10,000 Households Near Hyochang Park Front and Daerim Station... 11 Urban Complex 8th Candidate Sites Announced

Measures for Rapid Supply through Regulation Relaxation Including Floor Area Ratio Easing
100,000 Households in 1st to 8th Candidate Sites... 51% of Target Level
"Continuing to Discover New Candidate Sites"... Accelerating Supply Drive

Urban public housing complex projects will be promoted in 11 locations, including nine places in Seoul near Hyochang Park Station and Daerim Station, and two places in Gyeonggi Province. In these areas, a total of 10,000 housing units are expected to be supplied through various regulatory relaxations such as zoning upgrades and floor area ratio easing.

On the 26th, the Ministry of Land, Infrastructure and Transport announced that it had additionally identified 11 candidate sites (with a scale of 10,159 housing units) for the 8th round of urban public housing complex projects presented in last year's '3080+ Metropolitan Area Housing Supply Plan (2·4 Plan)'.

The urban complex project is a newly introduced housing supply model through the 2·4 Plan announced by the government last year. It is a project led by the public sector to rapidly supply newly built housing by high-density development of aging areas within the city.

So far, a total of 76 candidate sites (about 100,000 housing units) have been designated up to the 8th round, accounting for 51% of the candidate site designation goal, which is more than half of the government's urban complex project supply target of 196,000 housing units.

Among the newly selected candidate sites, Seoul has the most with nine locations, followed by two in Gyeonggi Province.

The Hyochang Park Station Front area (approximately 78,000㎡), which has the largest supply scale among the 8th round candidates, is a region where development has been stagnant for a long time after being removed from the maintenance scheduled zone in 2013 and experiencing failures in projects such as station area development. This area will be developed into a new hub in Yongsan-gu with a residential complex of 2,483 housing units and functions including office and commercial spaces through the urban complex project.

The Suwon Gosaek Station area (approximately 107,000㎡), which has the largest project area among the candidate sites, was removed from the maintenance zone in 2017 and has been stagnant in development due to being restricted by height limits and other regulations. A residential complex of 2,294 housing units and social overhead capital (SOC) facilities will be constructed here.

In addition, the following locations were selected as candidate sites: near Suraksan Station (28,000㎡, 698 units), near Daerim Station (60,000㎡, 1,610 units), near Godeok Station (61,000㎡, 400 units), near Sangbong Station (17,000㎡, 512 units), west side of Bongcheon Station (8,000㎡, 287 units), east side of Bongcheon Station (7,000㎡, 305 units), near Beondong Middle School (13,000㎡, 293 units), near Junggok Station (18,000㎡, 582 units), and Suwon Old Gwonseon 131-1 area (33,000㎡, 695 units).

Among these, the area near Suraksan Station was discovered as an alternative site due to changes in the Taereung Golf Course project plan, and eight locations including the south side of Suwon Gosaek Station were announced in October last year by the ruling party-government housing supply task force (TF) and confirmed as candidate sites after consultations with local governments.

The Ministry of Land, Infrastructure and Transport emphasized that for the seven zones previously confirmed as urban complex project sites and designated as districts, residents' contribution fees are analyzed to be between 80 million and 240 million KRW, which is about 30% lower than private redevelopment projects, highlighting the significant benefits of participating in the project.

The housing prices supplied as in-kind compensation to residents are estimated at 570 million KRW for Bucheon Wonmi (84㎡ exclusive area) and 760 million KRW for Shingil 2 District.

Additionally, for landowners who lack the capacity to bear the burden such as contribution fees, public self-owned housing will be supplied, including profit-sharing type housing where ownership can be acquired by paying only 50% of the priority sale price, and equity accumulation type housing where ownership shares are acquired by paying the initial sale price in installments over 20 to 30 years.

Nam Young-woo, Director of the Public Housing Promotion Division at the Ministry of Land, Infrastructure and Transport, said, "We will continue to discover new candidate sites and proceed with follow-up procedures such as district designation without delay to support many residents to participate in the project and receive benefits."