Hong Jisun, the Minister of Land, Infrastructure and Transport, announced plans to begin construction on 31,000 housing units in Seoul by the end of the year through private redevelopment projects. To accelerate these projects, the government is also working to improve conditions by easing relocation loan regulations and increasing the floor area ratio.
During a visit to the Sangye 2 District redevelopment site in Nowon-gu, Seoul, on October 30, Hong stated, "We plan to start construction on 31,000 housing units in Seoul by the end of the year through private redevelopment projects, including Sangye 2. The government will closely monitor and manage the progress of these projects to ensure they proceed without delays."
The Sangye 2 District redevelopment project aims to supply a total of 2,200 housing units, including 426 rental units, by redeveloping approximately 100,000 square meters in Sangye-dong, Nowon-gu. This project is eligible for tax reductions if construction begins quickly, in line with the government's rapid housing supply measures announced on August 13. Hong emphasized the need to expedite related legal amendments and follow-up actions.
Regarding the request for relocation loan support from the project association, Hong indicated that the government would consider easing financial regulations. After the meeting, she told reporters, "The association has requested support for relocation loans and guarantees from the Korea Housing and Urban Guarantee Corporation (HUG) as relocation is set to begin next year. We will actively negotiate to allow loan consultations even before the management disposal approval is granted."
Hong is also in discussions with Seoul City to increase the floor area ratio for private redevelopment projects by up to 1.2 times the current limit. She noted, "We are in practical negotiations with Seoul City and are awaiting their response." Regarding the easing of restrictions on the transfer of membership rights, she explained, "While there are exceptions under current law, it is challenging to apply them uniformly across all regions. We have decided to take more time to review this matter further."
On the topic of new land supply plans for the metropolitan area, which excluded Seoul the previous day, Hong left the door open for additional supply, stating, "If negotiations with Seoul City go well, it is possible to announce additional land supply within the city."
She also addressed the expansion of transportation infrastructure, explaining that the GTX-D line has not yet been finalized. However, she committed to actively supporting the western metropolitan rapid transit project and enhancing road networks connecting to Seoul, as well as securing self-sufficient facilities in the Gimpo area.
* This article has been translated by AI.
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