Infographic of the Supply Plan for 1.27 Million Households in the Seoul Metropolitan Area (Provided by the Ministry of Land, Infrastructure and Transport)
[Asia Economy Reporter Lee Chun-hee] The government has summarized and presented the total scale of housing supply announced through the August 4th real estate measures. Based on tenant recruitment announcements, it plans to supply a total of 1.27 million households, including 180,000 this year, 200,000 next year, and 200,000 in 2022. A total of 360,000 households will be supplied in Seoul.
The Ministry of Land, Infrastructure and Transport announced on the 13th that from this year, a total of 1.27 million households will be sequentially supplied in the metropolitan area, including 840,000 households on public land, 390,000 households through redevelopment, and 40,000 households through other means.
The volume of public land is based on sites where locations have been selected or district designations have been completed, with tenant recruitment scheduled after this year. New candidate sites for land are also being managed continuously, with plans to supply additional units depending on market conditions. Redevelopment projects will supply housing from sites that have received project implementation approval and have tenant recruitment scheduled after this year, as well as through high-density reconstruction and public redevelopment introduced in recent real estate measures.
By region, 364,000 households are planned for Seoul, 151,000 for Incheon, and 757,000 for Gyeonggi Province. The supply volume in Seoul includes 118,000 households on public land, 206,000 through redevelopment projects, and 40,000 through other means.
View of the Yongsan Maintenance Depot site from the 63 Observatory in Yeouido, Seoul. Photo by Hyunmin Kim kimhyun81@
In Seoul, public land supply is planned as follows: 41,000 households in the Southeast area, 26,000 in the Northwest area, 25,000 in the Northeast area, and 19,000 in the Southwest area. In the Southeast area, the following are planned: ▲Godeok Gangil 12,000 households ▲Seoul Medical Center 3,000 households ▲Gaepo Guryong Village over 2,800 households ▲Suseo Station area 2,100 households ▲Former Seongdong Detention Center 13,000 households ▲Sadang Station Complex Transfer Center 1,200 households ▲Seoul Regional Public Procurement Service 1,000 households.
In the Northwest area, the following are planned: ▲Yongsan Maintenance Depot 10,000 households ▲Western Driver’s License Test Site 3,500 households ▲Camp Kim 3,100 households ▲Susaek Station area 2,100 households ▲Sangam DMC unsold land 2,000 households. In the Northeast area, the following are planned: ▲Taereung Golf Course 10,000 households ▲Kwangwoon Station area 2,800 households ▲Seoul Yangwon 1,400 households ▲Dobong Sungdae Baseball Stadium 1,300 households ▲Northern arterial road three-dimensional development 1,000 households.
In the Southwest area, a total of 19,000 households are planned, including ▲Southwest Water Recycling Center 2,400 households ▲Dongjak Environmental Support Center 1,600 households ▲Daebang-dong military site 1,600 households ▲Yeongdeungpo homeless village 1,200 households.
The Ministry of Land, Infrastructure and Transport plans to supply 13,000 households this year in areas such as Godeok Gangil, Suseo Station area, and Seoul Yangwon. Next year, it plans to introduce pre-subscription for areas such as Taereung Golf Course and recruit tenants for 10,000 households including the Seongdong Detention Center. In 2022, 13,000 households will also be supplied.
Through redevelopment projects, 206,000 households will also be supplied. The Ministry plans to supply 116,000 households from existing redevelopment sites, and an additional 90,000 households through public redevelopment and public participation high-density reconstruction. Along with this, through various institutional improvements such as small-scale redevelopment projects and the redevelopment of aging public rental housing complexes announced in the May 'Strengthening the Housing Supply Base in the Metropolitan Area' plan, 40,000 households will be supplied.
The Ministry also expects that housing supply from various private lands will be about 4,500 households this year and 4,200 households next year, averaging 4,000 to 5,000 households annually. Additionally, it plans to continuously expand purchase rental housing, which involves purchasing housing in urban areas and supplying it at half the market price, aiming to supply about 10,000 households annually in Seoul.
Through the recently announced August 4th measures, the Ministry aims to establish a stable housing supply base for actual demanders and alleviate concerns about supply shortages. To this end, new land will be supplied as early as possible through pre-subscription systems, and redevelopment projects such as high-density reconstruction and public redevelopment will be carried out without delay, with follow-up measures such as project competitions and discovery of leading cases being promoted at a rapid pace.
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