Busan Sasang, Gangwon Yeongwol and 13 Other Locations Launch New Urban Regeneration New Deal Projects

Location map of newly selected projects for the 1st Urban Regeneration New Deal (Data provided by the Ministry of Land, Infrastructure and Transport)

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 8th that at the 27th Urban Regeneration Special Committee meeting, a total of 13 new Urban Regeneration New Deal project sites were selected for the first round this year, including Busan Sasang and Gangwon Yeongwol.

The selected project sites this time include 2 comprehensive project manager-type sites such as Busan Sasang and Gangwon Yeongwol, and 11 recognized projects including Gyeongnam Changwon, Chungnam Dangjin, and Jeonbuk Gunsan. A total of KRW 206.5 billion will be invested in these 13 sites by 2024, aiming to carry out urban regeneration in a total of 290,000㎡ of declining areas.

Housing conditions will be improved through the supply of 240 public rental housing units and the maintenance of 120 old houses, and cultural, welfare, sports facilities, parking lots, and youth startup spaces will also be provided. With public investment, about 1,500 new jobs will be created, contributing to the revitalization of the local economy.

The government plans to select additional urban regeneration projects in September and December. Including the projects selected this time, a total of 417 Urban Regeneration New Deal projects are currently underway, of which 78% (325 sites) are located outside the metropolitan area.

Moon Sungyo, head of the Urban Regeneration Project Planning Group at the Ministry of Land, Infrastructure and Transport, emphasized, "We will make every effort in project management so that the newly selected projects can serve as an opportunity to revitalize the stagnant local economy."

The Urban Regeneration Special Committee is composed of Prime Minister Kim Boo-kyum as chairman, 13 private members from various fields such as economy, industry, culture, urban planning, architecture, and welfare, and 16 government members from related ministries including the Ministry of Economy and Finance and the Ministry of Land, Infrastructure and Transport.

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