Byeon Chang-heum: "2·4 Public Housing Supply Is Not a 4th Generation New Town Policy"

Government Briefing on 'Public-Led 3080+ Major Metropolitan Area Housing Supply Expansion Plan'
836,000 Units Nationwide and 320,000 Units in Seoul by 2025 through Public-Led Reconstruction and Redevelopment Projects
Byun Changhoom: "Locations and Quantities of 260,000 New Housing Sites to Be Announced Later"

Minister Byeon Chang-heum of the Ministry of Land, Infrastructure and Transport is delivering opening remarks at the ruling party-government meeting on revolutionary measures to expand housing supply in metropolitan areas held at the National Assembly on the 4th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Chaeseok] Byun Chang-heum, Minister of Land, Infrastructure and Transport, stated on the 4th, "This 'Public-led 3080+ Expansion Plan' is not a 4th New Town policy."

Minister Byun made this remark during the 'Public-led 3080+ Metropolitan Housing Supply Drastic Expansion Plan Briefing' held at 10 a.m. that day.

The government announced at the Government Seoul Office that it will promote 836,000 public-led reconstruction and redevelopment projects nationwide, including 320,000 units in Seoul, by 2025.

This is the 25th real estate measure of the Moon Jae-in administration and the largest supply plan under the current government.

The government included in this supply plan the designation of 263,000 new public housing sites but did not disclose specific locations or quantities.

Regarding this, Minister Byun said, "Although we announced the addition of 260,000 new housing sites, the government has already announced the 3rd New Town policy," adding, "This quantity should be understood as an addition to the 3rd New Town."

He continued, "Most locations have been finalized, but to reach a perfect agreement with local governments, specific locations were not disclosed in this announcement," and added, "We plan to announce after two or three rounds of consultations with local governments soon."

Minister Byun emphasized that this supply plan will ensure that those who have been preparing to own a home through subscription savings will not suffer losses.

He said, "We will ensure that those who have invested in subscription savings and other means waiting for a long time for public housing sites will not be disadvantaged by this plan," and added, "This public housing supply standard will only apply to urban public housing complex projects and maintenance projects directly carried out by the public sector."

He explained that in the past three years, public sale quantities in Seoul have been less than 5%. Because of this, it has been difficult to secure enough public sale units even after waiting a long time, and the structure of general housing units benefits only those who have accumulated points over a long period, so relatively, people in their 30s and 40s have not had proper opportunities.

Minister Byun said, "This time, the difference from existing policies is that opportunities will be given to the 30s and 40s generations through a lottery system."

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