'Urban Public Housing Supply of 34,000 Units' — 26 Projects to Be Exempted from Preliminary Feasibility Review

\r\n[The Financial News] Preliminary feasibility reviews will be waived for projects aimed at accelerating the supply of 34,000 urban public housing units.
The Ministry of Economy and Finance (MOEF) and the Ministry of Land, Infrastructure and Transport (MOLIT) said on the 28th that 26 public housing projects were approved as national policy projects at the 18th State Council of South Korea meeting, as follow-up measures to the September 7 Housing Supply Expansion Plan and the Urban Housing Supply Expansion and Acceleration Plan. The decision lays the groundwork for seeking exemptions from preliminary feasibility reviews for public institutions on projects totaling 34,000 units. Under relevant law, a waiver is possible after deliberation and approval by the State Council, and the exemption is expected to shorten the project timeline by about one year. 
The supply plan includes the use of idle urban land, mixed-use redevelopment of aging government buildings, and reconstruction of public rental housing complexes.
\r\nThe Urban Housing Supply Expansion and Acceleration Plan accounts for 22,000 units, including 17,000 units on idle urban land and 5,000 units from mixed-use redevelopment of aging government buildings. The 11,600 units under the September 7 policy are for reconstruction of aging public rental housing.
Major projects include 918 units at the Gangseo military site. The site, near the Magok Industrial Complex and Songjeong Station on Subway Line 5, is intended to restore an area cut off by existing military facilities and create a new residential district. Construction is scheduled to begin in 2027 after the feasibility review exemption.
The 518-unit site south of Seoul Medical Center will be developed as a mixed-use project combining public housing and office facilities on a transit-oriented site near Samseong Station and Bongeunsa Station. Tailored housing for one-person households, including young people, will be provided, and construction is planned for 2028.
The Junggye 1 Complex project, with 1,370 units, will renovate an aging public rental housing complex and expand supply from the existing 882 units by raising the floor-area ratio. The project also aims to improve living conditions by increasing mid-sized units and expanding community facilities.
Large-scale idle urban land projects are also included. These include 2,500 units at Camp Kim, 2,900 units at Doksan Air Force Base, and 4,164 units at the Namyangju military base site. Reconstruction of aging public rental housing will include 3,235 units at Ga-yang 7 Complex, 3,899 units at Seoul Suseo, and 3,048 units at Beondong 2 Complex.
The government plans to begin construction first on about 2,900 units from the Urban Housing Supply Expansion and Acceleration Plan in 2027, and then supply all 34,000 units, including those under the September 7 policy, in phases through 2030.
Kim Young-guk, head of the Housing Supply Promotion Headquarters at MOLIT, said, "We will work closely with relevant agencies to systematically manage the entire project process so that housing supply in urban areas can move forward quickly." He added, "Along with faster supply, we will do our utmost to create high-quality residential environments that the public can be satisfied with."
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en1302@fnnews.com Jang In-seo Reporter