S. Korea seeks to provide more public housing to Seoul through urban redevelopment plan
Updated: 2021-01-15 13:38:55 KST
South Korea is seeking to provide more public housing in Seoul through its public urban redevelopment plan.
That's according to Finance Minister Hong Nam-ki on Friday, who explained the government's latest plan to stabilize the overheated housing prices and alleviate housing shortages.
As a part of this project, the Ministry of Land, Infrastructure, and Transport and Seoul city has finalized the eight proposed public urban redevelopment sites within Seoul.
Those areas had already been designated as urban redevelopment districts many years ago but were put on hold due to various issues including poor conditions for sales or conflict within the redevelopment associations.
The latest plans will ease construction rules in those areas to accelerate the resumption of redevelopment.
Currently, most of the sites are filled with low-rise housing areas due to limited floor area ratio rules.
With the new plan, the ratio will be increased by up to 1-hundred-20 percent at those sites, allowing taller apartment blocks to be built.
Following this plan, 3,000 more homes than in the original plans are expected to be built on the sites, bringing the total to some 47-hundred homes.
Public institutions like Korea Land & Housing Corporation will oversee the project,so that some of the housing can be distributed in the form of public units.
20 to 50 percent of the increased floor area ratio will have to be donated for rental housing.
In addition to the latest plan, the government is seeking extra measures to further increase the supply of housing in the capital.
Kim Sung-min, Arirang News.