Joint Briefing by Related Agencies on the 18th
3rd New Town District Plan to be Finalized This Year
Pre-Subscription Starts in July... 30,000 Units to be Supplied
Today, Recruitment of 14,000 Jeonse Tenants
[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 18th that it will steadily proceed with the previously announced housing supply measures, including the 3rd phase new towns, and prepare and announce additional supply expansion plans before the Lunar New Year holiday.
On the same day, the government held a joint briefing with related agencies at the Sejong Government Complex in the afternoon to explain the progress of real estate policy implementation and future plans. The briefing was attended by department heads from the Ministry of Economy and Finance, the Ministry of Land, Infrastructure and Transport, the National Tax Service, the National Police Agency, Seoul City, and the Financial Supervisory Service.
First, the Ministry of Land, Infrastructure and Transport explained that the new housing site supply projects, including the 3rd phase new towns, are being rapidly carried out as planned.
According to the Ministry, the five 3rd phase new towns?Namyangju Wangsuk, Hanam Gyosan, Incheon Gyeyang, Goyang Changneung, and Bucheon Daejang?have completed district designation and are currently undergoing procedures to finalize district plans this year.
In the case of Hanam Gyosan and Incheon Gyeyang, since land compensation began at the end of last year, the procedures are progressing more than three years faster compared to previous housing projects.
The Ministry stated, "The metropolitan transportation improvement plans, which significantly expand public transportation to enable commuting to downtown Seoul within 30 minutes, have been finalized for all five locations," and added, "We will promptly complete follow-up procedures such as preliminary feasibility studies for public institutions to ensure that the transportation projects for the 3rd phase new towns are completed on schedule."
The new housing sites totaling 48,000 units, announced through the Residential Welfare Roadmap and other plans, have completed district plan establishment and are sequentially starting construction.
Accordingly, the 6,300-unit site near Guri Galmae Station is scheduled to hold subscription applications this year. Most of the new urban housing sites announced through the May 5th and June 6th measures, and the August 4th measure last year?such as Yongsan Maintenance Depot, Taereung CC, and Gwacheon Government Complex idle sites?have also begun development planning.
Given the high interest, with 2.9 million visitors over five months to the 3rd phase new town website launched in August last year, the pre-subscription for the 3rd phase new towns starting in July is also expected to receive strong responses.
Pre-subscription will begin in July with Incheon Gyeyang, followed by Namyangju, Seongnam, and Uiwang. Thirty thousand units are planned for supply in the second half of this year, and 32,000 units next year.
The Ministry emphasized that it will actively support the revitalization of public redevelopment projects.
Earlier, the Ministry and Seoul City selected and announced eight final candidate sites from redevelopment project sites that participated in the public redevelopment candidate site contest. The pilot project sites include Heukseok 2 in Dongjak-gu, Yangpyeong 13 and 14 in Yeongdeungpo-gu, Yongdu 1-6 and Sinseol 1 in Dongdaemun-gu, Bongcheon 13 in Gwanak-gu, Sinmunro 2-12 in Jongno-gu, and Gangbuk 5 in Gangbuk-gu.
The eight selected candidate sites will complete redevelopment plan establishment and implementer designation within the year, and the government plans to select additional candidate sites in March.
For public reconstruction, the Ministry is continuing communication with complexes that responded to preliminary consulting to finalize candidate sites and is also promoting a second round of consulting to recruit additional complexes.
The Ministry also mentioned the 'Measures for Housing Stability for Low-income and Middle-class' announced on November 19 last year.
The Ministry explained that 19,000 vacant public rental units have been supplied as jeonse-type (long-term lease) housing to existing eligible applicants, and the remaining 20,000 units will be supplied as jeonse-type housing with significantly relaxed income and asset criteria.
Starting immediately, for three days, the Korea Land and Housing Corporation (LH) will accept nationwide integrated applications for 14,000 units. These units will be available for move-in from next month and can be occupied for up to six years at prices below 80% of market rates.
The Ministry stated, "While steadily implementing the previously announced housing supply expansion plans, we will also prepare additional housing supply expansion measures within urban areas and announce them before the Lunar New Year holiday."
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