People Power Party Real Estate Special Committee Visiting Seoul Station Gosiwon Village: "Private Redevelopment Needed"

"Public-Led Redevelopment Projects Infringe on Owners' Property Rights... Private Development Increases by 1,215 Units"

Song Seok-jun, Chairman of the Special Committee for Normalizing the Real Estate Market of the People Power Party [Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] The People Power Party's Special Committee on Real Estate Market Normalization pointed out the limitations of the public-led 'Seoul Station Ssokbangchon Redevelopment Project' and emphasized the need for private-led development and an increase in supply volume.

On the morning of the 14th, members of the People Power Party's Real Estate Special Committee held a meeting near the planned redevelopment site of the Ssokbangchon in Dongja-dong, Yongsan-gu, Seoul, to seek housing supply measures. The meeting was attended by Song Seok-jun, chairman of the Real Estate Special Committee of the People Power Party, other committee members, and 16 members of the Residents' Countermeasure Committee.

The Real Estate Special Committee cited the following problems with the public-led Seoul Station Ssokbangchon redevelopment project: ▲ exclusion of consent from land and housing owners and residents ▲ infringement of property rights of land and housing owners due to compulsory acquisition ▲ absence of alternatives other than cash settlement due to stricter qualification requirements for allocation rights after the completion of the redevelopment project.

They also refuted the claims of the Ministry of Land, Infrastructure and Transport and the Korea Land and Housing Corporation (LH) that "the public will take the lead in the redevelopment project to provide relocation measures for Ssokbangchon tenants." They pointed out, "Originally, the 'Huam Special District 1 private development project plan' included public rental housing for Ssokbangchon residents," and added, "The project has been delayed due to low profitability caused by government and Seoul city regulations."

As related measures, the Real Estate Special Committee proposed ▲ increasing the floor area ratio by 700% and easing height restrictions ▲ implementing private high-density development ▲ expanding housing supply volume.

Additionally, based on data from the Residents' Countermeasure Committee, they compared public-led projects and private redevelopment projects, explaining that private redevelopment projects can supply approximately 1,215 more housing units than public-led projects.