"Dense Supply in Seoul... No Hasty Announcements"
"Cooperating with Seoul City to Shorten Approvals and Utilize Public Land"
On November 10, Kim Yoonduk, Minister of Land, Infrastructure and Transport, stated, "We are formulating the largest-ever real estate supply plan in earnest by the end of the year, and we will especially proceed intensively in the Seoul area."
Minister Kim made this announcement while attending the full session of the Special Committee on Budget and Accounts at the National Assembly on the same day. He added, "We will not make the mistake of hastily announcing real estate measures, as was done during the Moon Jae-in administration, which ultimately resulted in plans fizzling out."
Kim Yoonduk, Minister of Land, Infrastructure and Transport, is attending the full session of the Special Committee on Budget and Accounts held at the National Assembly on the 10th and responding to inquiries. Photo by Yonhap News
He said, "While supply measures for the greater Seoul area are important, I am well aware of the need to focus on policies for Seoul itself," and emphasized, "We are currently working on very concrete plans, such as identifying exactly where in Seoul new homes will be built."
He also expressed a strong intention to actively cooperate with the Seoul Metropolitan Government regarding real estate supply measures. Minister Kim stated, "I believe that it is desirable to shorten approval periods and proceed with private sector-led redevelopment projects in cooperation with the Seoul Metropolitan Government, utilizing approval support centers and other means," adding, "Rather than being in conflict with the city, we must actively seek cooperation in order to supply quality apartments in central Seoul."
In response to a question about securing a reserve supply in preparation for future economic fluctuations, he proposed 'public sector-led housing supply' as a solution. He said, "If I may, I have instructed Korea Land and Housing Corporation (LH) and the Ministry of Land, Infrastructure and Transport to establish an 'all-out mobilization system' for reserve supply," emphasizing, "I personally receive reports on housing supply issues twice a week."
He added, "We will also establish a system to enable rapid decision-making and progress on plans, such as holding a meeting of relevant ministers within this week, if possible, to address measures regarding aging government buildings and public land."
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