Park Young-sun "Supplying Apartments at Half Price of 10 Million Won per Pyeong... Undergrounding Subway Lines 1 and 4"

On the 31st, Visit Dobong-gu, Seoul to Unveil the '21-Minute Compact City'

"Rising Apartment Prices Ultimately Stem from Land Costs"… Supplying Half-Price Apartments via Land Lease System
"To Improve Residents' Living Environment, Promote Undergrounding of Subway Lines 1 and 4, and Link GTX and KTX Lines"

[Asia Economy Reporter Oh Ju-yeon] "We will supply public sale apartments at half price, priced at 10 million KRW per pyeong, through a land leasehold system."

On the 31st, Park Young-sun, former Minister of SMEs and Startups and a candidate for the Seoul mayoral by-election in April, visited the Chang-dong area in Dobong-gu, Seoul, touring the 'Seoul Arena' and the complex cultural facility 'Platform Chang-dong 61,' making this statement.

Photo by Park Young-sun, former Minister of SMEs and Startups side

Former Minister Park is promoting 'half-price apartments' as a Seoul mayoral pledge, utilizing the land leasehold system as well as national and city-owned land. On the 27th, she also announced plans to provide half-price apartments on land created by undergrounding roads.

On this day, Park began her first event to demonstrate her commitment to key pledges with the 'Again Walking Seoul? 21-Minute Compact City Experience.' Choosing Chang-dong as the first destination, she said, "The relatively underdeveloped northeastern four districts (Dobong, Nowon, Gangbuk, Seongbuk) compared to Gangnam in Seoul will definitely be reborn," adding, "The Chang-dong area in Dobong-gu can serve as a model for the '21-minute compact city' of Nowon and Dobong."

Specifically, she explained, "We will integrate approximately 380,000㎡ (120,000 pyeong) including the Chang-dong train depot between Chang-dong Station and Nowon Station, Dobong Driver’s License Test Center, Seoul Arena, transfer parking lot, and Hanaro Club into a single living zone where workplaces, education, childcare, medical services, shopping, and cultural activities are all accessible within 21 minutes."

She also emphasized, "We will supply public sale apartments at half price, priced at 10 million KRW per pyeong, on the train depot, parking lot, and terminal sites through the land leasehold system."

Regarding the feasibility of half-price apartments, Minister Park said, "The reason apartment prices become expensive is ultimately a land price issue," adding, "If national and city-owned lands are used under the land leasehold system going forward, half-price apartments at 10 million KRW per pyeong can be uniformly supplied throughout Seoul."

She added that the Seoul Arena currently under construction will be completed by 2025 to make Chang-dong a world-class music city.

Along with this, former Minister Park said, "We plan to actively support industry-academia cooperation activities with 15 nearby universities including the Hongneung Bio Research Complex and Kyung Hee University College of Korean Medicine, and to improve residents’ living environment by undergrounding subway lines 1 and 4 and promoting connections with GTX and KTX lines."