Gyeongnam Province Expands Special Supply for Youth and Newlyweds... Up to 2,100 Units Available

Nationwide First: Redevelopment and Reconstruction Floor Area Ratio Increased by 5-10%

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] Gyeongnam Province announced on the 24th that it will establish support measures and formulate a concrete implementation plan based on system improvements to strengthen housing support for youth and newlyweds.

As the first supply plan, the province plans to expand the supply of housing for youth and newlyweds by granting floor area ratio benefits when promoting urban maintenance projects such as redevelopment and construction, as well as urban development projects.

In the process of approving the '2030 Jinju City Urban and Residential Environment Maintenance Basic Plan,' the province reflected the grounds for increasing the floor area ratio to expand special supply for youth and newlyweds for the first time nationwide, and gave final approval on the 10th.

Additionally, when promoting urban development projects, if rental housing is supplied exceeding 50% of the mandatory supply plan of 20% stipulated by the Urban Development Act, the floor area ratio can be additionally applied within a range of 10%.

Furthermore, a pilot project to expand housing for youth and newlyweds through combined development of two or more separated urban development project areas will be promoted in collaboration with Gimhae City and Gyeongnam Development Corporation.

Moreover, in accordance with the reorganization of urban management plans, a separate plan will be promoted to specially allocate half of the increased floor area ratio from the zoning upgrade for apartment construction to public facilities and housing for youth and newlyweds.

Yoon In-guk, Director of the Urban Transportation Bureau, stated, “We plan to strengthen necessary support through various supply measures to stabilize housing for youth and newlyweds in the province,” and added, “We will work closely with cities, counties, and related organizations to faithfully implement customized housing support plans that youth and newlyweds can feel.”

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