Gwacheon and Taereung Projects to Speed Up... 'Accelerating Reconstruction and Redevelopment'

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

Reporting by Kim Beom-joo.

[Reporter]

This is the Gwacheon Racecourse site, where the government announced in January that it would build 9,800 housing units.

The government stated that it will finalize the relocation site for the racecourse next month, begin relocating 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, various procedures such as completing the world heritage impact assessment within this year will be expedited, with construction similarly scheduled to begin in September 2029.

Measures were also unveiled to accelerate reconstruction and redevelopment while making maximum use of idle land across various areas.

The requirement for establishing a redevelopment association, which previously mandated consent from 75% of residents, will be lowered to 70%. The government also stated it will 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 flawlessly support the commencement of construction for 234,000 housing units in the metropolitan area by 2030.]

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

The government stated that more than 1,800 housing units will be built on the sites of relocated and vacant schools and public office buildings, and that additional land will be sought.

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

The limit on the floor area per building, previously restricted to 660 square meters, will be increased 1.5 times to 1,000 square meters, and the height limit for multi-family houses, previously restricted to 3 floors, will be raised by one floor to 4 floors.

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

Additionally, to promote 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)
※ Please note: This article was translated by AI and may contain errors.