First Step Toward Compensation in Seoripul District Next Month... LH: "500+ Additional Housing Units to Be Supplied"

LH to Announce Compensation in October, District Plan Approval by March Next Year
Compensation to Begin Immediately After Approval... "Measures to Maximize Housing Supply"

Korea Land and Housing Corporation (LH) announced on September 27th that it will publicly announce the compensation plan for Seoul Seoripul District 1 by the end of next month. After the district was designated as a public housing site in February, LH is currently conducting a basic survey of the land and obstructions.

Located in the Wonji-dong area of Seocho-gu, Seoul, the project is being carried out by lifting the development restriction zone. It was also the first site visited by LH President Sung-Hoon Lee after his inauguration last July. LH stated that it is seeking to accelerate the project schedule beyond the original government plan, as well as considering increasing the housing supply.

Seonghun Lee, President of Korea Land and Housing Corporation (LH), is visiting the Seoripul District in Seoul on July 8th as his first field visit since taking office. Provided by LH

LH said it aims to gain approval for the district plan by March next year by expediting the pace of the project. To this end, a part of Seoripul District 1 has been designated as a priority project area, where early housing supply will be pushed ahead. Targeting a housing construction start in 2028, LH has adopted an ultra-short-term construction model that applies a fast track for all areas including licensing, compensation, and construction.

LH plans to expand public rental housing in this district, while also providing universal rental units that include medium-sized apartments tailored for newlyweds and households with children. For the compensation process, a resident council and public-private consultative group have been formed to communicate with the local community.

The government’s initial plan called for supplying 18,000 housing units in this district, but LH has been reviewing measures to add approximately 500 more units. Following President Sung-Hoon Lee’s directive to maximize housing supply, LH will examine loosening noise standards and coordinating with the Ministry of National Defense to find solutions.

Location map of Seoripul District, Seoul. Provided by LH

Sung-Hoon Lee, President of LH, stated, “We will dramatically increase the pace of business by pursuing compensation, approval, and groundbreaking simultaneously to ensure the speedy supply of housing. We will seek win-win solutions with local residents based on consultation and communication, and will actively coordinate any collected opinions with relevant agencies, aiming to make Seoripul a successful model for urban housing supply.”

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