Introduction of 'Mini Reconstruction' for Small Complexes Under 200 Households... Project Sites to Be Selected Within the Year

Joint Briefing on Real Estate Policy Implementation Status and Future Plans on the 18th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government has decided to newly introduce 'Public Small-scale Reconstruction' targeting small complexes with fewer than 200 households.

On the 18th, the government held a 'Joint Briefing on the Current Status and Future Plans of Real Estate Policy' and announced that it will expand housing supply through public participation from organizations such as Korea Land and Housing Corporation (LH) and Seoul Housing and Communities Corporation (SH).

Small-scale reconstruction is a maintenance project carried out in areas where the land area is less than 10,000㎡, the number of households is fewer than 200, and more than two-thirds of the buildings are old or deteriorated. It targets multi-family housing such as row houses or small apartments.

The government plans to begin a full-scale pilot project in the second half of the year once related legal amendments are completed.

Additionally, the government announced that it will supply 4,700 housing units through public redevelopment. The government expects that by resolving project obstacles, it will be able to provide high-quality housing desired by actual demanders.

Pre-subscription for the 3rd phase new towns will be fully implemented starting in July. Beginning with Incheon Gyeyang in July, pre-subscriptions will be conducted sequentially in Namyangju, Seongnam, and Uiwang, aiming to supply 30,000 units in the second half of this year and 32,000 units next year.