Yoon Suk-yeol "100,000 Additional Housing Units in 1st Generation New Towns"... Floor Area Ratio Increase

Announcement of 'Capital Region New Town Redevelopment Pledge' on the 6th

Yoon Seok-yeol, the presidential candidate of the People Power Party, is holding a press conference to announce the 'New Town Redevelopment' policy pledge at the central party headquarters in Yeouido, Seoul, on the 6th. (Photo by Yonhap News)

[Asia Economy Reporter Kum Boryeong] Yoon Seok-yeol, the presidential candidate of the People Power Party, announced a plan to supply an additional 100,000 housing units in the first-generation new towns such as Bundang and Ilsan.

On the 6th, Yoon held a press conference on the 'Metropolitan Area New Town Redevelopment Pledge' at the People Power Party headquarters in Yeouido, Seoul, promising three things: adjusting floor area ratio upward and easing regulations, redevelopment projects that benefit tenants, and creating relocation-only complexes to regulate moving demand. The target areas are five locations: Bundang, Ilsan, Pyeongchon, Sanbon, and Jungdong.

First, Yoon plans to create a special law and proceed with administrative procedures to increase the floor area ratio. The average floor area ratio of the existing first-generation new towns is 169-226%, and by adding floor area ratio through land use changes and zoning upgrades, he believes that more than 100,000 housing units can be added. In the case of Ilsan, based on the 3rd-class general residential area with an average floor area ratio of 169%, applying the legal maximum floor area ratio of 300% is expected to secure 51,000 housing units.

Yoon's policy is to ensure that tenants also benefit from redevelopment projects. For elderly households who find it difficult to bear financial burdens, housing will be provided during the redevelopment period, and tenants will be given priority subscription rights for general sales and opportunities to move into rental housing to help them resettle.

Yoon also intends to regulate moving demand by creating relocation-only complexes. This is because if moving demand floods all at once, housing prices fluctuate and residents experience inconvenience. Sites for relocation-only complexes include planned development areas for the third-generation new towns and small to medium-sized public land development districts. However, measures will be taken to ensure that applicants waiting for third-generation new town subscriptions and those wishing to move in are not adversely affected, and fully utilized relocation-only complexes will be converted into public rental housing or sale housing.

Yoon said, "I have said that the top priority of housing policy is to improve the living standards of all citizens," adding, "My basic principle of real estate policy is to stabilize the real estate market by sufficiently supplying housing in areas where people want to live."

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