LH, Review of Key Initiatives for the Second Half of the Year under the '2·4 Supply Plan'

Holding the first inspection meeting of the second half on the 26th to review major achievements of the first half and plans for the second half
Supplying 'sufficient and affordable' housing where citizens want through key urban projects
Contributing to national housing stability by faithfully implementing housing supply policies such as the 2.4 Plan

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced that it held the ‘2.4 Plan Second Half Progress Review Meeting’ on the 26th at the LH Seoul Regional Headquarters to review the policy performance during the first half of the year and the major focus plans for the second half following the announcement of the ‘Public-led 3080+ Metropolitan Area Housing Supply Plan (hereinafter ‘2.4 Plan’).

This meeting, the first to be held in the second half, was dedicated to sharing the company-wide project-specific implementation goals of the 2.4 Plan, including the Urban Public Housing Complex Project, and to intensively discussing detailed execution plans to achieve policy outcomes by the end of the year.

Since the announcement of the 2.4 Plan, a total of 116 urban project lead candidate sites, amounting to 131,000 housing units, were announced over six rounds in the first half of the year. LH is currently conducting a nationwide integrated public contest targeting the Seoul metropolitan area and five major metropolitan cities from the 23rd of last month until the 31st of this month to continuously discover candidate sites for four major urban projects, including the Urban Public Housing Complex Project.

Additionally, to implement the newly introduced urban projects, LH has completed the revision of three major related laws, including the ‘Special Act on Public Housing’ (scheduled to take effect on September 21), thereby establishing an institutional foundation for policy implementation.

LH plans to select priority promotion districts centered on lead candidate sites with high resident consent rates and good project feasibility and to thoroughly manage projects in the second half to achieve year-end policy goals such as district designation.

Kim Hyun-jun, President of LH, emphasized, “It is important to promote urban projects through sufficient communication with residents,” and urged, “Please proceed with follow-up tasks such as the application for district designation without any setbacks through close prior consultations with the Seoul Metropolitan Government and other relevant local governments.”

The Ministry of Land, Infrastructure and Transport announced new public housing site candidates twice after the 2.4 Plan announcement, covering six districts including Gwangmyeong and Siheung, totaling 132,000 housing units. Additionally, it plans to announce further candidates corresponding to the remaining public housing supply (approximately 140,000 units) under the 2.4 Plan by the end of this month.

To implement the ‘New Construction Purchase and Non-residential Remodeling Project,’ LH issued purchase announcements in the first half and completed purchase agreements for a total of 4,000 housing units. In the second half, LH plans to enhance purchase performance by launching dedicated financial products for purchase agreement businesses, improving systems such as tax and regulatory relaxations, and actively promoting the project.

President Kim stated, “If the first half of the year after the 2.4 Plan announcement was a period to establish institutional and business foundations for new policy projects, the second half must be a time for the corporation to fulfill its role to achieve policy outcomes,” adding, “To stabilize recent housing market anxiety, we must do our best to supply housing quickly and sufficiently in high-demand areas in line with the government’s housing supply expansion policies, such as expanding pre-sale applications for private sales within public housing sites and 2.4 Plan urban projects.”

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