SH Establishes Dedicated Department for Urban Public Housing Complex Project

On April 20, Seoul Housing & Communities Corporation (SH) announced that it will establish a dedicated department for the Urban Public Housing Complex Project. The Urban Public Housing Complex Project is a government-led initiative to supply housing in underutilized and aging areas that are difficult to redevelop through conventional urban renewal methods, with the public sector participating directly in these developments. This organizational restructuring follows the 'Seoul-Type Fast-Track Plan for Public Participation Housing Projects' announced by the Seoul Metropolitan Government on April 13. To accelerate the implementation of the Urban Public Housing Complex Project, which is one of the three major Seoul-type public participation housing projects (public redevelopment, Urban Public Housing Complex Project, public cluster housing), SH has established the Urban Public Complex Project Department. The newly established Urban Public Complex Project Department will be responsible for

General

04.20 15:00

Oh Sehoon: "Faster Reconstruction Projects" vs Jung Wonoh: "Expert Close Management"

With both the ruling and opposition parties finalizing their candidates for the June 3 local elections for Seoul mayor, attention is focusing on their real estate pledges. Oh Sehoon, the incumbent Seoul mayor and candidate of the People Power Party, has stated his intention to maintain a private sector-led approach while easing regulations on urban renewal projects. His challenger, Jung Won-oh of the Democratic Party of Korea, is proposing stronger management of reconstruction and redevelopment, as well as the supply of cost-effective apartments. Given the difficulty in securing new residential land within Seoul for this election, pledges on urban renewal projects are expected to play a critical role in determining the outcome. Mayor Oh plans to accelerate reconstruction and redevelopment projects, centering on the Rapid Integrated Planning system, with the goal of starting construction on a total of 310,000 housing units by 2031. The Rapid Integrated Planning system is a framework in

General

04.20 11:12

50 Million Won to 200 Million Won... Capital Gains Tax to Quadruple If Long-Term Holding Deduction Is Revised

President Lee Jaemyung has indicated a gradual and phased abolition of the Long-Term Ownership Special Deduction (hereafter, Long-Term Deduction) for capital gains tax. If the deduction benefit based on the holding period is eliminated, the capital gains tax burden for single-home owners is expected to increase by about four times compared to the current level. According to a simulation conducted by The Asia Business Daily on April 20 in consultation with Woo Byungtak, a senior expert at Shinhan Bank’s Premier Pathfinder, if an apartment purchased for 1.5 billion won is held and occupied for 10 years and then sold for 3 billion won, the current system (with an 80% Long-Term Deduction) would require a capital gains tax payment of approximately 52.26 million won. However, if the benefit based on the holding period (40%) is excluded and only the deduction rate based on the period of residence (40%) is applied, the capital gains tax payable would rise to 208.79 million won, about four time

General

04.20 10:57

GS E&C CEO Kim Taejin Visits Sites in Daegu to Lead Safety Management Initiatives

GS Engineering & Construction announced on the 20th that Kim Taejin, CEO and Chief Safety Strategy Officer (CSSO), has embarked on his first site visits to locations in Daegu and North Gyeongsang Province since taking office, marking the start of his safety management initiatives. From April 16 to 17, CEO Kim visited GS Engineering & Construction sites in Daegu and North Gyeongsang Province, where he inspected safety conditions and spent time communicating with workers. Previously, at the regular general shareholders' meeting held last month, GS Engineering & Construction appointed CEO Kim as the representative director in charge of safety, transitioning to a dual representative director system with Yoonhong Heo and Taejin Kim each serving independently. Furthermore, on April 1, GS Engineering & Construction reorganized the CSSO’s division into two distinct units: one responsible for safety strategy, and another for supporting operational safety at sites, thereby enhancing specializati

General

04.20 10:20

Seoul Apartment Sales Volume Drops 18% in March... End-User Demand Focused on Units Under 1.5 Billion Won

