The South Korean government will supply more than 230,000 additional housing units in the Seoul metropolitan area, including 10,000 units from new housing sites that incorporate greenbelts.

For newly announced public housing sites, the period from announcement to commencement of construction will be shortened by nearly half compared to existing procedures.

Major sites previously announced in the January 29 measures will also undergo swift administrative procedures to begin construction by 2030.

To revive supply in the private sector, which accounts for more than 80% of housing supply in the metropolitan area, measures to revitalize urban maintenance projects have also been prepared.

Financial and tax special incentives, as well as regulatory relaxations, will also be pursued to expand the supply of general housing such as multi-family and row houses.

The Ministry of Land, Infrastructure and Transport announced these measures, titled the "Plan for Rapid Housing Supply to Stabilize Jeonse, Monthly Rent, and Sales Markets," at the Government Complex Seoul in Jongno-gu, Seoul, today (the 13th).

This latest package focuses on enhancing the implementation of the September 7 supply measures from last year, which set a goal of supplying 1.35 million units in the metropolitan area by 2030.

The plan aims to secure additional supply volumes while reducing the time lag between policy announcements and actual delivery.

The government projected that this set of measures would generate an additional supply effect of over 230,000 units in the metropolitan area.

Among them, about 100,000 units will be supplied from new public housing districts.

The government unveiled new housing site districts including 1,000 units in Gangseo District, Seoul; 21,700 units in Dosim District, Namyangju, Gyeonggi Province; and 4,500 units in Gwangju Station Area District 2, Gyeonggi Province.

The Gangseo District in Seoul is a site at Yeomchang Park that has been neglected for 20 years, with construction scheduled to begin in 2029.

The Dosim District in Namyangju is adjacent to Dosim Station on the Gyeongui-Jungang Line and is set to break ground in the first half of 2030.

Greenbelt areas within the target site, which include Korea University's Deokso Farm, will also be utilized for housing supply.

The Gwangju Station Area District 2 in Gyeonggi Province also targets construction commencement in the first half of 2030.

In addition to the three districts totaling about 27,000 units unveiled this time, candidate sites for additional public housing districts with a scale of 73,000-plus units will be announced within the year following consultations with related agencies.

To prevent speculation, the government will temporarily designate all greenbelts in Seoul and metropolitan greenbelts adjacent to Seoul as land transaction permission zones until new districts are announced.

To accelerate supply using public housing sites, a new construction model will be established to dramatically cut the period from new site announcements to the start of construction from the previous 68 months down to 37 months.

Procedures across different stages of site development, such as permits, compensation, and site formation, will be carried out concurrently.

A system will also be established to swiftly conduct consultations with related agencies required for various impact assessments.

The government is accelerating projects with the goal of commencing construction by 2030 on all urban supply sites totaling more than 60,000 units, such as the Taereung Golf Course in Nowon-gu, Seoul, announced early this year through the January 29 measures.

For the Taereung Golf Course, a world heritage impact assessment regarding nearby Joseon royal tombs will be completed within this year.

Preliminary site investigations will also be initiated early, with plans to break ground in September 2029.

The Gwacheon Racecourse and the former Defense Security Command site in Gyeonggi Province will also run facility relocation and licensing procedures in parallel.

Site formation will also be promoted swiftly, with construction slated to begin in December 2029.

Measures to support the acceleration of private maintenance projects, which are a major housing supply vehicle in the metropolitan area, were also included.

Business sites that break ground quickly will receive financial and tax incentives, such as property tax reductions and a temporary increase in the acquisition price for public contribution rental housing.

Relocation cost loans will be managed separately from financial institutions' total credit management targets.

The consent rate requirement for establishing redevelopment associations will also be eased from the current 75% to 70%.

Urban complex development projects that can rapidly supply housing in urban centers by streamlining various procedures will also be expanded.

Candidate sites totaling 10,000 to 20,000 units in Seoul will be selected and announced in the second half of the year, alongside support measures including expedited permits, tax specials, and deferrals of additional financial contributions.

Small-scale maintenance projects seeing growing demand, such as row house maintenance, will see expanded construction through project cost support.

Purchased rental housing that can be quickly supplied in urban centers, focusing on non-apartment housing, will be significantly increased.

To this end, support measures such as acquisition and capital gains tax reductions for business operators and improvements to pricing methods have been prepared.

To improve supply conditions for multi-family and row houses, limits on floor area, upward adjustments of floor counts, expansions of construction fund loan limits, and reductions in loan interest rates will also be implemented.

Underutilized school sites such as the former Airport High School site in Gangseo-gu, Seoul, and aging government buildings like the Korea Land and Housing Corporation (LH) Seoul Regional Headquarters in Gangnam-gu, Seoul, have been identified as targets for complex development.

These sites will supply 1,900 units.

For young adults and others lacking asset accumulation, about 15% of public housing sales will be supplied through shared-equity or profit-sharing models to expand homeownership opportunities.

The government will also supply "universal public rental housing," allowing diverse income brackets to live long-term in high-quality housing in prime locations.

Universal public rental housing will be built in preferred locations such as station areas of the 3rd-generation new towns and downtown Seoul.

Minister of Land, Infrastructure and Transport Kim Yoon-deok stated, "Rebuilding a solid supply foundation is paramount for stabilizing the public's housing stability," adding, "Under the principle of more swiftly executing what the public sector must do and boldly supporting areas where the private sector excels, we will do our utmost to sufficiently and timely supply the housing people want in the locations they desire."

(Photo: Yonhap News)