Sessions scheduled Tuesday and Thursday as ministry rolls out housing supply measures

A redevelopment zone designated as a Moa Town project site in Seoul. [Korea Herald DB]
A redevelopment zone designated as a Moa Town project site in Seoul. [Korea Herald DB]

The government is set to hold a series of policy briefings for stakeholders as part of its push to accelerate housing supply through deregulation and streamlined procedures for reconstruction and redevelopment projects.

The Ministry of Land, Infrastructure and Transport announced Sunday that it will host urban renewal policy briefing sessions — in Seoul on Tuesday and in Daejeon on Thursday.

The rapid housing supply measures announced Aug. 13 include lowering the consent threshold for forming a redevelopment association to 70 percent, easing park and green space donation requirements when at least two-thirds of units are supplied as small-sized housing, and simplifying re-bidding procedures when a contractor selection draws only a single bid. The package also includes an acquisition tax reduction on real estate purchased by redevelopment operators through 2028, and a temporary increase in the takeover price for public rental housing contributed under floor-area-ratio relaxation measures to 100 percent of the standard construction cost.

The briefings will outline the direction of urban renewal system reforms and government support measures, and will introduce the key provisions of a proposed amendment to the Act on the Improvement of Urban Areas and Residential Environments.

The Korea Housing and Urban Guarantee Corporation, the Korea Land and Housing Corporation and the Korea Real Estate Board will also participate, offering comprehensive guidance on financial support including relocation loans, public redevelopment project details, and construction cost verification.

Yun Young-jung, the ministry's housing renewal policy director, said the government is continuously improving project procedures to help urban renewal move forward quickly while expanding support to address on-the-ground difficulties such as project viability and financing. "We hope these sessions serve as an opportunity for stakeholders to actively make use of the updated policies and various support programs available to them," he said.


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