Gwacheon and Taereung Projects to Pick Up Speed, Along With Faster Redevelopment

The government has announced plans to accelerate previously announced housing development sites, as well as reconstruction and redevelopment projects. Regulations will also be eased to allow for more multi-family and row houses, which account for 40% of housing in the Seoul metropolitan area.

Reporter Kim Beom-joo has more.

This is the Gwacheon Racecourse, where the government announced in January that 9,800 housing units would be built.

The government stated it will finalize the relocation site for the racecourse next month, begin moving facilities at the adjacent Defense Security Command early next year, and break ground by the end of 2029.

For the Taereung Golf Course site, where 6,800 units are planned, procedures such as completing the world heritage impact assessment within this year will be expedited, with construction also planned to begin in September 2029.

Measures were also unveiled to accelerate reconstruction and redevelopment projects and maximize the use of leftover land across various areas.

The consent requirement for establishing a redevelopment association will be lowered from 75% of residents to 70%, and the government plans to remove early-to-mid-stage obstacles by directly mediating conflicts over issues like construction costs.

[Kim Yoon-deok / Minister of Land, Infrastructure and Transport : We will accelerate the pace of redevelopment and reconstruction projects to seamlessly support the groundbreaking of 234,000 housing units in the metropolitan area by 2030.]

For urban complex projects where conditions are too complex for the private sector, prompting public institutions like the LH (Korea Land and Housing Corporation) to step in instead, a target has been set to supply an additional 51,000 units in Seoul by 2030.

More than 1,800 units will also be built on the sites of relocated and vacant schools and public office buildings, with plans to search for additional land.

Measures to support construction companies in building more multi-family and row houses—which account for 40% of housing in Seoul—were also introduced.

The floor area limit per building will be increased 1.5 times from 660 square meters to 1,000 square meters, and the height limit for multi-family houses will be raised from three stories to four stories.

This means more homes can be built and sold at once.

In addition, to stimulate housing supply, the government decided to nearly double the scale of project financing (PF) financial support to at least 47.8 trillion won.

(Video editing: Oh Young-taek, Design: Kim Han-gil)

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