Hong Nam-ki: "26,000 Private Redevelopment Units Selected for Rapid Implementation This Month... Visible Supply Measures to Be Taken" (Update)

Opening Remarks at the 34th Real Estate Market Inspection Meeting of Relevant Ministers

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced that within this month, a candidate site for private redevelopment under Seoul's Rapid Integrated Planning will be selected for about 26,000 households, and the second public redevelopment candidate site recruitment will begin. Additionally, integrated public rental housing at the level of 70,000 households per year will also be released.

On the morning of the 8th, Deputy Prime Minister Hong presided over the 34th Real Estate Market Inspection Meeting with related ministers at the Government Seoul Office and said in his opening remarks, "The government, Seoul City, and other local governments are closely cooperating to provide sufficient and rapid housing supply through complementary supply methods to broadly meet the demand for urban housing redevelopment."

He added, "To ensure there is no gap in urban renewal projects, in December, we plan to consecutively select 25 candidate sites for the first Rapid Integrated Planning redevelopment, totaling about 26,000 households, and hold the second public redevelopment candidate site recruitment by the Ministry of Land, Infrastructure and Transport and Seoul City. Areas not selected as Rapid Integrated Planning candidate sites will be allowed to participate in the public redevelopment recruitment if residents wish, and measures to block market instability factors will be prepared when announcing candidate sites. We will further strengthen collaboration and linkage between public redevelopment and Rapid Integrated Planning," he emphasized.

Public redevelopment is operated by having the public sector participate mainly in areas where projects have stalled due to profitability issues, providing incentives such as increased floor area ratio and faster project speed. So far, 29 candidate sites with 34,000 households have been designated in the metropolitan area. Seoul City's Rapid Integrated Planning private redevelopment supports procedural shortening in relatively profitable areas and is currently under review following the first candidate site recruitment in September and October.

Preparations for implementing integrated public rental housing will be accelerated. Deputy Prime Minister Hong stated, "Integrated public rental housing is an important step toward realizing quality lifelong housing," and explained, "Starting in January (next year), we will recruit the first tenants for 1,181 units in preferred locations such as Gwacheon Knowledge Information Town and Namyangju Byeollae, and subsequently supply about 70,000 units annually as integrated public rental housing."

Integrated public rental housing is a concept proposed in the Housing Welfare Roadmap (2017) to redesign the existing supply-centered public rental housing?which was divided into permanent rental, national rental, and happy housing?into a demand-centered model. After preparatory research and other work, implementation preparations will be completed by the end of the year. Target groups include livelihood and medical benefit recipients, newlyweds, families with multiple children, university students, and youth.

Deputy Prime Minister Hong said, "In connection with integrated public rental housing, medium-sized housing (exclusive area 60?85㎡) preferred by 3?4 person households will also be newly introduced, and supply will be at the quality level of sale housing." He added, "In addition, in December, visible measures for housing supply will be implemented, including the largest pre-sale of 17,000 units of the year, designation of eight main districts under the 2.4 Plan, and the government will make every effort to firmly establish the recent housing market stabilization in the market."

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