SH President Candidate Kim Heon-dong "Considering Gangnam SETEC and Suseo Public Parking Lot as Sites for Half-Price Apartment Candidates"

"Half-Price Apartment Reservation System Possibly Starting Early Next Year"

[Asia Economy Reporter Kim Min-young] Kim Heon-dong, the nominee for president of Seoul Housing and Communities Corporation (SH), expressed his intention to expand the supply of land leasehold housing, known as "half-price apartments," during the city council confirmation hearing on the 10th.

In his policy statement, Kim said, "The land will be publicly owned, and only the buildings will be sold, ensuring ample supply of 'half-price apartments' to minimize the initial cost of purchasing a home."

As candidate sites for promoting half-price apartments, he mentioned the Setec site in Gangnam-gu, the Suseo public parking lot site, and the Eunpyeong-gu Innovation Center site. Regarding the Innovation Center, he revealed plans to develop the internal 10,000-pyeong green space by changing its zoning to a station area.

Before the hearing, he mentioned half-price apartment supply as his first task after taking office, stating, "For half-price apartment prices, I am considering 300 million to 500 million KRW for an apartment around 30 pyeong (approximately 99 square meters), including in Gangnam, Seoul."

Kim explained, "In areas with established infrastructure, we are preparing to quickly implement a reservation system as early as the beginning of next year. In Gangnam, SH will add a profit margin and sell at 500 million KRW, while around Seoul, about 300 million KRW seems appropriate."

Kim worked at Ssangyong Construction from 1981 to 2000 and has served as head of the Apartment Price Bubble Removal Movement Headquarters and the Real Estate Construction Reform Headquarters at the Citizens' Coalition for Economic Justice (CCEJ) since 2000. If Kim passes the confirmation hearing, SH will welcome a new leader after seven months.

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