Minister Kim Yoonduk Announces Real Estate Plan to Be Unveiled by Early September... Signals Acceleration of Third New Towns

Emphasizing Swift and Systematic Implementation of the Third New Towns
Potential Inclusion of Idle Metropolitan Land and Outdated Public Building Utilization
Possible Incorporation of Tax and Financial Benefits Under Inter-Ministerial Discussion
"June 27 Loan Regulation Is a Partial Remedy" ? Acknowledgement of Demand Curbing Measure
Supply Policy to Be Unified Under Ministry of Land, Infrastructure and Transport, "Presenting the Overall Picture"

Minister of Land, Infrastructure and Transport Kim Yoonduk announced that the first comprehensive real estate supply plan under the Lee Jaemyung administration will be released by early September at the latest.

Yonhap News Agency

On August 19, during a plenary session of the National Assembly's Land, Infrastructure and Transport Committee, Minister Kim stated, "In principle, we are aiming to announce it as early as within August." He added, "However, since the President has an overseas trip scheduled next week, if more time is needed for practical coordination, I believe we can announce it by early September at the latest, and I am committed to doing so."

Regarding the main framework of the upcoming plan, Minister Kim emphasized, "I believe it is important to implement the third new towns both swiftly and systematically." He also mentioned utilizing idle land in the Seoul metropolitan area and outdated public office buildings, pointing out, "The core issue is credibility."

When asked whether the forthcoming real estate plan would include tax-related measures, he responded, "The primary focus is on the supply plan," but added, "If there are financial issues related to tax benefits, we may include some aspects in consultation with relevant ministries."

Minister Kim acknowledged concerns that recent sporadic announcements regarding the use of outdated public office buildings, led by the Ministry of Economy and Finance, could cause confusion in the market. He admitted, "There was potential for misunderstanding." He explained that the announcement by the Ministry of Economy and Finance was "part of a comprehensive plan for state-owned assets," and added, "Going forward, the Ministry of Land, Infrastructure and Transport will clarify the overall picture regarding supply plans."

In response to a question from Assemblyman Bae Junyoung of the People Power Party regarding the loan regulations announced on June 27, Minister Kim said, "I consider it a partial remedy," and added, "I believe it was a measure used to curb demand."