Seoul Housing Supply Candidate Sites to Be Announced in July... New Residential Sites Possibly by the End of This Month

Announcement of New Public Housing Site Candidates Completed by Q2
First Candidate Sites to Be Revealed Late This Month or Early Next Month
New Housing Sites Near the Capital Region Comparable to 3rd Phase New Town Scale
First Announcement of Seoul Downtown Public Development Candidates Scheduled for July

(Photo by Yonhap News)

[Asia Economy Reporter Jeon Mijwon] The government will announce the new public housing site candidates (approximately 250,000 households) and public development project candidates within downtown Seoul (43,500 households) revealed in the February 4 housing supply plan around June to July.

On the 17th, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held a meeting with related ministers to review the real estate market at the government Seoul office and stated, "For the new public housing sites totaling about 250,000 households, we plan to complete the announcement of candidates swiftly from the first quarter through the second quarter while thoroughly preparing detailed matters such as zoning to prevent market confusion."

Previously, through the February 4 plan, the government announced securing approximately 260,000 new public housing sites across 15 to 20 locations nationwide. The metropolitan area including Gyeonggi and Incheon accounts for 180,000 households, metropolitan cities in the provinces for 56,000 households, and other provinces for 27,000 households. The area of new housing sites supplied in the metropolitan area is known to be similar to the total area of the five ongoing 3rd generation new towns (29,869,568㎡).

Minister of Land, Infrastructure and Transport Byeon Chang-heum explained in an interview with media the previous day, "The new housing site locations have been virtually finalized, but detailed coordination with local governments remains," adding, "We plan to disclose the locations sequentially in two to three phases during the first half of the year."

Regarding the new housing sites, the first batch is expected to be announced as early as the end of this month or early next month.

The government will also announce the public development project candidates corresponding to 43,500 households out of the 323,000 households planned for supply in Seoul by July. The government estimates there are 67 candidates for public direct redevelopment and reconstruction projects in Seoul and 155 candidates for downtown public housing complex projects.

Yoon Sung-won, 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, appeared on a terrestrial broadcast on the same day and explained, "We expect a total of 222 candidate sites within Seoul," adding, "Among these, the candidates for 43,500 households will be announced in July after consultations with the residents of the respective areas." Vice Minister Yoon said regarding the scale of candidates, "There could be more than 30 to 40 locations."

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