LH to Secure Seoripul 1 District Plan Approval by March Next Year, Supply 18,000 Homes

[Financial News] Korea Land and Housing Corporation (LH) is pursuing a plan to secure approval for the district plan for Seoripul 1 District by March next year and begin housing construction in the second half of 2028.
On the 27th, LH said it would apply a fast-track, ultra-short-term construction model to Seoripul 1 District, simultaneously carrying out permitting, compensation and construction. It also plans to begin supplying homes in some areas of the district before the broader project gets underway.
LH is also proceeding with follow-up procedures to speed up the project. It is conducting basic surveys of land and obstacles with the goal of issuing a compensation plan notice by the end of October. Through a win-win committee and a public-private consultative body, LH is also exchanging views with residents, including landowners, on compensation and the project.
Seoripul 1 District is set to receive 18,000 public rental housing units, mainly in areas with favorable locations, including those near railway stations, across Wonji-dong, Sinwon-dong, Yeomgok-dong and Naegok-dong in Seocho District, Seoul. It will also develop plans to provide general-purpose rental housing, including introducing mid-sized units to reflect housing demand from newlywed couples and families with newborns.
The supply could be expanded beyond the volume originally announced. LH had been considering adding about 500 units, but is now seeking further expansion options following President Lee Seong-hoon's instructions to maximize the number of homes supplied.
President Lee said, "To provide homes swiftly, we will dramatically accelerate the project by pursuing all areas—including compensation, approval and construction—concurrently, with the goals of beginning compensation in March next year and housing construction in the second half of 2028. Based on consultation and communication, we will seek ways to coexist with residents, actively consult with relevant agencies on the feedback we gather, and develop Seoripul into a successful model for urban housing supply."

[email protected] Choi Ga-young Reporter