Byeon Chang-heum "Supply measures, move-in within 1 year if short... confident in execution"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] On the 5th, Byeon Changheum, Minister of Land, Infrastructure and Transport, said, "(The 320,000 households to be supplied in Seoul) can move in within 1 year if short, and within 5 years if long," adding, "I am confident in the execution."

Minister Byeon said at the National Assembly's government questioning session held that day regarding the supply measures announced the previous day, "Until now, housing was supplied on the outskirts of the city, but this time we have shown that it is possible to supply a sufficient amount of housing in the city center."

The Ministry of Land, Infrastructure and Transport had announced plans to supply 836,000 households nationwide, including 322,000 households in Seoul by 2025, through 'public direct implementation' redevelopment and reconstruction projects.

Minister Byeon explained, "The government has made sufficient efforts to expand housing supply through the 3rd New Town, the 5th and 6th measures, and the 8.4 measures. Nevertheless, there is still demand for luxury housing, demand for owning a home, and demand within the city center, so we decided to supply housing that meets those needs."

He added, "The amount of housing supply is the largest ever supplied in the metropolitan area by any government. However, we did not sufficiently reflect various opinions regarding the increase in demand due to changes in population structure and income growth."

Minister Byeon said, "(The announced volume) is expected to allow move-in within 1 year if short, and within 5 years if long, by preparing various small-scale projects," adding, "The specific move-in schedule may vary depending on the type of location."