Hong visits Sanggye Redevelopment Zone 2

Minister highlights acquisition tax breaks under Aug. 13 measures

Minister of Land, Infrastructure and Transport Hong Ji-sun [Yonhap]
Minister of Land, Infrastructure and Transport Hong Ji-sun [Yonhap]

Minister of Land, Infrastructure and Transport Hong Ji-sun said Friday the government plans to support the ground-breaking of 31,000 homes in Seoul through private redevelopment projects by year-end.

Hong made the remarks during a visit to the Sanggye Zone 2 redevelopment site in Nowon-gu, Seoul, noting that the government is this year supporting ground-breaking for 72,000 homes across the greater Seoul area through private redevelopment projects.

At the Sanggye New Town site, Hong received briefings from officials on the progress of private redevelopment work. Sanggye Zone 2 covers about 100,819 square meters around 111-206 Sanggye-dong, Nowon-gu, and sits directly adjacent to Buramsan Station on subway Line 4 — making it one of the most transit-accessible locations in the area. It is the largest of the six zones in Sanggye New Town.

"Sanggye Zone 2 has moved into full swing through the efforts of residents and cooperation among institutions since it was designated a redevelopment zone in 2008," Hong said. "The project currently houses 1,819 households, but once completed it will accommodate a total of 2,200 — an important project that will improve the residential environment in Nowon-gu and support housing supply in central Seoul."

Hong added that Sanggye Zone 2 would be eligible for acquisition tax reductions under the government's Aug. 13 measures if construction proceeds quickly. "The government will also move swiftly on follow-up steps, including amendments to the Act on the Improvement of Urban Areas and Residential Environments, so that the policy benefits can take hold on the ground," Hong said.

Under the Aug. 13 measures, the government announced it would reduce acquisition taxes on real estate purchased by redevelopment project operators from cash-settlement holders through 2028. Properties acquired by 2027 will be fully exempt, while those acquired in 2028 will receive a 75 percent reduction.

Hong went on to underscore the current administration's commitment to pushing forward private redevelopment projects. "We will carefully review and closely monitor the progress of redevelopment projects in Seoul to ensure they proceed without disruption, and will manage the process rigorously so that 31,000 homes break ground," Hong said. "Housing supply cannot stop at plans or approvals — it must lead to actual ground-breakings and completions that people can feel."


shy@heraldcorp.com
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