The Transition Committee Forms 'Ministry of Land and Seoul City TF'... Focused Discussion on Supply Plans

"Seoul City to Establish Housing Supply Roadmap"... Commitment to Supply 2.5 Million Households Fulfilled

Won Il-hee, Senior Deputy Spokesperson of the Presidential Transition Committee, is giving a briefing on current issues at the Transition Committee briefing room in Tongui-dong, Seoul, on the afternoon of the 1st. Photo by Transition Committee Press Corps

[Asia Economy Reporter Bae Kyunghwan] The Presidential Transition Committee (PTC) has formed a joint task force (TF) with the Ministry of Land, Infrastructure and Transport and the Seoul Metropolitan Government. This move aims to fulfill President-elect Yoon Seok-yeol's pledge to supply 2.5 million housing units by establishing systems and minimizing approval procedures.

On the 1st, Won Il-hee, senior deputy spokesperson of the PTC, stated at the PTC office in Tongui-dong, Jongno-gu, Seoul, "As an action plan of the Real Estate TF, the Ministry of Land, Infrastructure and Transport and Seoul City have formed the 'Urban Supply Execution TF'." Deputy Spokesperson Won added, "The goal is to swiftly supply housing where there is demand," and "This is the first measure to implement the opinions that came out of the Real Estate TF on the 30th of last month."

The TF will discuss concrete project plans to achieve the supply of 2.5 million housing units, a key pledge of President-elect Yoon. The focus will be on ▲ first-home housing near subway stations ▲ youth cost-price housing, and preparing a housing supply roadmap for Seoul where demand is high ▲ identifying pilot project sites and establishing project plans.

The TF team leaders will be jointly led by the Director-General of the Housing and Land Office at the Ministry of Land, Infrastructure and Transport and the Director of the Housing Policy Office at Seoul City. In addition, all departments necessary for housing supply, such as maintenance projects and urban planning, will participate. The first TF meeting will be held on the 6th and will subsequently operate on a biweekly basis. Furthermore, to establish nationwide housing supply governance, it was decided to expand to other local governments in April.

A PTC official stated, "Since the Ministry of Land, Infrastructure and Transport, which operates housing supply-related systems, and Seoul City, which handles procedures and holds approval authority for housing supply within the city, have joined forces, we expect a synergistic effect on housing supply."

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