S. Korea selects Gwangmyeong and Siheung cities for new public housing sites in greater capital area
Updated: 2021-02-24 13:47:49 KST
As part of plans to increase the supply of new homes, the government has chosen the sites for around 100-thousand new public housing units.
The Ministry of Land, Infrastructure and Transport said on Wednesday that it has selected areas in the cities of Gwangmyeong and Siheung in Gyeonggi-do Province, just south of Seoul, as the sites for around 70-thousand new homes.
This is part of the plans to build a total of around 830-thousand new housing units across the country by 2025 to try to slow down runaway house prices.
Four neighborhoods in Gwangmyeong and three neighborhoods in Siheung were designated as the sixth public housing sites for the third stage of South Korea's New Town Developments Plan.
"70-thousand homes will be supplied in areas spanning twelve.seven-one square kilometers in Gwangmyeong and Siheung which is four.three times larger than Yeouido. This is the biggest of the third stage of South Korea's New Towns, and we will develop this area as an autonomous city near Seoul."
The ministry expects that it will absorb some of the housing demand in the capital as it is located only about 12 kilometers southwest of Yeouido, a major business district in Seoul.
Also the ministry will establish infrastructure so that it will take only 20 minutes to reach Yeouido by subway.
Outside the capital area, the ministry has also announced sites for around 18-thousand homes in Busan and 13-thousand in Gwangju.
"The government will offer pre-subscriptions in 2023 for housing units from the first set of new sites announced today. And they will be distributed progressively starting in 2025."
The government plans to select more new sites for its public housing development plan by April.
Eum Ji-young, Arirang News.