Seoul Area to Offer 13,400 Public Housing Units in First Half, Up 43%

The Ministry of Land, Infrastructure and Transport said Tuesday it will sell a total of 13,400 public housing units in the Seoul metropolitan area in the first half of this year, up about 43% from 9,400 units a year earlier. Of the total, 5,700 units will come from third-phase new town developments.
 
According to the ministry, Korea Land and Housing Corp. (LH) and Gyeonggi Housing and Urban Corp. (GH) will issue tenant recruitment notices on Wednesday for 3,100 units in major districts including Incheon Gyeyang and Goyang Changneung.
 
By district, the offering includes Namyangju Wangsuk2 (1,498 units), Goyang Changneung (494), the Anyang Gwanyanggo area (404), Siheung Hajung (400) and Incheon Gyeyang (317). The ministry said supply is accelerating following earlier offerings totaling 1,300 units, including Magok 17 and Incheon Gajeong 2.
 
In May, 3,500 units are scheduled for sale in areas including Hwaseong Dongtan2 and Seongnam Naksaeng. In June, 5,500 units are set to be offered, centered on Goyang Changneung and Bucheon Yeokgok.
 
The ministry said the newly announced sites are expected to draw strong interest from end users due to their locations. Incheon Gyeyang’s A-9 block, a newlywed-focused “Hope Town” project, is adjacent to green space about four times the size of Yeouido Park. Namyangju Wangsuk2’s A-1 and A-3 blocks are planned as a station-area complex within walking distance of Ilpae Station (tentative), on a future extension of Seoul Subway Line 9. Goyang Changneung’s S-1 block also includes plans for an elementary school site within the complex.
 
Sale prices are expected to be set at around 90% of nearby market levels. Exact prices will be released in individual notices, and applications will be accepted starting May 11 on a district-by-district schedule.
 
Kim Yeong-guk, head of the ministry’s Housing Supply Promotion Headquarters, said, “This year, the volume of units for sale in the Seoul metropolitan area is richer than usual, so the public will be able to directly feel the housing supply,” adding, “We will continue to push ahead with housing supply policy at speed.”