LH President Lee Han-jun: "Rapid Development of 3rd New Towns... Controlling Sale Price Increase" [2024 National Audit]

"Supplying Housing Where There Is Demand... Contributing to Price Stability"
"Overcoming Construction Market Slump, Protecting National Housing Stability"

Lee Han-jun, President of Korea Land and Housing Corporation (LH), announced plans to rapidly develop large-scale housing sites such as the 3rd New Town, suppress the rise in sale prices, and supply high-quality public housing to change the paradigm of public housing.

Lee Han-jun, President of Korea Land and Housing Corporation (LH), is reporting on business operations at the National Assembly's Land, Infrastructure and Transport Committee's audit held on the morning of the 10th. / Photo by Yonhap News

At the National Assembly’s Land, Infrastructure and Transport Committee audit held on the morning of the 10th, President Lee stated in his key work plan, "We will contribute to stabilizing housing prices by promptly supplying housing where there is demand," adding, "Including 10,000 units in the 3rd New Town, we will start construction on a total of 50,000 units this year without delay, and from next year, we will begin construction on more than 60,000 units annually so that citizens can secure housing with peace of mind."

He also added, "We will lower development costs by expanding the gross floor area and increasing floor area ratios, and will strive to suppress housing sale price increases by seeking institutional improvements that can further reduce costs." To expand private housing supply, he said the plan to purchase unsold public land announced last August will be implemented without fail to support the supply of 40,000 units by the private sector next year.

Regarding the expansion of purchase rental housing, he said, "We have established a dedicated organization that supports the entire process from purchase to completion and increased the staff from 87 to about 300," emphasizing, "We have shortened the period from contract to completion from the previous two years to one year and six months, so the houses contracted this year will be available on the market from the second half of next year."

He also announced the full-scale purchase of houses affected by jeonse fraud. President Lee said, "So far, housing support has been provided to a total of 890 victims, and the suspension of auctions and public sales has been completed," adding, "We will implement additional measures such as purchasing affected houses and supporting auction profits, and will ensure that victims can quickly return to their daily lives."

To improve the quality of public housing, he said, "We are significantly strengthening quality management organizations such as design and construction, conducting cross-verification by external experts, and ensuring thorough prevention of poor construction by disclosing structural drawings and video records," adding, "We have established a noise technology innovation testing facility and will lead technological development to resolve public inconvenience."

President Lee also expressed his intention to invigorate the national economy, enhance industrial competitiveness, and contribute to balanced regional development. He explained, "Of this year’s investment target of 18.8 trillion won, more than 13 trillion won has been executed without delay, serving as a catalyst for economic recovery," and added, "A total of 40 industrial complexes worth 35 trillion won are being developed to revitalize the non-metropolitan regional economy and increase jobs."

Furthermore, he stated, "Now is a time when the role of the public sector is more important than ever to overcome the construction market slump and protect citizens’ housing stability," and emphasized, "LH will fulfill its given responsibilities with the determination of a guardian protecting citizens’ housing and the national economy."