Gwacheon and Taereung Projects Speed Up... Faster Redevelopment and Reconstruction

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In addition to new housing supplies, the government has unveiled measures for redevelopment and reconstruction to accelerate construction starts on previously announced supply plans. Regulations are also being eased to encourage the construction of more multi-family and row houses, which account for 40 percent of homes in the Seoul metropolitan area.

Reporter Kim Beom-joo has the details.

[Reporter]

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

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 homes are planned, the government plans to expedite various procedures, such as completing the world heritage impact assessment within this year, and break ground in September 2029.

Measures were also announced to accelerate redevelopment and reconstruction while maximizing the use of idle land across various areas.

The government stated it will clear early-to-mid-stage hurdles by lowering the requirement for establishing a redevelopment association from 75 percent to 70 percent resident consent and by having the government directly mediate conflicts such as construction costs.

[Interview: Kim Yoon-deok / Minister of Land, Infrastructure and Transport : We will increase the speed of redevelopment and reconstruction projects to smoothly support the commencement of 234,000 housing units in the metropolitan area by 2030.]

For urban complex development 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 supply an additional 51,000 homes in Seoul by 2030.

The government announced plans to build more than 1,800 homes on the sites of relocated schools and public agency office buildings while actively searching for additional land.

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

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

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

Furthermore, to stimulate housing supply, the government decided to nearly double project financing (PF) support to a minimum of 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.