Sejong Public Officials to Prevent 'Sale Price Arbitrage'... 5-Year Actual Residence Obligation Bill Proposed

A citizen is looking at the view of Sejong City, where apartments are densely packed, from the Milmaru Observatory in Eojin-dong, Sejong City. [Image source=Yonhap News]

[Asia Economy Reporter Lee Chun-hee] The practice of public officials acquiring apartments in Sejong through the 'Special Supply for Transferred Institutions' and selling them without actual residence to gain price differences will be completely blocked.

On the 28th, Cheon Jun-ho, a member of the National Assembly's Land, Infrastructure and Transport Committee from the Democratic Party of Korea, introduced a partial amendment bill to the 'Housing Act' that imposes a residence obligation within five years on public officials who receive special supply housing constructed and supplied in speculative overheated zones within the Administrative City. Cheon stated that he had consulted with the Ministry of Land, Infrastructure and Transport and the Administrative City Construction Agency.

There have been numerous cases where apartments in Sejong were purchased through the 'Special Supply for Transferred Institution Employees' and sold without actual residence even after completion, raising concerns. During the recent controversy over multi-home ownership among high-ranking public officials, many cases were criticized where officials sold Sejong housing while retaining housing in the metropolitan area.

In response, Representative Cheon said, "It is true that high-ranking public officials who acquired apartments through the special supply for public officials did not actually reside in them and sold them for profit, causing a great sense of deprivation among actual owners. Although belated, I hope this legal amendment will ensure that special supply apartments are provided to public officials who genuinely need housing."