Ministry of Land, Infrastructure and Transport: "549 Public Development Consultations... 172 Local Governments Including Seoul Proposed"

549 Consultations Conducted After 2·4 Measures Announcement
Ministry of Land, Infrastructure and Transport: "High Interest from Local Governments, Industry, and Residents"
Location Proposals from 172 Local Governments Including Seoul
New Housing Sites for 150,000 Units to Be Unveiled Next Month

Minister of Land, Infrastructure and Transport Byeon Chang-heum is attending the "17th Real Estate Market Inspection Meeting of Related Ministers" held at the Government Seoul Office in Jongno-gu, Seoul on the 17th. Photo by Jin-Hyung Kang aymsdream@

[Asia Economy Reporter Moon Jiwon] It has been revealed that over 500 consultations were received within a month for the public-led development projects first introduced by the government last month through the '2·4 Housing Supply Plan.' A total of 172 project site proposals were also made through local governments including Seoul.

The Ministry of Land, Infrastructure and Transport (MOLIT) explained that the proposed sites will be sequentially disclosed starting at the end of this month, and a new housing site plan for 150,000 households will be announced next month.

MOLIT announced on the 17th that it is steadily proceeding with the follow-up work of the '3080+ Housing Supply Plan (also known as the 2·4 Plan)' announced on the 4th, regardless of the speculation allegations involving employees of the Korea Land and Housing Corporation (LH) in new towns.

In a press release on the same day, MOLIT stated, "The housing market is gradually stabilizing due to a combination of factors such as the spread of expectations for increased supply in urban areas, stabilization of buyer sentiment, and expanded mid- to long-term market stability outlook," and emphasized, "To firmly establish market stability, it is most important to ensure the smooth implementation of the already announced supply plans."

MOLIT explained that there is high interest from local governments and residents in the urban public housing complex projects and public direct implementation maintenance projects announced in the 2·4 Plan. Since the opening of the '3080+ Integrated Support Center' on the 17th of last month, a total of 549 consultations have been conducted within a month.

Inquiries related to the projects have been steadily increasing since the full-scale consulting began on the 23rd of last month. To apply this high industry interest to actual project sites, MOLIT formed a private advisory committee on the 12th. The committee consists of four divisions: law and public interest, urban and architecture, finance and accounting, and project development, with about 10 experts included in each division.

As of this day, a total of 172 sites have been proposed by local governments including Seoul. MOLIT is reviewing the suitability and feasibility of the received sites. The ministry is sequentially disclosing the proposed sites starting at the end of this month, and will designate the first planned districts in July. The sites announced sequentially throughout this year will be managed as pilot zones, and the government and local governments will support the activation of housing supply by easing urban and architectural regulations.

[Image source=Yonhap News]

In particular, the government explained that the new public housing sites for 150,000 households will be announced next month as originally planned. Although public distrust in public development has increased due to the pre-speculation controversy involving LH employees after designating the Gwangmyeong-Siheung district as the sixth 3rd generation new town, the government intends to designate new sites as planned to stabilize housing prices.

The government is also proceeding with the legislative process aiming for the implementation of laws related to the 2·4 Plan in June. The current laws related to the project include the Special Act on Public Housing, the Urban Maintenance Act, the Small-scale Maintenance Act, the Urban Regeneration Act, the Fund Act, the Housing Act, the Land Compensation Act, the Land Use Regulation Act, and the Reinvestment Restriction Act.

MOLIT emphasized, "To establish a timely institutional foundation, we have requested the National Assembly to promptly process the nine related amendment bills, and if the legislative schedule is delayed, we will shorten the legislative procedures for subordinate laws such as enforcement ordinances to ensure that there is no disruption in the designation of planned districts in July."

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