President Lee Jae-myung announced today (the 23rd) that plans are under review to drastically shorten the construction period for third-term new towns.

During the National Public Debate on Real Estate Policy held at the KBS Annex in Yeouido, Seoul, President Lee stated, "Looking at the third-term new towns, the delays in commencing construction in previously announced areas are a truly serious problem."

Regarding the speed of new town construction, he pointed out, "It reportedly takes somewhere over 60 months," adding, "The administrative pace is far too slow."

In response, President Lee stated, "We are internally reviewing ways to reduce [the construction period] to less than half," and added, "If necessary, we plan to change regulations overall or simultaneously execute procedures that are normally carried out sequentially to save some time."

(Photo: Yonhap News)