Ministry of Land and Seoul City Open Call for Public Redevelopment Project Candidate Sites... Applications Accepted from the 21st

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport and the Seoul Metropolitan Government announced on the 17th that they will hold a 45-day public contest for pilot project candidate sites for the public redevelopment project from the 21st to November 4th.

Public redevelopment is a project in which public entities such as the Korea Land and Housing Corporation (LH) and the Seoul Housing and Communities Corporation (SH) participate in redevelopment projects to improve the residential environment of deteriorated areas and promote housing supply within urban areas.

The public designates the public redevelopment promotion zones as housing supply activation districts, providing support such as increased floor area ratio, simplified permits and approvals, exemption from the price ceiling system for sale prices, and project cost loans.

Except for the portion allocated to association members, the remaining 50% is supplied as rental housing. Of the total, 20% is public rental housing. The target candidates for the pilot project of this public redevelopment contest are areas within Seoul designated as ▲redevelopment zones (redevelopment districts and residential environment improvement projects) ▲zones preparing for designation as redevelopment zones (including released zones).

Seoul plans to establish plans through LH and SH, and finalize candidate sites through a joint candidate selection committee of the Ministry of Land and Seoul Metropolitan Government. Areas where alternative projects such as urban regeneration projects or managed residential environment projects are underway, or areas requiring management for urban management and historical and cultural preservation, are excluded from consideration.

The Ministry of Land and Seoul Metropolitan Government will continue to hold project briefings and candidate site contests to achieve the goal of supplying 40,000 housing units in urban areas announced in the August 4th measures. Once the public redevelopment system is established, it plans to expand to the metropolitan area.

Lee Jaepyeong, Director of the Housing Maintenance Division at the Ministry of Land, said, "We expect many districts to participate in the public redevelopment contest and that sufficient quality housing will be supplied within urban areas." Jin Kyungsik, Director of the Residential Maintenance Division at Seoul City, said, "Going forward, districts participating in the contest will carefully review with local governments whether public redevelopment promotion is appropriate, and will also promptly proceed with ordinance revisions following legal amendments."