Seoul Speeds Up Reconstruction and Redevelopment... "85,000 Housing Units to Break Ground Within 3 Years"

Six-Item Rapid Construction Package... KRW 50 billion in relocation loan support
Eunpyeong District to break ground on 9,300 units by 2028, the largest volume in Seoul
20,000 units in the Hangang Belt, including Yongsan and Dongjak
30,000 units to break ground this year

Oh Sehoon, mayor of Seoul, is speaking at the presentation of core supply strategy projects for the "Rapid Start of Construction for 85,000 Housing Units" housing project held at Seoul City Hall on the 26th. Photo by Yonhap News

The Seoul Metropolitan Government will shorten administrative procedures such as reconstruction and redevelopment reviews in the Hangang Belt areas including Yongsan and Dongjak, and will begin construction on 85,000 housing units over the next three years. To this end, it has decided to introduce a new 'Six-Item Rapid Construction Package', which includes electronic general meetings, the involvement of experts in demolition plans, and integrated reviews. It also plans to specify deadlines for each stage in the standard construction contract in order to accelerate urban renewal projects.

Mayor Oh Sehoon of Seoul said at the presentation held at City Hall on the 26th, "We will concentrate administrative resources on projects that are at the management disposition stage and at the relocation and release stages." This represents an increase of 6,000 units from the original target of 79,000 units. The city also plans to raise this year's construction start volume from the existing 23,000 units to 30,000 units to break through the current housing supply drought.

Eunpyeong has the largest volume to break ground within 3 years... Hangang Belt remains strong

Among the 85 districts disclosed by the Seoul Metropolitan Government on this day, Eunpyeong District has the largest supply volume. Including Galhyeon District 1 (4,116 units), Bulgwang District 5 (2,387 units), Jeungsan District 5 (1,775 units), and Susaek District 8 (621 units), the total comes to 9,398 units.

Construction starts are also concentrated in the Hangang Belt areas such as Yongsan, Dongjak, Dongdaemun, and Seongdong. Yongsan District has a total of 8,154 units, including Hannam District 3 (5,970 units), which is targeted to break ground in 2026, Hannam District 2 (1,537 units), and Sanho Apartment (647 units). The Hannam New Town area is regarded as a prime luxury residential district that offers both views of the Han River and convenient access to Gangnam.

Dongjak District (7,657 units) is also a key axis of the Hangang Belt. Large-scale urban renewal sites such as Noryangjin District 1 (2,992 units), Heukseok District 11 (1,515 units), and Noryangjin Districts 3, 4, 5, and 7 are included. When Seongdong District (1,113 units) and Mapo District (1,652 units) are added, the construction start volume in districts adjacent to the Han River exceeds 20,000 units.

Among the three Gangnam districts, Songpa District has the largest construction start volume with 7,305 units. This includes Garak Samik Mansion (1,531 units), Macheon District 4 (1,254 units), Samhwan Garak Apartment (1,101 units), and Garak Plaza Apartment (1,068 units). In addition, the reconstruction of Gaepo Jugong Complex 5 in Gangnam District (1,279 units) has been brought forward by 12 months compared with the original schedule.

'Six-Item Rapid Construction Package' applied to 85 districts

The six-item package focuses on significantly streamlining administrative procedures up to the start of construction. The Seoul Metropolitan Government will fully subsidize the costs of activating electronic general meetings, shortening each meeting by between two weeks and one month. To expedite dissolution reviews for associations that have begun relocation, it will support expert advisory input when drafting demolition plans, cutting one month from the schedule. It also plans to 'integrate' the structural review and excavation review, which had previously been conducted separately before construction, to bring the schedule forward by an additional month.

In addition, to prevent conflicts between associations and contractors, the city has required that deadlines for each stage of relocation, release, and construction start be clearly stipulated in the standard construction contract. For projects that have completed project implementation approval, it will also provide consulting on construction change contracts before the start of construction. Next year, the city plans to develop a 'Urban Renewal Project Schedule Management Calendar' application (app) to promote tighter schedule control.

KRW 50 billion allocated from the Housing Promotion Fund for relocation loans

The Seoul Metropolitan Government will allocate KRW 50 billion from this year's Housing Promotion Fund to provide relocation loan support for project sites that are facing difficulties at the 'relocation stage', the final hurdle before construction, due to regulations on relocation loans. Applications will begin in March, with reviews scheduled for April and disbursement planned within May.

However, as a KRW 50 billion budget is insufficient to support the 253 urban renewal project districts across Seoul, the city plans to continue urging the central government to ease regulations going forward. At the presentation, heads of associations from the 85 core supply strategy projects attended and submitted petitions to the city of Seoul regarding the difficulties caused by current government regulations, including relocation loans and restrictions on the transfer of association member status. Mayor Oh stated, "We will secure the Housing Promotion Fund even if we have to adjust our budget plans, and will expand it further if necessary," adding, "We will strongly call on the government to ease these regulations."

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