Vice Minister Kim Itak Visits Geoyeo Saemaeul After 20 Years of Redevelopment Struggles: "Active Support for Early Groundbreaking"

On-Site Inspection Following August 13 Measures
Acquisition Tax Reductions and Higher Purchase Prices for Rental Housing
Managing Relocation Demand to Prevent Rental Market Instability

As the government accelerates urban renewal projects in central Seoul, Kim Itak, First Vice Minister of the Ministry of Land, Infrastructure and Transport, personally visited the site to encourage an early start to construction.

Kim Itak, First Vice Minister of the Ministry of Land, Infrastructure and Transport, is discussing the progress of the project at an inspection meeting held on the 8th at the Geoyeo Saemaeul Public Redevelopment site in Songpa-gu, Seoul. Ministry of Land, Infrastructure and Transport

The Ministry of Land, Infrastructure and Transport announced on September 8 that First Vice Minister Kim visited the public redevelopment site in Geoyeo Saemaeul, Songpa-gu, Seoul, to inspect the progress of the project.

Geoyeo Saemaeul had struggled for a long time after local residents initiated a renewal project in 2005 but saw the designated redevelopment area lifted in 2013. Momentum increased after its selection as a candidate site for public redevelopment in March 2021, and in February of this year, the project received approval for its implementation plan. The aim is to break ground on approximately 1,700 housing units.

Vice Minister Kim, along with representatives from the local government, residents, Korea Land & Housing Corporation (LH), and Korea Housing & Urban Guarantee Corporation (HUG), toured the site to review its infrastructure and living conditions.

Kim Itak, First Vice Minister of the Ministry of Land, Infrastructure and Transport, visited the public redevelopment site in Geoyeosaemaeul, Songpa-gu, Seoul, on the 8th to inspect the living conditions and infrastructure with the relevant officials. Ministry of Land, Infrastructure and Transport

During the meeting held after the site inspection, LH presented a plan to shorten the project period under the August 13 measures.

Vice Minister Kim stated that the government would support an early start to construction by applying benefits such as acquisition tax reductions and higher purchase prices for rental housing to renewal projects that are progressing rapidly. He said, "For sites like Geoyeo Saemaeul that are moving forward quickly, we will actively support early groundbreaking by offering benefits such as acquisition tax reductions and higher purchase prices for rental housing."

He also called for measures to ensure that residents are not unduly inconvenienced as the project speeds up. He urged LH and HUG to "communicate thoroughly with residents and minimize disruptions that may occur during the relocation process."

The Ministry of Land, Infrastructure and Transport also plans to address concerns that a rapid increase in renewal projects could destabilize local rental markets. To this end, the ministry will operate a "Relocation Demand Management Council" with participation from local governments and LH to coordinate the relocation schedule for each project and manage rental demand.

Vice Minister Kim said, "We will closely monitor the progress of urban renewal projects and establish measures to significantly reduce approval and permit periods. We will accelerate these projects so that the public can truly feel the difference."

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