'Fire on the Instep' Extinguished... 3,200 Housing Units to be Supplied on Namyangju Military Site (Comprehensive Report 2)

Plan to Supply 14,000 Households Disrupted
Utilizing Remaining State-Owned Properties
Pre-Subscription Expanded to 32,000 Households
Taereung Plan to Be Announced This Month

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is giving an opening remark at the meeting of related ministers to review the real estate market held at the Government Seoul Office in Jongno-gu, Seoul on the 11th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Jang Sehee] The government has decided to supply 3,200 housing units on the site of a military base relocation in Namyangju, Gyeonggi Province, which is state-owned land. As the initial plan to supply 14,000 units has encountered setbacks, the government appears to be gathering state-owned land within the metropolitan area to utilize for housing supply. The government also plans to expand the pre-sale housing units to 32,000 this year and announce alternative sites for Taereung CC and Gwacheon within this month.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, chaired a meeting of related ministers to review the real estate market at the Government Seoul Office on the 11th, stating, "We intend to discuss detailed plans for supplying 3,200 housing units by utilizing the military base relocation site in Namyangju as part of promoting housing supply in the metropolitan area." He added, "Based on the results, we plan to approve and announce specific project consignment and development plans through the State Property Policy Deliberation Committee on the 12th." According to the Ministry of Economy and Finance, the military relocation site is reported to be near Toegyewon Station.

Additionally, the government plans to expedite the approval procedures, including designation as public housing districts, for project sites such as the rear site of Uijeongbu correctional facility (4,400 units) and the military site in Daebang-dong, Seoul (1,300 units).

The government will also increase the pre-sale housing units from the initially planned 30,000 to 32,000 units. Sequential supplies will be 10,000 units in October (including Namyangju Wangsuk 2), 4,000 units in November (including Hanam Gyosan), and 14,000 units in December (including Namyangju Wangsuk).

The 3rd New Town district plan, reflecting increased floor area ratios, will be finalized within the year. However, the ratio of urban facility support land to secure and strengthen self-sufficient functions will be maintained at the existing planned level.

Deputy Prime Minister Hong said, "We will comprehensively review the progress of the August 4th measures to supply 130,000 housing units in the Seoul area and accelerate the pace to dispel concerns." Regarding the development of 33,000 new housing units, he emphasized, "All development plans, including basic directions, have been prepared, and consultations with related agencies, detailed project planning, and implementation designs are steadily underway for each site."

Furthermore, he announced that specific plans, including the confirmation of alternative sites related to Taereung CC and Gwacheon sites, will be announced within this month. However, considering consultations with local governments and opposition from local residents, there are still many hurdles to overcome before actual supply can proceed. In fact, the Taereung CC and Gwacheon sites, where a total of 14,000 units were to be supplied, currently have no concrete plans established.

Professor Shim Gyo-eon of Konkuk University's Department of Real Estate commented, "Supply should be made when needed in terms of timing, but only additional supply measures are being announced, so it is difficult to have an immediate impact on the market."

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