Yoon Seong-won, 1st Vice Minister of Land, "Newly Established District 1, 'Public Direct Implementation' Possible if Desired"

Visit to Sinseol1 Redevelopment Project Site, a Public Redevelopment Candidate
Expressing Commitment to Urban Housing Supply through Public Maintenance at Sinseol1 Candidate Site

Yoon Sung-won, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, visited the newly established District 1 public redevelopment candidate site on the 10th to explain the government's commitment to supplying urban housing through public maintenance. / Photo by Ministry of Land, Infrastructure and Transport.

[Asia Economy Reporter Kangwook Cho] Yoon Sung-won, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, expressed his commitment to public-led housing supply within urban areas.

The Ministry of Land, Infrastructure and Transport announced that Vice Minister Yoon visited the Sinseol 1 redevelopment project site (92-5 Sinseol-dong, Dongdaemun-gu, Seoul), a candidate for public redevelopment, on the 10th and expressed this commitment.

Public redevelopment, promoted under the 'Metropolitan Housing Supply Plan' announced on May 6 last year, is a project where the public sector participates as the implementer to stimulate stalled redevelopment through public support such as floor area ratio and building height relaxation and exemption from the price ceiling system, while residents contribute publicly by expanding rental housing accordingly.

The Ministry of Land, Infrastructure and Transport and the Seoul Metropolitan Government selected eight sites, including Sinseol 1, as candidates for public redevelopment through a public contest on the 14th of last month, officially starting to expand urban housing supply through public redevelopment.

On the day, Vice Minister Yoon reviewed the Sinseol 1 public redevelopment promotion plan, which reflects the relaxation of floor area ratio and building height, during a meeting with the Sinseol 1 Promotion Committee. He also requested LH, which manages the project site, to proceed swiftly according to the planned schedule through active communication with residents.

He also responded to residents' demands for the prompt amendment of the 'Act on Maintenance and Improvement of Urban Areas and Dwelling Conditions,' the legal basis for public redevelopment, by saying, "We will actively cooperate with the National Assembly to ensure its passage during the February extraordinary session."

In particular, while explaining the main contents of the 'Public-led 3080+' announced on the 4th, Vice Minister Yoon promised, "If residents wish for a public direct implementation method, we will actively consider it."

The Ministry of Land, Infrastructure and Transport plans to closely cooperate with the Seoul Metropolitan Government, LH, and SH to carry out follow-up procedures such as holding resident briefings, signing business agreements, and designating public implementers for the eight public redevelopment candidate sites including Sinseol 1, aiming to establish maintenance plans within the year.

Additionally, together with the Seoul Metropolitan Government, the Ministry plans to promptly review the conditions and preliminary maintenance plans for 56 new areas that participated in last year's public redevelopment candidate contest and complete candidate site selection by the end of March.

Furthermore, from mid-this month, the Ministry of Land, Infrastructure and Transport, along with LH, plans to start project consulting to help residents understand the 'Public Direct Implementation Maintenance Project' announced in 'Public-led 3080+' and encourage participation.

If residents of aging urban areas, including public redevelopment candidate sites, wish to receive consulting, the expanded and reorganized Public Maintenance Project Integrated Support Center will provide preliminary plans and project feasibility analysis results to support residents in making rational choices regarding project methods.

Vice Minister Yoon emphasized, "I thank the residents of public redevelopment candidate sites such as Sinseol 1 who trusted the public and participated in the public redevelopment project," adding, "Through active communication with residents, appropriate urban regulation relaxation, and professional management by public implementers, we will improve deteriorated residential environments and supply quality housing to repay the support of residents."

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