Early Promotion of 300,000 Housing Units Supply in the Seoul Metropolitan Area

[Asia Economy Reporter Yoo In-ho] The Ministry of Land, Infrastructure and Transport will expedite procedures such as district designation and district plan establishment for the 3rd phase new towns to supply 300,000 housing units in the Seoul metropolitan area.

On the morning of the 27th, at the 2020 work report held at the Blue House attended by President Moon Jae-in, the Ministry of Land, Infrastructure and Transport presented the "3 Major Goals and 8 Strategies to Boost Economic Vitality, and 2 Major Livelihood Issues" containing these details.

In the report, the Ministry proposed three major economic vitality goals: ▲ creation of regional economic hubs ▲ activation of investment in regional social overhead capital (SOC) ▲ creation of jobs in land and transportation, and two major livelihood tasks: ▲ expansion of public rental housing supply ▲ innovation of a railway-centered transportation system.

In particular, for the 1st and 2nd phase districts with district designation completed in the metropolitan area, such as Namyangju Wangsuk, Hanam Gyo-san, and Incheon Gyeyang, district plans will be established for 154,000 housing units. For the 3rd phase districts like Goyang Changneung and Bucheon Daejang, district designation will be pursued within this year for 100,000 housing units, and housing supply will begin from the end of next year. The 40,000 housing units planned for supply in downtown Seoul will also have their procedures expedited, recruiting 1,000 residents this year.

Along with this, the plan includes supplying 210,000 public rental housing units within the year, aiming to raise the long-term public rental stock rate to 8%, the average of the Organization for Economic Cooperation and Development (OECD).

The Ministry will also invest 21.7 trillion won in 15 projects exempted from preliminary feasibility studies to promote the national balanced development project. Among these, the Donghae Line single-track electrification project and the National Road No. 20 Sinan-Saengbiryang project will begin construction within the year.

Additionally, plans were announced to foster declining areas into economic innovation hubs through industrial complex remodeling (5 locations) and complex development of aging industrial areas (5 locations).