LH to Supply 316,000 Public Sale Housing Units by 2027

2023 Work Plan: Announcement of 7 Major Tasks
This Year, Focus on Projects in the Seoul Metropolitan Area Including Subangsa
Compact City Construction in the 3rd New Town

[Asia Economy Reporter Cha Wanyong] Korea Land and Housing Corporation (LH) plans to supply approximately 316,000 public sale housing units by 2027. Additionally, it will undertake the construction of high-density, mixed-use compact cities centered around GTX station areas in the 3rd New Towns. To this end, LH has decided to expedite the execution of 11.8 trillion KRW (50.5%) out of the 23.4 trillion KRW investment budget scheduled for this year in the first half.

Exterior view of the LH New Home Pre-Subscription Promotion Center located in Goyang-si, Gyeonggi Province. [Photo by LH]

On the 9th, LH confirmed and announced seven major tasks for this year's business plan, including these details.

First, to support the government's plan to supply 500,000 public sale housing units, LH aims to supply about 316,000 units (63%) by 2027, offering new types of housing such as sharing-type units at prices lower than market value.

This year, LH will swiftly proceed with subscription and project approvals mainly in prime locations in the metropolitan area, such as the Capital Defense Command area, and develop new customized floor plans reflecting diverse residential conditions like age groups and household sizes to expand customer choices.

Furthermore, LH plans to complete all land compensations for the 3rd New Towns in the first half and finish site development by the third quarter to establish a foundation for housing supply. It will also secure insufficient land by completing district designations for 15 public housing sites by 2024.

Efforts will also focus on resolving transportation inconveniences and establishing infrastructure in new towns to enhance residential satisfaction for public housing residents. Particularly for the 3rd New Towns, LH aims to realize "transportation first, then occupancy" by concurrently advancing the approval process for metropolitan transportation improvement plans during the urban planning stage (Fast-Track) to accelerate opening schedules.

Moreover, to improve the living convenience of residents in the 3rd New Towns, compact cities with high-density, mixed-use development centered around GTX station areas will be created in locations such as Goyang Changneung and Namyangju Wangsuk, forming "cities within cities."

LH will also take the lead in fundamentally resolving inter-floor noise issues by strengthening floor thickness from the existing 21cm to 25cm and developing new noise reduction structures that are effective against heavy impact noise.

A pilot project applying preferred resident brand names to increase public housing preference and resident satisfaction will be promoted in four locations.

In response to the spread of jeonse fraud, LH will also lead support and prevention efforts. For victims of jeonse fraud who require temporary housing as selected by local governments, emergency rental housing will be provided at 30% of market rent without separate rental deposits. Additionally, tenant protection will be expanded through institutional improvements such as strengthening selection criteria for jeonse rental housing.

LH President Lee Han-jun stated, "We will improve the way we work from the public's perspective to become a public enterprise recognized by the people," adding, "We will faithfully fulfill our core roles such as timely housing supply and strengthening residential welfare to serve as a catalyst for economic recovery and a housing safety net for households facing housing crises."

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