Park Seong-su, Mayor of Songpa District, "Prioritize Supply Expansion Over Strengthening Regulations for Real Estate Market Stabilization"

On the afternoon of the 13th, a meeting was held at the Land Development Exhibition Hall with Minister of Land, Infrastructure and Transport Noh Hyung-wook... District Mayor Park Seong-su emphasized, "Weights for each evaluation item in reconstruction safety inspections must be uniformly readjusted."

Park Sung-soo, Mayor of Songpa District (far left on the left side), is emphasizing the relaxation of reconstruction regulations to Noh Hyung-wook, Minister of Land, Infrastructure and Transport.

[Asia Economy Reporter Park Jong-il] On the 13th, Park Seong-su, Mayor of Songpa-gu, officially requested Noh Hyung-wook, Minister of Land, Infrastructure and Transport, to expand supply through deregulation regarding the government's housing policies such as reconstruction.

Mayor Park made this request during a meeting with Minister Noh Hyung-wook at the Land Development Exhibition Hall in the afternoon. Kim Soo-young, Mayor of Yangcheon-gu, and Oh Seung-rok, Mayor of Nowon-gu, also attended the meeting.

Earlier, in March 2018, the Ministry of Land, Infrastructure and Transport strengthened the 'Safety Diagnosis Procedures and Standards' with the purpose of securing structural safety and improving the residential environment in apartment reconstruction projects.

Accordingly, the Ministry adjusted the weighting of evaluation items for safety diagnosis of reconstruction complexes. Specifically, ▲ the weight of 'structural safety' was raised from 20% to 50%, ▲ 'building finishing and facility aging' was lowered from 30% to 25%, and ▲ 'residential environment' was reduced from 40% to 15%.

Additionally, even if a complex received a 'conditional reconstruction judgment (Grade D)' in the first safety diagnosis and met the requirements for reconstruction implementation, the Ministry strengthened regulations by mandating another appropriateness review by a public institution under the Ministry. This procedure did not exist before the Ministry strengthened the safety diagnosis procedures and standards.

Furthermore, the cost incurred for the appropriateness review is borne by the local government.

As the Ministry strengthened the safety diagnosis standards, many reconstruction projects in local governments have failed at the appropriateness review stage, increasing anxiety among residents of apartment complexes currently pursuing reconstruction in Songpa-gu.

In response, Mayor Park requested the Ministry to readjust the weighting of three of the four safety diagnosis evaluation items?▲ structural safety, ▲ building finishing and facility aging, and ▲ residential environment?to be equally 30% each. The intention is to improve the situation where passing the reconstruction safety diagnosis has become difficult due to the excessive (50%) weighting of structural safety, despite ongoing deterioration of the residential environment such as lack of parking spaces and noise between floors caused by building aging.

Mayor Park Seong-su emphasized, “To stabilize the real estate market, expanding housing supply should come first rather than strengthening regulations,” and added, “If it is difficult to proceed with reconstruction projects and residents’ residential environment is threatened due to strengthened regulations such as safety diagnosis standards, it is appropriate to improve the system.”

He continued, “I will actively continue to make requests so that residents’ opinions are reflected as much as possible in reconstruction projects carried out within the region.”

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