Democratic Party: "12,000 Households in Guryong Village... 5,000 Households at Half Price" (Update)

Securing Additional Supply through Floor Area Ratio Expansion and Zoning Upgrades... Introducing 'Nugunajip' and 'Gibonjutak'

[Asia Economy Reporter Bae Kyunghwan] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, announced plans to supply a total of 12,000 housing units in Guryong Village, the only shantytown in Gangnam. Nearly half of these, 5,000 units, will be offered to youth and newlyweds at less than half the market price.

On the 15th, Song Young-gil, the leader of the Democratic Party of Korea, presented this 'Additional Housing Supply Pledge for the Seoul Metropolitan Area' at the party headquarters in Yeouido in the morning. This is an additional supply beyond the 3.11 million units previously pledged by candidate Lee.

Guryong Village is the last remaining shantytown in Gangnam, where the Seoul Metropolitan Government and SH Corporation (Seoul Housing and Communities Corporation) are reviewing the feasibility of introducing land lease sale housing and long-term rental housing. However, development projects have stalled due to years of conflict between the Seoul city government and Gangnam District over the scale of supply and rental ratios.

Lee’s camp announced plans to publicly develop Guryong Village to supply 12,000 housing units, with 5,000 of these units offered to youth and newlyweds at less than half the market price. To increase the planned supply from 2,838 units to 12,000 units, they proposed expanding the development area. The core plan is to establish a new Category 4 General Residential Area and promote zoning upgrades to allow a floor area ratio increase of up to 500%.

The 5,000 units for youth and newlyweds will be offered at less than half the market price, introducing various supply methods such as 'Nuguna House' and 'Basic Housing.' Leader Song explained, "Through this, youth and newlyweds will be able to secure a home in Seoul with just 40 million won, which is 10% of the sale price."

They also pledged to recover development profits. Profits generated from the development, housing construction and supply, and management of Guryong Village will be prioritized for supplying the 5,000 units for youth and newlyweds. Development profits will also be used to expand infrastructure for local residents and establish cultural and sports facilities.

Expanding the 'Guryong Village Public Development' project model was also introduced as a new pledge. Through this model, all 100,000 units supplied on parts of Yongsan Park and surrounding returned sites will be offered to youth and newlyweds at less than half the market price. Leader Song stated, "Candidate Lee and the Democratic Party will not impose any policy taboos if it guarantees a better life for the people. We will guarantee the public’s housing choice through Nuguna House and Basic Housing and steadily supply housing according to market needs."

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