Detailed Investigation of Speculative Signs in Some Candidate Sites
18,000 New Households to be Supplied in Ulsan and Daejeon
[Asia Economy Reporter Kangwook Cho] The government will supply an additional 13,000 housing units in Sejong City’s administrative hub complex city, where housing prices rose most steeply last year. Along with this, it has selected aging residential areas in central districts such as Geumcheon and Yangcheon in Seoul as candidates for urban regeneration leading projects and designated small and medium-sized housing sites in Ulsan and Daejeon, preparing a plan to expand housing supply by a total of 52,000 units. However, the announcement of 131,000 units out of the initially planned approximately 150,000 units of the second new public housing site candidates has been postponed due to confirmed speculation risks within the candidate sites, prompting a detailed investigation.
On the 29th, the Ministry of Land, Infrastructure and Transport announced that as a follow-up measure to the ‘3080+ Metropolitan Area Housing Supply Plan’ announced earlier on February 4, a total of 52,000 housing units will be supplied.
In the metropolitan area including Seoul, Gyeonggi, and Incheon, as well as in local metropolitan cities such as Daejeon and Gwangju, 27 candidate sites (21,000 units) for small-scale housing maintenance management areas and residential regeneration innovation districts were selected, and an additional 13,000 units will be supplied in the Happy City. Furthermore, 18,000 new units will be supplied in two small and medium-sized local housing sites, Seonbawi in Ulsan and Sangseo in Daejeon.
Looking in detail, about 17,000 housing units will be supplied in 20 locations selected as candidate sites for small-scale housing maintenance management area leading projects aimed at quickly renovating low-rise residential areas where large-scale redevelopment is difficult. These include Geumcheon, Yangcheon, Jongno, Jung-gu, Seongdong, Jungnang, and Gangseo in Seoul; Seongnam, Suwon, and Dongducheon in Gyeonggi; Bupyeong in Incheon; Dong-gu in Daejeon; and Buk-gu in Gwangju. Seven locations were selected as residential regeneration innovation districts, which transform vulnerable residential areas into regional hubs integrating housing, welfare, and living conveniences. These include Guro-gu in Seoul; Suwon and Anyang in Gyeonggi; Michuhol-gu and Seo-gu in Incheon; and Daedeok-gu and Dong-gu in Daejeon. Approximately 3,700 new housing units will be supplied in these areas.
In the administrative hub complex city, an additional 13,000 housing units will be supplied across five living zones through high-density development, increased floor area ratio, and securing additional housing sites, including 9,200 units for sale and 3,800 rental units.
Ulsan’s Seonbawi and Daejeon’s Sangseo have been designated as new local public housing sites, with plans to supply a total of 18,000 units. This is part of the approximately 150,000 units of the second new housing site candidates, including 110,000 units in the metropolitan area and 39,000 units outside the metropolitan area, which were originally scheduled to be announced on this day.
The selection of new housing sites in the metropolitan area, involving 110,000 units that attracted market attention, has been postponed to the second half of the year. This is due to the preliminary verification of speculation suspicions conducted by the government, which found some possibility of speculation within the candidate sites, such as excessive transaction volumes and high proportions of non-local and equity transactions at specific times.
Kim Soo-sang, Director of the Housing and Land Office at the Ministry of Land, Infrastructure and Transport, said, "As soon as the actual transaction investigation is completed, we plan to proceed with the supply of the remaining 131,000 units out of the 250,000 new public housing units under the 2.4 Plan as scheduled," adding, "The specific locations of the remaining new public housing supply will be separately disclosed in the second half of the year."
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