▲ Minister of Land, Infrastructure and Transport Hong Ji-sun visits a business site in Godeok-Gangil District
Minister of Land, Infrastructure and Transport Hong Ji-sun visited a private housing construction site in the Godeok-Gangil District of Seoul on the 8th and called for prompt support through project financing (PF) guarantees by the Korea Housing & Urban Guarantee Corporation (HUG) to ensure no disruptions in housing supply.
Minister Hong visited the "Godeok-Gangil Daesung Verthill" project site located in the Godeok-Gangil District to inspect the current status of the project and held a meeting with housing construction stakeholders, including developers and builders.
Following her visit to the Bucheon Daejang district in the 3rd-generation new town as her first housing supply site on September 22, Minister Hong visited a private housing supply site today.
Minister Hong emphasized, "To achieve the government's promised goal of breaking ground on more than 1.5 million households in the Seoul metropolitan area from 2026 to 2030, the role of the private sector, which has accounted for over 80 percent of the housing supply in the metropolitan area, is more important than anything else."
She continued by stating that follow-up measures for the swift housing supply plan announced on August 13 are being carried out without a hitch to revive the private housing supply, which has contracted since 2022.
The government is expanding the PF guarantee supply by HUG and the Korea Housing Finance Corporation (HF) to 86 trillion won for 2026 to 2028, while pursuing urban and architectural deregulation and early ground-breaking incentives.
Minister Hong requested, "HUG must take thorough measures to ensure that PF guarantees are supported promptly and without disruption so that construction finance does not become a stumbling block to housing supply."
In addition, she pointed out, "Even in regulated areas of the metropolitan area where housing supply is urgent, there are a significant number of business sites that have received permits but failed to break ground due to financial and regulatory reasons."
She added, "We plan to soon launch an inter-ministerial integrated support organization for housing supply sites to closely support housing construction sites at each stage of the project, from before permit issuance to after construction begins."
Minister Hong stressed, "We must mobilize all supply capabilities, regardless of whether they are public or private, and we will boldly eliminate obstacles to housing supply so that the private supply ecosystem can be restored as soon as possible."
(Photo courtesy of the Ministry of Land, Infrastructure and Transport, Yonhap News)
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