Songpa's Geoyeo Saemaul Public Redevelopment Gains Momentum to Supply 1,700 Households

The public redevelopment project in Geoyeo Saemaul, Songpa-gu, Seoul, has completed its project implementation plan authorization and is accelerating its push toward construction to supply 1,700 households.

The Ministry of Land, Infrastructure and Transport announced that First Vice Minister Kim Lee-tak visited the Geoyeo Saemaul public redevelopment site today (the 8th) to inspect the project's progress.

Residents of Geoyeo Saemaul had pursued an urban maintenance project starting in 2005, but faced difficulties, such as the cancellation of the maintenance district designation in 2013.

It was subsequently selected as a public redevelopment candidate site in March 2021, and received project implementation plan authorization in February of this year.

The project is currently being pushed forward with the goal of breaking ground for approximately 1,700 households.

The Korea Land and Housing Corporation (LH), the project implementer, reported a plan to accelerate the project by reflecting the "August 13 Housing Supply Measures" announced last month.

The government plans to support early commencement by providing benefits such as reductions in real estate acquisition taxes and an upward adjustment of purchase prices for rental housing to maintenance project sites that swiftly push forward projects like Geoyeo Saemaul.

The Ministry of Land, Infrastructure and Transport also plans to operate a "relocation demand management consultative body" with local governments and LH to prevent instability in the Jeonse (lump-sum housing deposit) and monthly rent markets resulting from maintenance projects.

Vice Minister Kim stated, "We will work closely with local governments and support organizations to devise measures that can significantly shorten project periods, including approvals and permits, and accelerate maintenance projects."

(Photo provided by the Ministry of Land, Infrastructure and Transport, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.