6th 3rd Phase New Town Gwangmyeong-Siheung District
45,500 Private and Public Sale Units Supplied
Minister Byeon Changheum "No Immediate Reason to Buy a House"
Vice Minister Yoon Seongwon "Can Also Absorb Gangnam Demand"
Follow-up Supplies Including 2nd New Housing Sites Coming One After Another
The government plans to release 28,000 privately sold housing units and 17,500 publicly sold units in the Gwangmyeong-Siheung district, designated as the sixth 3rd phase new town. The Ministry of Land, Infrastructure and Transport expects that once a metropolitan railway network is established in the Gwangmyeong-Siheung district, it will be able to absorb housing demand from Seoul's Gangnam area. Minister Byeon Chang-heum of the Ministry of Land, Infrastructure and Transport stated, "If you think supply will increase, there is no need to rush to buy a house right now."
On the 25th, Yoon Seong-won, the first vice minister of the Ministry of Land, Infrastructure and Transport, appeared on a terrestrial radio broadcast and said, "The Gwangmyeong-Siheung district is adjacent to Seoul's Guro-gu and will be connected by as many as six railway lines, forming a metropolitan railway network that can absorb demand from areas like Gangnam." According to relevant laws, 35% of the supply on public land is allocated to public rental housing, 25% to public sale, and the remaining 40% to private sale. Applying this to the Gwangmyeong-Siheung district, the combined supply of private and public housing reaches 45,500 units.
Vice Minister Yoon said, "the Gwangmyeong-Siheung district will be served by six railway lines including Subway Lines 1, 2, and 7, the Sinansan Line, the 2nd Gyeongin Line, and GTX-B," adding, "We plan to organize a comprehensive metropolitan transportation network to enable transfers, so the current traffic demand concentrated on roads will be dispersed to the railway network." This aims to alleviate the current traffic congestion in the Gwangmyeong area by widening roads and expanding the railway network to improve accessibility to downtown Seoul.
On the morning of the 24th, Yoon Sung-won, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, is answering reporters' questions at a briefing on the new public land development plan to expand housing supply held at the Government Complex Sejong in Sejong City. (Photo by Yonhap News)
Vice Minister Yoon also forecasted that housing prices will stabilize as additional new public land sites, including the second batch of new sites and public urban development candidates, will be announced soon. He said, "We will announce the first batch of public direct implementation redevelopment projects in July and disclose the remaining new sites in April," adding, "Once agreements are reached, we will announce them promptly and accelerate the supply process to send a message that supply is coming."
Minister Byeon Chang-heum also appeared on a news agency's YouTube broadcast that day and described the 2.4 measures as "the first policy to shift thinking in a new way," expressing confidence in stabilizing housing prices. Minister Byeon said, "If cheaper houses come out next year or in three to five years, there is no reason to buy a house hastily now," and added, "We will continue to announce detailed measures to instill such confidence."
Regarding the Gwangmyeong-Siheung district, he said, "It has a scale and location that can give a feeling as if it is located in the city center," and added, "Although some residents have expressed opposition, in cases like Taereung, substantial agreements have been reached with residents, and in Gwacheon, residents' opinions are being well reflected, so decisions can be made within a reasonable range."
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