Mar 10 • 07:35 UTC 🇰🇷 Korea Hankyoreh (KR)

Development of Public-led Housing Near Aging Stations and Low-rise Areas...New Candidate Sites for Urban Complex Projects to Be Announced After Three Years

The South Korean government is set to announce new candidate sites for urban public housing complex projects to increase housing supply in city areas, starting from May 11 to June 8, 2023.

The South Korean Ministry of Land, Infrastructure, and Transport is reviving the initiative to discover new candidate sites for urban public housing complex projects after a three-year hiatus, aiming to address housing supply shortages in urban areas like Seoul. From May 11 to May 8, 2023, applications for candidate sites will be accepted, with final selections planned for June. The initiative targets urban areas characterized by long-term stagnation due to insufficient business viability in private redevelopment projects, relying on public lead to enhance viability and relax regulations for rapid housing supply.

This new approach to identifying candidate sites incorporates a resident proposal system that allows community involvement in the selection process. Residents from areas that meet specific criteria can submit applications to their local district offices, which will review the submissions and recommend sites to the Ministry of Land, Infrastructure, and Transport based on community needs and its own assessments. The Ministry will then analyze the proposed sites for feasibility and overall impact before making final selections.

Additionally, the Ministry is actively working on institutional improvements to the urban complex initiative, aiming to increase the allowable floor area ratio by 1.4 times the legal maximum, with relevant legislative changes expected to be enacted soon. Over the past few years, candidate sites have been announced regularly, with a total of 49 sites proposed since 2021, leading to designations for 29 of them, of which nine have received final project approvals, marking significant progress in addressing the housing crisis.

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