Hong Jun-pyo: "Gangbuk Redevelopment to Supply Apartments at 'Quarter Price,' Not Half Price"

Apartment Sales, Dual System with Fully Sold Apartments and Land Leasehold Apartments

[Asia Economy Reporter Oh Joo-yeon] Hong Joon-pyo, the presidential candidate of the People Power Party, announced on the 18th that he will launch large-scale redevelopment in the Gangbuk area of Seoul to help ordinary people own their homes and supply apartments at a quarter of the price.

Hong Joon-pyo, member of the People Power Party./Photo by Yoon Dong-joo doso7@

On the same day, through Facebook, Hong said, "Having even a small home of one's own is the first dream of ordinary people. However, looking at the skyrocketing housing prices as they are now, the dreams of ordinary people seem distant," presenting this pledge.

Hong said, "I plan to revive the 'Half-Price Apartment Bill' that I passed in 2009 but was scrapped by bipartisan agreement while I was governor of Gyeongnam, and build large-scale half-price apartments during redevelopment in Gangbuk to supply them to ordinary people."

He promised, "First, by starting large-scale redevelopment in the Gangbuk area of Seoul as a pilot project, we aim to supply apartments at a quarter of the current market price, not just half price."

He also mentioned the land lease housing policy, saying, "When redevelopment is done through public development, the land lease housing sales system can be fully introduced," and proposed, "Let's bifurcate apartment sales into fully owned apartments and land lease sales apartments."

Hong emphasized, "This way, apartments priced below 10 million won per pyeong (3.3 square meters) are also possible."

He added, "In places like New York, floor area ratios of up to 3000% are sometimes granted," and said, "For youth and young people, we should develop ultra-high-rise and high-density urban areas like Hong Kong and New York to provide affordable living spaces close to their workplaces, significantly reducing commuting time and decreasing traffic volume."

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