'130,000+α' Where Will They Come From... Eyes on New Housing Site Candidates

Announcement Possibly by the End of This Month
Last Large-Scale Supply of the Current Government
Hanam Gambuk and Gimpo Gochon Among Leading Locations

Location Map of Hanam Gambuk District / Source: Gyeonggi Development Institute

[Asia Economy Reporter Jo Gang-wook] Market attention is focused on the new housing site candidates of ‘130,000 households + α’ scale, which the government is expected to announce as early as the end of this month. Considering next year’s presidential election schedule, this volume is likely to be the last large-scale supply of the current administration. The key issue is the candidate sites for housing districts in the metropolitan area, which account for 110,000 households of the total volume. If there are no excellent candidate sites with locations that can disperse demand from Seoul, it will be difficult to change the rising trend of housing prices.

According to the industry on the 20th, Minister of Land, Infrastructure and Transport Noh Hyung-wook said to reporters the day before, "The land acquisition for the new housing sites of ‘130,000 households + α,’ which had been postponed from being announced, has been completed," and added, "We plan to announce it at the end of this month or early next month."

This volume was originally part of the 250,000 housing units to be supplied through new housing site development under the 2·4 Plan, but the announcement was delayed due to the Korea Land and Housing Corporation (LH) land speculation scandal.

Currently, the leading candidate sites in the metropolitan area include Hanam Gambuk, Gimpo Gochon, Goyang Hwajeon, and Hwaseong Maesong.

Hanam Gambuk covers the areas of Gambuk, Gamil, Gwangam, and Choi-dong in Hanam City, Gyeonggi Province, and is evaluated as the optimal site to absorb housing demand from Gangnam. Like Gwangmyeong Siheung, designated as a 3rd New Town in February, it was a site where the supply of public housing was pursued in 2010 but was canceled. At that time, the plan was to build 21,000 households.

Gimpo Gochon has the largest area (25.4 million square meters) among the leading candidates. It borders Gangseo-gu in Seoul, making it highly likely to be developed as a major residential complex in the western part of Gyeonggi Province along with Gimpo Hangang New Town.

Goyang Hwajeon is located around Hwajeon-dong and near Korea Aerospace University, adjacent to Sangam DMC and Gangbyeonbuk-ro. It also borders Changneung New Town, designated as a 3rd New Town, so if designated as a new housing site, it could effectively expand the scale of the new town. Hwaseong Maesong is currently seeing active housing site development following the opening of the Suin Line (Suwon~Incheon), with the possibility of constructing 5,000 to 6,000 households. Osan Segyo 3 and Paju Geumnung districts, which were previously considered as planned housing development areas, are also mentioned as candidates.

In addition, the government plans to announce this month the housing supply plans for the representative new housing sites in the metropolitan area proposed in last year’s August 4th Plan, including the Taereung Golf Course in Nowon-gu and the government Gwacheon office site.

Lee Eun-hyung, senior researcher at the Korea Construction Policy Research Institute, said, "As can be seen from the first candidate sites such as Gwangmyeong Siheung, the expected new housing site candidates are all places where plans have already been made, so it will be difficult to greatly deviate from market expectations," adding, "If the sites are far from Seoul, the market reaction may be poor, so it is highly likely that the sites will be designated in order of proximity to Seoul."

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