Difficulties in Project Implementation Expected Due to October 15 Measures
"We Will Accelerate Supply to Stabilize the Housing Market"
Oh Sehoon, Mayor of Seoul, visited Guro-gu Garibong District 2, which is preparing to establish a cooperative after the confirmation of the Rapid Integrated Redevelopment Plan, and pledged his support. He also expressed his determination to resolve issues through communication, as the October 15 measures may lead to a slowdown in transactions and a decrease in the cooperative members' consent rate.
On October 28, Mayor Oh visited Garibong District 2 to inspect the site and listen to local issues and difficulties. This area switched its development plan and is currently under the Rapid Integrated Redevelopment Plan after being excluded from the New Town district in 2014.
Mayor Oh visited Garibong District 2 because difficulties in project implementation are anticipated due to the October 15 measures. If the area is designated as a speculative overheating district or a regulated area, it could result in a slowdown in transactions and a decrease in the cooperative members' consent rate, due to restrictions such as limitations on transferring cooperative member status, a five-year restriction on re-winning allocations in redevelopment projects, and strengthened loan regulations. Mayor Oh stated, "Despite the concerns and difficulties that are expected to arise, we will ensure that the redevelopment projects being promoted in Seoul proceed without disruption," adding, "We will collaborate with the private sector and seek solutions to achieve both the normalization of housing supply and the stabilization of citizens' housing at the same time."
Garibong District 2 has remained largely unchanged after being removed from the New Town district and designated as an urban regeneration area. In June 2023, the city finalized the Rapid Integrated Redevelopment Plan to improve the aging residential environment and develop a mixed-use residential complex at the Gasan and Daerim metropolitan centers. The city is also promoting the Rapid Integrated Redevelopment Plan 2.0, which shortens the redevelopment period from the previous 18 years and 6 months to 12 years. In addition, the city has improved project conditions by reflecting the '2030 Master Plan,' which includes upgrading some areas to quasi-residential zones and easing the standard floor area ratio.
Mayor Oh stated, "To ensure that the frustrations felt by Garibong residents over the past 20 years are not repeated, I will listen more closely to voices on the ground, convey necessary matters to the government, and clearly correct what needs improvement." He added, "We will vigorously push forward to put the Garibong District 2 project on track, and at the same time, accelerate supply through the Rapid Integrated Redevelopment Plan 2.0 to stabilize the housing market."
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