Seoul City Forms TF to Support Redevelopment Projects... Targeting Supply of 11,000 Households This Month

[Asia Economy Reporter Donghyun Choi] The Seoul Metropolitan Government is making efforts to support the final stages of redevelopment projects. Through support for redevelopment projects, it is expected that about 11,000 households will be supplied by the end of this month when the price ceiling system for sale is implemented.

On the 19th, Seoul City announced that it is supporting redevelopment projects that have received management disposition approval to accelerate the final stages up to the sale.

Management disposition approval is the process of finalizing asset distribution among union members for buildings and land after redevelopment projects. Once the management disposition approval is completed, resident relocation, demolition of existing buildings, construction commencement, and recruitment of residents begin.

Seoul City operates a public-private cooperation system called the "Redevelopment Project Support Task Force (TF)" in which the relevant autonomous districts and unions jointly participate to ensure there is no disruption in housing supply through redevelopment projects. This TF is led by Seoul City following the government's "Housing Supply Activation Plan" announced in December last year.

The TF inspects the progress status of each redevelopment project area, shares issues, and seeks solutions. It also assists with administrative procedures such as urban planning committee reviews due to redevelopment plan changes, structural and excavation reviews, and approvals for changes in project implementation and management disposition plans.

Administrative efforts are concentrated to ensure that procedures that slow down the redevelopment project speed, such as plan changes and reviews, are processed promptly. In addition, the TF actively visits sites to understand the progress and listen to issues or requests.

Through TF support, about 4,000 households in 10 redevelopment areas including Hwagok 1 District, Heukseok 3 District, and Gaepo Jugong 1 Complex have completed applications for resident recruitment approval. By the 28th, when the price ceiling system grace period ends, an additional 10 districts (about 7,000 households) are expected to complete applications for resident recruitment approval.

Considering that it generally takes about 2 to 3 years from management disposition plan approval to construction completion, move-ins are expected to begin as early as 2023.

Kim Seongbo, Head of the Housing and Architecture Headquarters of Seoul City, said, "We will continue to operate the TF even after the implementation of the price ceiling system to ensure that quality housing supply through redevelopment projects proceeds without disruption."

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