At the seminar, "Possible to supply 5,806 units of 20-pyeong and 7,231 units of 16-pyeong at Taereung Golf Course"

Seminar Hosted by Democratic Party Lawmaker Kim Jin-pyo
Total Project Duration 3 Years...Rent at 300,000 to 400,000 KRW Level

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] A claim has emerged that utilizing the Taereung Golf Course in Nowon-gu, Seoul, could supply public rental housing on a scale of 5,806 units of 20-pyeong size and 7,231 units of 16-pyeong size. The total project period is three years, and it is estimated to accommodate 32,593 people.

Professor Yoon Young-sik of the Department of Real Estate at Ajou University Graduate School of Public Policy revealed this plan on the morning of the 27th at a forum hosted by Kim Jin-pyo, a member of the Democratic Party of Korea, held at the National Assembly titled "Let's Build Public Rental Housing on Government-Owned Metropolitan Area Golf Courses: Discussion on Expanding Housing Supply to Stabilize the Real Estate Market." Earlier, Representative Kim proposed to the government to devise housing supply solutions by utilizing military golf courses, and the party and government are currently discussing housing supply plans including this proposal.

According to the project outline presented by Professor Yoon, public rental housing utilizing the Taereung Golf Course is expected to accommodate 13,037 households and 32,593 people on an area of 365,151㎡. By size, there would be 5,806 units of 20-pyeong (exclusive area 50㎡) and 7,231 units of 16-pyeong (exclusive area 40㎡). Professor Yoon analyzed that the total project period, including the lifting of development restrictions, would take six months for district designation and 36 months for project implementation. The rental deposit was estimated at 710 billion KRW, and the annual rent at 53.8 billion KRW. For the 20-pyeong units, the deposit is 60 million KRW with a monthly rent of 400,000 KRW, and for the 16-pyeong units, the deposit is based on 300,000 KRW.

Professor Yoon stated, "(Since it is government-owned land) the land cost was not separately accounted for as it is national land," estimating the total projected project cost at 1.1295 trillion KRW. The expenditures include site development costs of 110 billion KRW (500,000 KRW/pyeong), housing construction costs of 812 billion KRW (3.5 million KRW/pyeong), and infrastructure costs of 60 billion KRW (for two schools). He added, "After promoting Taereung Golf Course as the first pilot project, it will be expanded to other state-owned golf courses depending on conditions." According to Professor Yoon, 88CC, New Seoul CC, and Seongnam GC could each accommodate 52,726 units of 20-pyeong and 66,648 units of 16-pyeong, respectively.

Representative Kim, who hosted the forum, said, "In the case of the 3rd phase new towns, land acquisition has not yet been completed. Even at the earliest, it will take 3 to 7 years," adding, "If we utilize the fairways of military golf courses, construction can start immediately from September." He continued, "While buying new land to supply housing costs more than 10 million KRW per pyeong, utilizing military golf courses can develop the land at between 3 million and 4 million KRW per pyeong," emphasizing, "Existing rental housing had slum issues, but if we preserve all the forests and build houses only on the fairways, it will be the most pleasant residential environment." Regarding the controversy over Greenbelt damage, Representative Kim explained, "There are criticisms about Greenbelt damage, but the fairways have already been damaged Greenbelt areas where all trees have been cut down," and added, "Building apartments there would utilize the Greenbelt in the most public-interest-oriented way."

Park Kwang-gyu, Policy Executive Director of the Korea Housing Builders Association, said during the discussion following the keynote presentation, "In the case of Wirye New Town, the project started only after about two years of adjustment by the Prime Minister's Office due to poor consensus. There was also strong opposition to relocating Namseongdae Golf Course," adding, "Convincing stakeholders and thoroughly reviewing efficient project methods will be important to shorten the project period." Meanwhile, the forum was attended by Kim Hyun-mi, Minister of Land, Infrastructure and Transport; Jin Sun-mi, Chairperson of the Land, Infrastructure and Transport Committee; Kim Young-jin, Democratic Party Floor Deputy Leader; and lawmakers Yang Jeong-sook, Heo Young, Yang Ki-dae, Oh Ki-hyung, and So Byung-chul.

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