Hong Nam-gi Visits Public Housing Site, Emphasizes "Direct Approach to Real Estate Stability" (Comprehensive)

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, visited the urban public housing complex project site in Shingil 2 District, Yeongdeungpo-gu, Seoul, on the afternoon of the 28th to inspect the project site. 2021.7.28 [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 28th, "Expanding housing supply is fundamentally the right approach to stabilize the real estate market," as he visited candidate sites for the Urban Public Housing Project.

On the afternoon of the same day, Deputy Prime Minister Hong visited a candidate site for the low-rise residential area of the Urban Public Housing Complex Project located in Singil-dong, Yeongdeungpo-gu, Seoul, where he held an on-site meeting with local resident representatives and project stakeholders, and then wrote this on his social media (SNS).

Hong said, "If large-scale housing supply that meets the demand for residence within the city is possible, I believe we can catch two rabbits at once: stabilizing the real estate market and improving the quality of housing," adding, "The government will implement the measures prepared so far without any setbacks with extraordinary determination, as expanding housing supply is the shortcut to market stabilization."

He also stated, "The pre-sale application for the 3rd New Towns included in the August 4th supply measures took its first step today," and added, "To maximize the market stabilization effect through pre-sale, the government plans to actively promote expanding pre-sale, currently applied only to LH Corporation sales, to public land private housing and the 3080 urban supply volume."

He further added, "In the recently overheated real estate market, the government will listen more closely to the voices of the people and take the lead to prevent citizens from suffering damage due to reckless speculative buying."

Earlier that morning, Deputy Prime Minister Hong held a national address titled 'A Message to the People for Real Estate Market Stabilization' and visited the Urban Public Housing Complex Project site as a follow-up inspection. The Ministry of Economy and Finance stated that this visit was to check the progress of the Urban Public Housing Complex Project, which is being promoted as part of the '3080+ Measures' announced on February 4th, and to encourage swift implementation. The related legislative amendment is scheduled to be enforced in September.

The Urban Public Housing Complex Project is a public-led development approach targeting old areas where self-development is difficult, consisting of three types: station areas, semi-industrial areas, and low-rise residential areas.

In the case of the Yeongdeungpo Singil 2 district, selected as a candidate site for the low-rise residential area project, the resident consent rate is 64% (as of July 24), approaching the designation requirement for the main district (two-thirds resident consent rate).

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