Initial Success of 2·4 Measures' 'Public Development'... Government Expects More Association Applications

Proposal for Around 50 Public Directly Implemented Maintenance Projects
Unexpectedly Good Performance in Urban Public Housing Complex Development
However, Whether Normal Progress Continues Remains to Be Seen

[Image source=Yonhap News]

Despite the speculation scandal involving land speculation by employees of Korea Land and Housing Corporation (LH) in new towns, the government's public development projects continue to see unexpectedly strong initial demand. Projects such as the ‘Urban Public Housing Complex Development Project,’ which supplies housing in downtown areas like Seoul, have already received applications exceeding their targets, and about 50 areas have been proposed for the ‘Public Direct Implementation Redevelopment Project,’ which faced strong criticism initially.

According to government sources on the 5th, around 50 candidate sites for the Public Direct Implementation Redevelopment Project, a key part of the February 4th measures, have been recommended by local governments and associations. Most applications came from local governments, but some sites proposed by private associations in Seoul are also included. A Ministry of Land, Infrastructure and Transport official said, "Considering that the system was announced only about two months ago, the response has been rapid," and added, "We expect many more applications from landowners and associations going forward."

The Ministry of Land, Infrastructure and Transport is expected to finalize the tally by the 6th and reveal the outline of the proposed candidate sites for the Public Direct Implementation Redevelopment Project within this week. Previously, 341 candidate sites were proposed for the newly introduced Urban Public Housing Complex Development. The ministry designated 21 sites, including Yeongdeungpo, as the first phase pilot projects and is reviewing the remaining areas. The government set a goal to supply 323,000 housing units in Seoul through the February 4th measures, and the estimated housing supply from the current candidate sites alone is 328,000 units.

Amid the unexpected success of public development, the government plans to announce a second batch of new housing sites totaling 149,000 units within this month. Market speculation points to candidate sites such as Gochon-eup in Gimpo, Gyeonggi Province, and Gambuk District in Hanam, with the Army Academy site and Gimpo Airport site also being mentioned. Especially, the Army Academy site is expected to be included this time as it was considered a strong candidate in last year’s supply measures.

However, the upcoming Seoul mayoral election this week poses a variable. Both ruling and opposition candidates have pledged to ease regulations on the private housing market, including redevelopment and reconstruction. If opportunities open up for private housing projects, areas that had shown interest in public-led development are likely to withdraw, as they can expect redevelopment and reconstruction without increasing the proportion of rental housing.

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