Presidential Office: "Rapid Redevelopment of 1st Phase New Towns... Initiating Follow-up Measures"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] The Presidential Office stated on the 19th that it will make every effort to push forward the redevelopment project pledge for the first-generation new towns at the fastest possible speed.

Choi Sang-mok, Senior Secretary for Economic Affairs, said at a briefing held at the Yongsan Presidential Office in the afternoon, "Some media outlets have reported that the redevelopment of the first-generation new towns is delayed compared to the initial announcement following the '8.16 National Housing Safety Measures,' but this is not true."

This came as the government announced the 8.16 real estate measures, which include the establishment of a master plan for the redevelopment of the first-generation new towns by 2024, and faced criticism from opposition parties accusing it of breaking its pledge.

Senior Secretary Choi explained, "Typically, a master plan for urban regeneration projects like new towns takes more than five years. Taking about one and a half years to complete the master plan is physically the fastest possible."

He also explained plans to design cities with self-sufficient functions, moving away from being mere bedroom communities. Specifically, he said, "The master plan establishment project will reflect trends such as population structure, the Fourth Industrial Revolution, and climate change to transform the first-generation new towns from bedroom towns into future cities with self-sufficient functions."

He added, "The plan must include a phased redevelopment plan linked to the move-in schedule of the third-generation new towns, relocation plans, and must gather opinions from experts, local governments, and residents, as well as hold public hearings, so a minimum physical time requirement is inevitable."

He emphasized, "We will make every effort to ensure that the redevelopment of the first-generation new towns proceeds at the fastest possible speed in accordance with the Yoon Suk-yeol administration's pledge and the president's promise."