Kim Heon-dong, SH President: "Immediate Supply of 50,000 Houses in Gyeonggi-do, Mobilization of 10 Trillion Won Possible"

"3rd New Towns, Started to Control Seoul Housing Prices"
"SH Must Participate in the Project... Can Mobilize 10 Trillion Won Immediately"

Kim Heon-dong, President of SH Seoul Housing and Communities Corporation. Photo by Heo Young-han younghan@

"The supply of the 3rd phase new towns can be rapidly provided by Seoul Housing and Communities Corporation (SH). While Korea Land and Housing Corporation (LH) and Gyeonggi Housing and Communities Corporation (GH) are not able to speed up, we proposed to the Ministry of Land, Infrastructure and Transport that if project sites are designated in places close to Seoul, such as Suwon, we can immediately supply up to 50,000 housing units."

On the 26th, Kim Heon-dong, president of SH Corporation, held a press conference at the SH headquarters in Seoul and stated that SH should participate in the 3rd phase new town project to contribute to stabilizing housing prices in Seoul. He said, "The 3rd phase new towns were started to curb the soaring housing prices in Seoul by supplying new apartments at affordable prices in areas very close to Seoul within a short period," adding, "SH must join forces."

President Kim criticized, "Lee Jae-myung, the leader of the Democratic Party of Korea, said he would provide public housing when he was governor of Gyeonggi Province, but he is not proactive since becoming party leader," and "Gyeonggi Governor Kim Dong-yeon also pledged 200,000 half-price apartments as his first campaign promise, but there has been no supply performance."

He stated, "We want to supply rental housing in Seoul, but there is no land," and "Seoul's land has all been given to LH over the past 10 years." LH has been in charge of Seoul's land development projects in areas such as Suseo District and Jagok District in Gangnam-gu, Umyeon District in Seocho-gu, Yangwon District in Jungnang-gu, and Talleung District in Nowon-gu. SH has only developed Seongdui Village in Seocho-gu over the past 10 years.

Regarding the Ministry of Land, Infrastructure and Transport's criticism that "SH's target for rental housing supply this year was 5,000 units, but only 1,500 units were supplied," President Kim said, "If land acquisition is smoothly secured, we can increase the supply of rental housing," emphasizing, "If SH participates in the development of the 3rd phase new towns, we can quickly supply cheap and good half-price apartments in Gyeonggi Province, and not only Seoul but the entire metropolitan area can develop together."

He continued, "The combined price of the 100,000 apartments owned by SH amounts to 70 trillion won, and currently, the debt ratio is 180%, but except for the housing fund used for apartment rental deposits and a little used for building apartments, there is almost no debt," adding, "We can immediately mobilize about 10 trillion won for the 3rd phase new towns."

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