MOLIT First Vice Minister Visits Seoul Public Redevelopment Site, Says “Government Will Actively Support Early Construction”

[Financial News] Kim Yi-tak, first vice minister of MOLIT, visited a public redevelopment site in Seoul and called for the project to move forward swiftly.
On the 8th, Kim Yi-tak visited the Geoyeo Saemaeul public redevelopment site in Songpa District, Seoul, to inspect the project’s progress.
Geoyeo Saemaeul was selected as a candidate site for public redevelopment in March 2021 and received approval for its project implementation plan in February this year. The project is underway with the goal of beginning construction on a total of 1,700 households.
Kim Yi-tak called for the project to proceed at a faster pace. After receiving a briefing from officials, including those from Korea Land and Housing Corporation (LH) and Korea Housing & Urban Guarantee Corporation (HUG), he said, "By ensuring the smooth implementation of the 8.13 measures, we will actively support early construction by providing benefits such as reductions in real estate acquisition tax and higher purchase prices for rental housing to project sites that move forward swiftly, like Geoyeo Saemaeul." He also requested, "Please communicate sufficiently with residents throughout the project and manage the process carefully to minimize any inconvenience that may arise during relocation."
He added, "To ensure that the swift implementation of urban renewal projects does not lead to instability in the jeonse and monthly-rent markets, MOLIT plans to operate a relocation-demand management council with local governments and LH to support the management of relocation demand across urban renewal projects and orderly relocation." He continued, "We will work closely with local governments and support organizations to closely monitor the progress of urban renewal projects and develop measures to significantly shorten project timelines, including permitting procedures, thereby accelerating urban renewal projects in ways that people can feel."
[email protected] Jung Kyung-soo Reporter