Last month, the number of apartment transactions in Seoul dropped by nearly 18% compared to the previous month. With transactions of apartments priced at 1.5 billion won or less accounting for more than 85% of the total, the market appears to be shifting toward end-users. According to the Seoul Metropolitan Government on April 20, the number of apartment transactions in Seoul in March was tallied at 4,742, a 17.7% decrease from the previous month. Considering that the reporting deadline for real estate transactions is within 30 days of the contract date, and that reports for March contracts can be filed until the end of April, it is possible that the transaction volume may increase further in the future. By transaction amount, last month, apartments priced at 1.5 billion won or less accounted for 85.3% of the total, up 3.8 percentage points from the previous month. Since November last year, transactions of apartments in this price range have been on the rise. The city explained, "For a

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04.20 06:00

Seoul City to Revitalize Nambu Bus Terminal Area... "To Develop as a Southeastern Hub"

The Seoul Metropolitan Government is working to revitalize the area surrounding Nambu Bus Terminal, a major transportation hub. Although the area’s utility has declined due to aging infrastructure, the city aims to reorganize the urban space through a mid-to-long-term strategy that places terminal functions underground and develops a multifunctional complex above ground. The city announced on April 20 that it has promoted a study titled "Integrated Plan and Implementation Strategy for Revitalization of the Nambu Bus Terminal Area" and, based on this, has drawn up a basic plan. The plan includes a mid-to-long-term strategy to develop the area within a one-kilometer radius of Nambu Bus Terminal and to link urban functions throughout the district. The Nambu Bus Terminal has been operating since the 1990s as a temporary two-story structure. Although redevelopment has been discussed through preliminary negotiations, the project has been stalled for a long time due to disagreements over deve

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04.20 06:00

Jeonse Prices Double from Last Year... Gwangmyeong Rental Market Surges Past Previous Peak

Jeonse prices for apartments in Gwangmyeong, Gyeonggi Province, are rising rapidly. After surging around 2022 due to a wave of relocation demand triggered by major apartment complexes undergoing reconstruction and redevelopment, prices then plummeted in the second half of the same year. Recently, however, in some complexes, transactions are occurring at levels even higher than the previous peak. According to the actual transaction price system of the Ministry of Land, Infrastructure and Transport as of April 17, the jeonse deposit for an 84-square-meter unit at Gwangmyeong Cheolsan Xi The Heritage was traded in the 500 million to 600 million won range around May last year, just before and after occupancy. Last month, the price rose to as high as 900 million won. The latest jeonse listings are now asking for 1.1 billion won. For a 59-square-meter unit at Gwangmyeong Cheolsan Station Lotte Castle & SK View ClassTige, a new jeonse contract was signed on April 11 for 680 million won. This

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04.18 08:00

"I'll Just Move In": Only 149 More Seoul Apartments Listed Despite Government's Planned Regulations

"No one is looking to sell their home, only people wanting to move in." (A realtor near Apgujeong-dong) As the government has announced plans to introduce regulations targeting non-resident single-home owners, the market has yet to see a clear increase in properties for sale. Analysts point out that a decline in the number of available new homes and the ongoing jeonse (long-term lease) crisis have made it difficult for single-home owners to sell their properties. In particular, in the case of high-priced homes, there are already increasing instances of owners moving in themselves and evicting tenants, indicating that non-resident single-home owners are opting to hold rather than sell. According to Asil, a real estate big data company, as of April 17, there were 75,650 apartment listings for sale in Seoul. In the ten days following President Lee Jaemyung's order at the April 6 Cabinet meeting to review 'sales with tenants' for single-home owners, the number of listings increased by only

General

04.18 07:00

Noryangjin District 1 Receives Management Disposition Approval, Surpassing Key Redevelopment Hurdle

SH Establishes Dedicated Department for Urban Public Housing Complex Project

Oh Sehoon: "Faster Reconstruction Projects" vs Jung Wonoh: "Expert Close Management"

50 Million Won to 200 Million Won... Capital Gains Tax to Quadruple If Long-Term Holding Deduction Is Revised

GS E&C CEO Kim Taejin Visits Sites in Daegu to Lead Safety Management Initiatives

Seoul Apartment Sales Volume Drops 18% in March... End-User Demand Focused on Units Under 1.5 Billion Won

Seoul City to Revitalize Nambu Bus Terminal Area... "To Develop as a Southeastern Hub"

Jeonse Prices Double from Last Year... Gwangmyeong Rental Market Surges Past Previous Peak

"I'll Just Move In": Only 149 More Seoul Apartments Listed Despite Government's Planned Regulations

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