'73,000-plus units to include Seoul land sites; announcement expected in October'
"The amendment to the Public Housing Act passed the National Assembly plenary session, cutting the strategic environmental impact assessment period from one year to six months. The procedural reductions are becoming visible, and I believe ground-breakings will be moved up further."
Kim I-tak, first vice minister of the Ministry of Land, Infrastructure and Transport, made the remarks Tuesday afternoon during an appearance on an MBC radio program, speaking about the push to accelerate housing supply. Kim said the government had put in place a range of measures, including a fast-track licensing support center, and noted that a housing supply dashboard installed at the Prime Minister's Office allows officials to monitor key projects on a weekly basis — among them the Taereung Golf Course site, the Defense Counterintelligence Command site, the horse racing track, the third-generation new towns and the Yongsan International Business District.
Kim said the pace of supply would become increasingly tangible. "When we pull the statistics, ground-breakings on regular housing in Seoul are up more than 80 percent compared with last year," he said. "Going a bit further, I expect figures showing more than double the ground-breaking volume to come out." He also said the housing supply cycle itself had been on the rise following the supply cliff that began in 2022.
Kim said the government would also accelerate ground-breakings on the third-generation new towns. "The third-generation new town volume totals about 210,000 units, and we have arranged for about 190,000 units — 91 percent — to break ground under this administration," he said. "Once ground is broken, pre-sales happen within six months, and we will keep announcing pre-sale and move-in volumes." He said the aim was to send the market a signal that the housing shortage is easing.
On Yongsan Park, Kim said the matter required consultation with the Seoul Metropolitan Government, describing it as "a cost borne by future generations." He said discussions were needed on whether to keep the entire site as a park or to provide affordable housing for young people. Affordable housing refers to units offered to low- and middle-income households at reasonable prices.
On the Tancheon Water Reclamation Center proposed by the Seoul Metropolitan Government — a project that would attract private investment through an urban development scheme — Kim said further review was needed to determine whether it would be commercially viable enough to provide affordable housing for young people.
Kim said the 73,000-plus units of new public land sites to be announced, part of the government's rapid housing supply plan unveiled Aug. 13, would include land sites within Seoul. "It also means there are volumes that can come out through consultations with the Seoul Metropolitan Government," he said. "We are working hard through the night, and once things are sorted out, I think we will announce in October."
smh@heraldcorp.com
