Land Minister Hong Jiseon Visits Redevelopment Site, Says "Will Support Construction Starts for 31,000 Seoul Homes by Year-End"

Reviewing challenges facing private-sector redevelopment projects

Hong Jiseon, South Korea's Minister of Land, Infrastructure and Transport, said on the 30th that the government would provide seamless support for the start of construction on 31,000 homes through private-sector redevelopment projects in Seoul by the end of the year.

That morning, Minister Hong held a meeting at the Sanggye 2 District redevelopment site with union members and representatives from the Seoul Metropolitan Government, Nowon District, and the construction company. She listened to their concerns to ensure that redevelopment projects that have completed permitting proceed to construction without delays, and checked on-the-ground progress on measures to boost redevelopment, including the August 13 plan to accelerate housing supply.

Minister of Land, Infrastructure and Transport Hong Jiseon listens to an explanation from Nowon District Mayor Seo Juno at the Sanggye District 2 redevelopment site in Nowon-gu, Seoul, on the 30th. After announcing additional housing supply measures the previous day, Hong inspected the difficulties encountered in private-sector redevelopment projects. Ministry of Land, Infrastructure and Transport

Sanggye 2 District is a large-scale project on a site of approximately 100,000 square meters in Sanggye-dong, Nowon District. It will provide a total of 2,200 homes, including 426 rental homes. Under the government's previously announced August 13 measures, the project entity will be eligible for an acquisition tax reduction if construction begins in the district within a short period.

At the meeting, Minister Hong said, "People will only feel the impact of housing supply when it moves beyond planning and permitting to actual construction and completion." She added, "The relevant agencies, including the Seoul Metropolitan Government, Nowon District, the Korea Real Estate Board, and the Korea Housing and Urban Guarantee Corporation (HUG), will work together to promptly remove obstacles at project sites."

Minister Hong said, "Under the August 13 plan to accelerate housing supply, Sanggye 2 District is eligible for an acquisition tax reduction if construction begins promptly." She added, "We will swiftly pursue follow-up measures, including amendments to relevant laws, so that the policy has a tangible effect at redevelopment sites."

She also said, "This year, the government is supporting the start of construction on 72,000 homes through private-sector redevelopment projects in the Seoul metropolitan area." She added, "We will closely monitor project progress to ensure that redevelopment projects in Seoul and elsewhere in the metropolitan area proceed smoothly through the end of the year, and make sure that projects nearing the start of construction are not delayed."

She continued, "The Ministry of Land, Infrastructure and Transport will continue to monitor private-sector redevelopment sites and actively provide support so that improvements to the residential environment, long awaited by residents, and urban housing supply translate into tangible results."

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