The Dongjak-dong area near Seoul Station has been designated as a public housing district. The government plans to supply a total of 2,150 housing units, including 1,000 public rental units, to improve the living conditions of existing residents in the area.
The Ministry of Land, Infrastructure and Transport announced the designation of the Dongjak-dong area in Yongsan-gu, Seoul, as a public housing district and is set to begin the housing supply project.
The Dongjak-dong site is located in a key urban area adjacent to Seoul Station, where a total of 2,150 units will be constructed, comprising 1,000 public rental units and 1,150 sale units. The ministry aims to start construction in 2029 and complete the project by 2032, following the establishment of district plans and subsequent procedures for compensation and relocation.
Existing residents of the area will be prioritized for public rental housing with a minimum area of 21 square meters. These units will include cooking facilities, bathrooms, and heating and cooling systems. During the construction period, temporary housing will be provided to ensure residents can live stably, and support will be offered from relocation to resettlement.
The government will also improve the compensation system for landowners and encourage private sector participation in the project. In September, the government revised related guidelines to allow private construction companies to participate as joint developers in public housing projects.
The compensation system will be enhanced to protect the property rights of landowners. Households holding only one transfer right for compensation will be eligible for tax exemptions on capital gains and special deductions for long-term holdings under certain conditions if they transfer that right. Additionally, the compensation status can be inherited once if the requirements are met.
For residents who struggle to pay their share of the costs, a profit-sharing housing model will be introduced in November, offering units at 50-80% of the general compensation sale price.
Lee Jae-pyeong, director of housing supply policy at the Ministry of Land, Infrastructure and Transport, stated, "With the designation of this district, the Dongjak-dong project has entered a concrete execution phase, making it crucial to proceed with subsequent procedures without delay. We will support the stable resettlement of residents and collaborate with relevant agencies while fully considering the opinions of resident committees."
* This article has been translated by AI.
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