Minister of Land, Infrastructure and Transport Hong Ji-sun emphasized that "housing supply must lead to actual construction starts and completions, rather than staying at the planning and approval stages, for the public to truly feel the impact," stressing the smooth implementation of urban redevelopment projects in the greater Seoul metropolitan area.

Minister Hong visited the Sanggye District 2 redevelopment project site in Nowon-gu, Seoul, today (October 30) to inspect the project's progress and held a meeting with residents, local government officials, related organizations, and representatives from the construction company.

Minister Hong emphasized, "We will closely inspect the progress of urban redevelopment projects in Seoul and the greater Seoul metropolitan area to ensure they proceed without a hitch through the end of the year, and prevent delays in projects that are about to break ground."

"Related organizations, including the Seoul Metropolitan Government, Nowon-gu, the Korea Real Estate Board, and the Korea Housing & Urban Guarantee Corporation (HUG), will work together to swiftly resolve obstacles in the field," he added.

Sanggye District 2 is a project to redevelop an area of approximately 100,000 square meters in Sanggye-dong, Nowon-gu, Seoul, supplying a total of 2,200 households, including 426 public rental housing units.

Minister Hong noted that Sanggye District 2 is a project site eligible for acquisition tax reduction benefits if construction starts promptly in accordance with the August 13 swift housing supply measures, and stated that follow-up measures such as revising related laws will be expedited.

The government is supporting the commencement of construction for 72,000 households in the metropolitan area through private redevelopment projects this year.

Minister Hong said, "We will continuously inspect private redevelopment sites and actively support the realization of residential environment improvements and urban housing supply that residents have long awaited into actual results."

(Photo provided by the Ministry of Land, Infrastructure and Transport, Yonhap News)