[2024 National Audit] Park Sang-woo, Minister of Land, Infrastructure and Transport, "Expanding Urban Supply through Redevelopment Projects and Long-term Rentals"

Minister Park Sang-woo's Report at the National Assembly Land, Infrastructure and Transport Committee Inspection
"Additional Discovery of 80,000 New Housing Sites in the Seoul Metropolitan Area"
"Implementation of Ultra-Wide Area via Railway Undergrounding and Balanced Development"
"Prevention of Safety Accidents Including Electric Vehicles, Sudden Acceleration, and Sinkholes"

Minister of Land, Infrastructure and Transport Park Sang-woo pledged to "strengthen the foundation for housing stability by sufficiently supplying the housing that the public desires," promising additional discovery of new housing sites and focused supply of newly built purchase rental housing.

Minister of Land, Infrastructure and Transport Park Sang-woo is reporting on work at the National Assembly Land, Infrastructure and Transport Committee's audit held at the Government Sejong Complex on the morning of the 7th. / Photo by Yonhap News

In his opening remarks at the National Assembly Land, Infrastructure and Transport Committee’s audit held at the Government Complex Sejong on the morning of the 7th, Minister Park said, "In particular, to expand housing supply in urban areas, we are promoting the redevelopment of aging planned cities and maintenance projects, and are also pursuing housing supply that meets residential demand by establishing large-scale long-term rental business models."

The new housing sites aim for a scale of 80,000 households in the metropolitan area by next year. The newly built purchase rental housing plans to supply more than 110,000 units. He added, "We are also improving the conditions for housing construction projects through mitigating unsold housing risks in local areas, supporting project financing (PF) loan guarantees, and managing construction costs stably."

Minister Park emphasized that the transportation system will also be innovated to improve the quality of life for the public. He said, "We opened the metropolitan area express railroad (GTX) Line A in March, and are steadily implementing measures to improve metropolitan transportation," adding, "We have enhanced the convenience of public transportation through the introduction of the K-Pass, which reduces transportation costs, and by strengthening connecting transportation."

He also expressed determination for practical balanced development through the realization of a super-regional economic zone. His ambition is to transform the paradigm of space utilization through railway undergrounding and underground expressways, and to revitalize aging urban areas into desirable living spaces through the New:Village project. Minister Park explained, "We will create innovation growth hubs such as new national industrial complexes and urban convergence special zones, and rationally improve regulations that hinder land use to support regional economic growth," adding, "We will accelerate the realization of super-regional zones by building dense regional transportation networks including railways, roads, and airports."

Furthermore, he stated that the land and transportation industry will be innovated to generate economic growth momentum. Minister Park said, "We are expanding the global economic territory centered on One Team Korea so that overseas construction can become a driving force for economic vitality recovery," and added, "Along with the digitalization of the land and transportation industry, including smart construction, digital roads, and advanced logistics, we will also enhance industrial competitiveness through establishing fair market order and regulatory innovation."

Minister Park also said, "We will create a safe and comfortable living environment anytime and anywhere," and conveyed, "We are fundamentally improving the safety management system to prevent repeated safety accidents and poor construction at construction sites, and strengthening infrastructure management such as roads and railways by utilizing advanced technologies."

He added, "We are also implementing customized traffic safety measures for vulnerable factors such as freight trucks and delivery motorcycles," and said, "We are responding promptly to new risk factors threatening daily life, such as electric vehicles, sudden acceleration, and sinkholes, to prevent safety accidents."

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