[2·4 Supply Measures] Construction Industry "Concern Whether Public-Centered Development Will Lead to Actual Supply"

"Expected to Contribute to Stabilizing the Real Estate Market"

Sangsoo Kim, President of the Korea Federation of Construction Associations

The Korea Federation of Construction Associations (KFCA) announced on the 4th that it will "join together with 2 million construction workers" in response to the government's announcement of the 2.4 Housing Supply Plan, which includes the additional supply of 320,000 households in Seoul and 830,000 households nationwide.

However, it expressed regret over whether the plan will lead to effective housing supply, stating that "large-scale projects such as the Urban Public Housing Complex Project are to be developed primarily by the public sector rather than private participation."

On the same day, KFCA stated in a joint position paper that "this plan is expected to overcome the existing housing supply system, alleviate public anxiety about housing supply, and contribute to stabilizing the real estate market."

In particular, it anticipated that the signal to sufficiently supply housing in urban areas through the supply of 320,000 households in Seoul and 836,000 households nationwide via 'Public Direct Maintenance Projects,' 'Urban Public Housing Complex Projects,' and 'Small-scale Maintenance Projects and Urban Regeneration' developments "will help overcome housing market anxiety."

Furthermore, it added, "For the supply to be carried out swiftly in practice, it is necessary to promptly implement follow-up measures such as legal revisions and the preparation of detailed implementation plans."

KFCA stated, "The success or failure of this plan depends on how much the private sector can participate," and added, "We plan to propose the formation of a 'Public-Private Consultative Body for Housing Market Revitalization' involving stakeholders in the housing market centered on the Ministry of Land, Infrastructure and Transport, as well as the establishment and operation of a supporting 'Public-Private Working T/F.'

Kim Sang-soo, Chairman of KFCA, said, "Since a meaningful supply plan has been prepared this time, the industry also plans to cooperate to the fullest extent for its success," adding, "Cooperation between the government and the private sector is essential, and it is very important to utilize the creativity and resources of the private sector, so we will make every effort to ensure the success of this plan through the operation of a consultative body with the Ministry of Land, Infrastructure and Transport."

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