early as the end of next year.

Specifically, the number of housing units recruiting residents by 2022 is 70,000 units, followed by 67,000 units in 2023, 58,000 units in 2024, and 61,000 units in 2025. After that, recruitment will proceed for the remaining 44,000 units.

Currently, designation of districts for 210,000 of the 300,000 metropolitan housing units has been completed. In particular, district designation has been completed for 4 out of 5 new towns. Bucheon Daejang and others will proceed with district designation through reviews by the Central Urban Planning Committee in the first half of this year.

Namyangju Wangsuk, Hanam Gyosan, and Incheon Gyeyang will prepare district plans within the year, and Goyang Changneung, designated as a district on March 6, will conduct an international invited design competition for the basic urban concept in the first half of the year.

This content was produced with the assistance of AI translation services.