Koo Yoon-chul: "Groundbreaking for 6,300 New Housing Units in Seongnam Moved Up to 2029"

Koo Yoon-chul, Deputy Prime Minister and Minister of Finance and Economy, announced on May 29 that the start of construction for the new Seongnam housing site, which will accommodate 6,300 units, will be moved up by one year from the original plan. He also emphasized that the government will provide comprehensive support across all ministries to resolve difficulties facing housing projects for approximately 100,000 units in regulated areas of the Seoul metropolitan area that have been delayed for over a year.

At the Meeting of Ministers in Charge of Real Estate and Housing Supply Promotion held at the Government Seoul Office on this day, Deputy Prime Minister Koo stated, "The government is prioritizing the expansion of housing supply and early commencement of construction above all else, and we are making every effort to achieve these goals."

Koo Yoon-chul, Deputy Prime Minister and Minister of Finance and Economy, is delivering opening remarks at the 'Meeting of Ministers in Charge of Real Estate and Housing Supply Promotion' held on the 29th at the Government Seoul Office in Jongno-gu, Seoul. Ministry of Finance and Economy

He explained, "For the new Seongnam housing site with 6,300 units, we will accelerate the schedule by integrating planning procedures and advance the groundbreaking from the originally planned 2030 to 2029." He added, "For the sites in Dongdaemun-gu and Eunpyeong-gu, which will accommodate 2,800 units, we will expedite the process by finalizing relocation plans for each institution within this year."

Deputy Prime Minister Koo remarked, "We are thoroughly managing every step to ensure that the supply measures announced on January 29 swiftly lead to actual groundbreaking. We will do our utmost to promptly remove any obstacles at housing project sites so that construction can begin as quickly as possible."

He noted, "In regulated areas of the Seoul metropolitan area, groundbreaking for about 100,000 units has been delayed by more than a year due to reasons such as challenges in project financing, difficulties in sourcing construction materials, and rising construction costs." He continued, "We will closely monitor these factors at project sites and provide comprehensive support to resolve these issues." He further explained, "To this end, starting today, the 'Government-wide Housing Supply Site Support Center' will be launched, coordinated by the Ministry of Land, Infrastructure and Transport, with participation from relevant ministries and local governments."

Deputy Prime Minister Koo also announced plans to strengthen the management of public housing projects. He stated, "Under the previous administration, housing permits were issued first even when compensation and land development were uncertain, leading to project delays and increased construction costs. The government has now shifted the housing supply target to a groundbreaking-based standard and will also manage construction costs based on the timing of groundbreaking."

He added, "We will thoroughly examine the causes of delays for each project site, such as Namyangju Wangsuk, Goyang Changneung, and Seongnam Bokjeong District 2, to ensure there are no setbacks in project progress."

Deputy Prime Minister Koo reiterated the government's determination to respond to illegal activities in the real estate market. He stated, "The Ministry of Land, Infrastructure and Transport is intensively investigating suspicious speculative transactions near new housing supply sites. We are also conducting a comprehensive investigation and verification of suspected fraudulent applications for 25,000 units across 43 complexes in regulated areas of the metropolitan region."

He further emphasized, "Acts of spreading false information related to development information and real estate prices constitute serious illegal activities, and we will strengthen the effectiveness of our response to such dissemination of false information."

This content was produced with the assistance of AI translation services.