LH, Inspection to Promote Housing Supply in Gyeonggi Area "Leading Additional Discoveries"

Strengthening On-Site Management on the 15th to Expand Housing Supply and Accelerate Early Supply in the Gyeonggi Area
Thorough Inspection of Housing Supply Projects and Land Development Status under Gyeonggi Regional Headquarters Jurisdiction
Advancing Land Use Timing and Leading Efforts to Discover Additional Housing Supply Volume
Plan to Expand Housing Supply More and Faster Where Demand Exists

Kim Hyun-jun, President of LH, is presiding over the Gyeonggi Area Housing Supply Promotion Inspection Meeting on the 15th. / Provided by LH.

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 15th that it held an inspection meeting at the Pyeongtaek Godeok Internationalization Planning District project site to promote housing supply in the Gyeonggi area.

The meeting was the second on-site inspection meeting following the housing supply inspection meeting held in the Seoul area on the 15th of last month. It was organized to discuss measures to promote housing supply within the project districts under the jurisdiction of the Gyeonggi Regional Headquarters.

LH is concentrating its corporate capabilities on revitalizing housing supply so that homeless low-income citizens and actual demanders, who are anxious due to rising house prices and supply shortages, can feel the effects. Before the meeting, LH President Kim Hyun-jun emphasized, "As real estate demand in Seoul is rapidly shifting to Gyeonggi-do and Incheon, it is necessary to activate supply not only in Seoul but throughout the metropolitan area, and this must be pursued with a sense of urgency to a level that the public can feel."

LH Gyeonggi Regional Headquarters is responsible for the development of 15 local governments in southern Gyeonggi, including Seongnam, Hwaseong, and Pyeongtaek. The major ongoing project districts include ▲Hwaseong Dongtan 2, ▲Pyeongtaek Godeok, ▲Gwacheon Gwacheon, ▲Ansan Jangsang, ▲Seongnam Geumto, ▲Gunpo Daeyami, and ▲Uiwang Wolam.

The Gyeonggi Regional Headquarters plans to supply 16,000 public sale and public rental apartments this year, including 8,000 units of 3rd new town pre-subscription such as Ansan Jangsang, totaling 24,000 units. This represents a 172% increase compared to the average annual supply volume (14,000 units) over the past five years. Furthermore, from next year onward, a total of 62,000 houses will be steadily supplied annually, centered on the 3rd new towns. In the fourth quarter of this year, public sales (Newlywed Hope Town) at Pyeongtaek Godeok Ab57-2 and Seongnam Pangyo Daejang A-10 are scheduled, and efforts are focused on preparing for the supply of 7,000 units in the 2nd to 4th rounds of pre-subscription in 2021.

Since the LH Gyeonggi Regional Headquarters is in charge of many project districts with excellent locations preferred by the public, it plans to expedite the finalization of upper-level plans and advance the housing supply schedule as much as possible through smooth consultations with local residents and related organizations.

To this end, it will conduct a full survey of owned land to devise solutions for blocks where project promotion has been postponed and shorten supply timing. For blocks where project approval is underway, conditions for early construction will be prepared to supply earlier than originally planned by more than three months. Additionally, it will consult with local governments and related organizations on changing the use of reserved land and long-unsold school sites to residential land according to demand.

Before the meeting, a field briefing and inspection of the Pyeongtaek Godeok Internationalization Planning District were conducted. The Pyeongtaek Godeok district has a housing supply plan of about 50,000 units across 67 blocks and is a new town-scale project district where housing continues to be supplied. Although delays occurred due to issues such as the relocation of the U.S. military's Alpha Ammunition Depot and the lifting of military facility protection zones after the start of development, cooperation with the Office for Government Policy Coordination, Ministry of National Defense, Pyeongtaek City, and local district lawmakers is underway to promote early relocation of the ammunition depot and lifting of the military facility protection zone, thereby accelerating housing supply on the site.

President Kim stated, "Going forward, LH plans to expand supply in three major directions: shortening supply schedules, expanding pre-subscription, and additionally securing supply sites to revitalize housing supply," adding, "Regarding housing supply, we must concentrate all corporate capabilities with the mindset of working more and faster, focusing on areas where demand exists."