Land Minister Inspects Newly Built Public Lease Housing Site: "Speed of Supply Is Crucial"

Minister of Land, Infrastructure and Transport Hong Ji-sun stated, "The speed of supply is more important than anything else to stabilize the jeonse and monthly rent markets."

Minister Hong visited a newly built public lease housing site in Seongsan-dong, Mapo-gu, Seoul, today (October 14) to inspect the current supply status and made the remarks.

This visit follows her previous housing supply site inspections at the 3rd-phase new town Bucheon Daejang district on September 22 and the Godeok Gangil private project site on the 8th of this month.

The housing unit visited by Minister Hong is a dormitory-style public lease housing complex designated for young adults, with a total scale of 132 households.

It is located about 450 meters away from Gajwa Station on the Gyeongui-Jungang Line, having broken ground in March of last year and scheduled for completion this month.

Minister Hong received a briefing from the Korea Land and Housing Corporation (LH) on this year's housing commencement and contract performance for newly built public lease housing as well as supply plans for within the year, while inspecting the layout, finishing materials, and storage spaces of the upcoming households.

Minister Hong emphasized, "Newly built public lease housing is an important policy tool that utilizes private capabilities to supply housing in urban centers within a relatively short period."

She added, "While housing permits and construction commencements are increasing mainly in Seoul, it is not yet at a stage where the entire capital area can feel the impact," and noted, "We will further accelerate the pace so that permits lead to construction commencements, and commencements lead to move-ins."

In addition, she urged LH to "achieve the planned construction commencement and contract targets by the end of the year without a hitch and promptly supply housing where young people can live with peace of mind."

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