Redevelopment of First-Generation New Towns Accelerates... Ministry of Land Inspects Support Organizations for Aging Planned Cities

Additional Candidate Sites for Public Development to Be Identified Within the Year
Future City Fund to Be Established and Project Financing to Begin

With the official launch of the Housing Supply Promotion Headquarters, the organization dedicated to housing supply, the redevelopment projects for aging planned cities, including the first-generation new towns, are expected to accelerate.

On January 27, the Ministry of Land, Infrastructure and Transport announced that it held its first 'Support Organization Inspection Meeting for Redevelopment of Aging Planned Cities' since the launch of the Housing Supply Promotion Headquarters. The meeting reviewed the current progress and future plans, focusing on the leading districts of the first-generation new towns. The Housing Supply Promotion Headquarters is a director-level organization dedicated to housing supply, established by integrating the ministry's previously dispersed functions such as land development and redevelopment of aging planned cities.

Apartment complexes in the Bundang district of Seongnam City, Gyeonggi Province. Photo by Yonhap News

During the meeting, major achievements by each organization were shared, and detailed implementation schedules were discussed, including the establishment of project implementation plans for the leading districts of the first-generation new towns. Based on this, the Ministry and the support organizations plan to steadily prepare the implementation plans for these leading districts within the year and to strengthen support for the redevelopment of aging planned cities.

To this end, additional candidate sites for public development in the first-generation new towns will be identified within the year, and the establishment of a Future City Fund and project financing support will begin. The ministry also plans to provide pre-consulting on construction cost contracts during contractor selection to prevent disputes and to simplify procedures by preparing subordinate regulations.

The redevelopment of aging planned cities nationwide, including in Busan, Daejeon, and Incheon, will also begin in earnest. The Future City Support Centers, currently operated by LH in five first-generation new towns, will be expanded with an additional center to be opened in Busan in the first quarter, and the platform-linked system for the redevelopment of aging planned cities will also be expanded. The Ministry and support organizations plan to hold explanatory sessions by region starting in March to encourage resident participation.

Kim Youngguk, Head of the Housing Supply Promotion Headquarters at the Ministry of Land, Infrastructure and Transport, stated, "Through systematic and orderly redevelopment of aging planned cities, we can establish a stable foundation for housing supply," and called on the support organizations for the redevelopment of aging planned cities to work together to achieve the goal of commencing construction on 63,000 units in first-generation new towns during the current term."