Park Seong-su, Songpa District Mayor, "Jamsil Jugong 5 Complex Apartment Redevelopment Plan Must Be Approved Quickly"

Mayor Park of Gu District emphasizes "Lifting the 35-floor rule is necessary for forming the Han River skyline and strengthening Seoul's international competitiveness"... Criticizes government real estate policy, stating "We must not commit the mistake of sacrificing the greater good for short-term gains"

[Asia Economy Reporter Park Jong-il] Park Seong-su, Mayor of Songpa District, requested the Seoul Metropolitan Government to promptly approve the redevelopment plan for Jamsil Jugong Complex 5 apartments, which has been stalled for two years.

In an interview with K-B TV on the 28th, Mayor Park stated this and added, “I hope Seoul Mayor Oh Se-hoon keeps his promise to the residents.”

Mayor Park further emphasized, “Concerns about instability in the real estate market due to rapid housing price increases can be resolved through reasonable adjustments to ensure that development profits or capital gains do not excessively accrue to landowners or associations.”

He also said, “In principle, the policy to expand housing supply through redevelopment and reconstruction should proceed in an orderly manner,” and “The market must be given confidence that public and private sectors will harmonize to ensure stable supply.”

Regarding the lifting of the ‘35-floor rule,’ which limits the maximum height of apartments to 35 floors, he stated, “It is necessary for shaping the Han River skyline and enhancing Seoul’s international competitiveness,” but added, “However, for price stabilization, it should be selectively implemented according to location characteristics.”

He continued, “By introducing the concept of average floor height, places that need to be taller can be sufficiently raised, and places that need to be lower can be lowered,” and explained, “Even in this case, securing public interest such as preventing sunlight obstruction or preserving the landscape in surrounding areas must be a prerequisite.”

Mayor Park also expressed his stance on the government’s real estate policy and property holding tax.

Regarding the government’s real estate policy, he said, “The goals and direction of the policy are correct. The principle of stabilizing housing for ordinary citizens through blocking speculative demand and expanding housing supply must be unwavering,” and emphasized, “We must not make the mistake of sacrificing the greater good to protect immediate interests.”

Mayor Park diagnosed, “However, some parts of the housing policy need to be supplemented to prevent unintended side effects from harming single-homeowners, the elderly, and genuine demanders.”

On the need to adjust the comprehensive real estate tax targets, he expressed, “It is necessary to raise the tax criteria linked so that only about 1-2% of the entire population bears the burden,” and regarding the property tax reduction criteria for single-homeowners, he emphasized, “The current official land price of 600 million KRW should be appropriately raised, and a plan to compensate local taxes for the reduction in property tax should be reviewed together.”

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