Presiding over the 15th Real Estate Market Inspection Ministerial Meeting on the 17th
Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is seen speaking while presiding over the 15th Real Estate Market Inspection Meeting attended by Byun Chang-heum, Minister of Land, Infrastructure and Transport, and others at the Government Seoul Office on the 17th. (Photo by Yonhap News)
[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki announced on the 17th, "The new public housing sites under the 2·4 Plan will be promptly announced by the second quarter."
Deputy Prime Minister Hong made these remarks during his opening statement at the '15th Real Estate Market Inspection Meeting of Related Ministers' held at the Government Seoul Office that morning.
He stated, "The new public housing sites, totaling approximately 250,000 units, will have detailed preparations such as zoning thoroughly completed to prevent market confusion, and the candidate sites will be announced promptly by the second quarter."
He added, "We will submit the related bills to the National Assembly within this week, push for amendments by March, and ensure there are no setbacks in implementation by June."
The government plans to promote amendments to the Special Act on Public Housing, the Urban Maintenance Act, the Small-scale Maintenance Act, and the Urban Regeneration Act through member-initiated legislation.
Deputy Prime Minister Hong also said, "For the Urban Public Housing Complex Project and the Public Direct Implementation Maintenance Project, candidate site selection will begin alongside the enforcement of the law. We will hold intensive briefing sessions for project stakeholders in candidate areas for 2 to 3 months starting from February."
Regarding claims from some quarters that not granting priority supply rights (move-in rights) within the planned project areas constitutes 'infringement of property rights,' he expressed disagreement.
Hong said, "There were criticisms that compensating in cash instead of granting move-in rights for houses acquired within the planned project areas after the 2·4 Plan was an excessive infringement of property rights. However, under current law, cash compensation is the principle, and compensation based on appraisal is legitimate."
He also did not forget to explain the scale and background of the 2·4 Plan.
Hong stated, "If all supply measures are executed, 2.05 million housing units will be supplied by 2025, which is the largest scale since the 2000s."
He explained that the 836,000 units under the 2·4 Plan, combined with the previously announced plans of 1.27 million units in the metropolitan area and 75,000 units under the jeonse (lease) measures, minus the overlapping 127,000 units, still total more than 2 million units.
He said, "Given experiences such as the significant adjustment in Seoul apartment prices during the global financial crisis, it is now time for market participants to take a cooler, longer-term view and participate in the market."
He continued, "The 2·4 Plan is a public-led fast track that maintains the existing union-based reconstruction and redevelopment while increasing housing supply speed by adding profitability and providing exemptions and relaxations from various regulations. It is a policy that broadens the range of choices."
He also pledged to proceed without setbacks on the supply measures announced last year, including the 8·4 and 11·19 plans.
He said, "The Taereung Golf Course site will be designated as a public housing district in the second half of the year. The Seoul Procurement Office site will be developed by relocating the office first, improving the project procedure to shorten the project period."
He added, "For the 11·19 Plan, we will strive to achieve the nationwide supply of 49,000 units in the first half without setbacks, and complete institutional improvements such as the establishment of a new loan guarantee for exclusive new purchase contract operators announced on the 4th by March."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
