70,000 Households in Gwangmyeong-Siheung... Sixth 3rd Phase New Town Development

[Asia Economy Reporter Kangwook Cho] The Gwangmyeong-Siheung district has been designated as the first new public housing site in the Seoul metropolitan area under the 2·4 Supply Plan. A new town-scale housing site with 70,000 households is planned to be developed here.

On the 24th, the Ministry of Land, Infrastructure and Transport announced that it has prioritized the confirmation of locations for 101,000 households (across 3 sites) as part of the follow-up measures to the ‘Public-led 3080+, Drastic Expansion Plan for Housing Supply in Metropolitan Areas’ announced on the 4th. In the Seoul metropolitan area, 70,000 households will be supplied in Gwangmyeong-Siheung. Additionally, 18,000 households will be supplied in Busan Daejeo and 13,000 households in Gwangju Sanjeong in the provinces.

A Ministry of Land official explained, "For the Seoul metropolitan area, considering housing supply in the southwestern area near Seoul, regional balance, and transportation conditions, Gwangmyeong-Siheung was selected as the sixth 3rd generation new town following Namyangju Wangsuk (northeast area), Hanam Gyosan (southeast area), Goyang Changneung (northwest area), Bucheon Daejang and Incheon Gyeyang (western area)."

Gwangmyeong-Siheung is located 12 km from Yeouido in Seoul, inside the Seoul Metropolitan Area 1st Ring Expressway, and only 1 km from the Seoul city boundary, making it suitable to absorb housing demand from Seoul. In the provinces, housing supply will be promoted through medium-scale housing site development centered on the five major metropolitan areas, considering the housing market situation. Busan and Gwangju will be prioritized, and locations for other metropolitan cities will be announced later.

In particular, the Ministry plans to develop Gwangmyeong-Siheung as a southwestern hub city driving the development of nearby areas such as Gwangmyeong and Siheung near Seoul. Gwangmyeong-Siheung, which is 4.3 times the size of Yeouido and the largest among the 3rd generation new towns, will have approximately 3.8 million square meters of parks, green spaces, and waterfront parks, accounting for 30% of the area. The size of parks and green spaces is 1.3 times that of Yeouido. Furthermore, a rail-centered public transportation system will be established to enable access to downtown Seoul within 20 minutes, and road measures will be prepared to improve transportation conditions in surrounding areas, including resolving bottleneck sections.