Minister of Land, Infrastructure and Transport: "All 5 Leading Districts of 1st Phase New Towns to be Designated in the Second Half of the Year"

Opening Remarks at the Emergency Economic Ministers' Meeting on the 14th
"Reconstruction and Redevelopment Are Subjects of Support, Not Regulation"

Minister of Land, Infrastructure and Transport Park Sang-woo attended the Emergency Economic Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 14th, and announced follow-up plans for the housing sector livelihood discussion. Photo by Jo Yong-jun jun21@

Park Sang-woo, Minister of Land, Infrastructure and Transport, stated, "We plan to initiate the public contest process for the leading districts of the first-generation new towns, which have high resident interest, in May and designate all five new towns in the second half of this year."

In his opening remarks at the Emergency Economic Ministers' Meeting on the 14th, Minister Park said, "The Ministry of Land, Infrastructure and Transport is fully committed to implementing follow-up measures from the second 1·10 Livelihood Debate to sufficiently supply various types of housing to expand the public's freedom of housing choice and to revitalize the construction industry."

He added, "We have distributed standard contracts for maintenance projects to reduce conflicts over construction costs between associations and contractors, and lowered the liquidity burden on construction companies by expanding PF-ABCP loan conversions and performance guarantees for responsible completion."

Furthermore, he said, "We are accelerating efforts by collectively announcing for legislative notice 11 tasks including amendments to subordinate laws and administrative regulations aimed at promoting small housing construction and redevelopment as of the 31st of last month."

He continued, "We have opened Future City Support Centers in nine locations nationwide, including the first-generation new towns, to continuously conduct resident briefings and project consulting," and added, "We will push forward follow-up measures with even greater speed so that the public can quickly feel the results of the 1·10 Livelihood Debate."

Minister Park stated, "To ensure that housing desired by the public is sufficiently supplied at the speed and locations they want, we will view reconstruction and redevelopment not as regulations but as support, and will maximize residents' choices," adding, "We will also sufficiently supply high-quality rental housing that allows stable long-term residence through the introduction of corporate-type long-term rental housing with minimal regulations."