MOLIT First Vice Minister Kim Yi-tak: "We will pull out all the stops to meet the target of starting construction on 62,000 public housing units in the Seoul metropolitan area by year-end"

[Financial News] MOLIT will concentrate its efforts on meeting its target of starting construction on 62,000 public housing units in the Seoul metropolitan area by the end of the year.
On the 2nd, MOLIT First Vice Minister Kim Yi-tak held the third public housing supply inspection TF meeting with four major public corporations, including Korea Land and Housing Corporation (LH). They reviewed construction starts through the third quarter and progress toward the year-end target. The four corporations are LH, Seoul Housing and Communities Corporation (SH), Gyeonggi Housing and Urban Corporation (GH), and Incheon Metropolitan City Development Corporation (iH).
The meeting was arranged to ensure that the target for public housing construction starts in the Seoul metropolitan area remains on track through close, site-by-site management during the remainder of the year.
Public housing construction starts in the Seoul metropolitan area provisionally totaled 17,000 units through the third quarter. MOLIT expects construction to begin on more than 60,000 units by the end of the year, which would largely meet the target of 62,000 units.
With 45,000 public housing units, along with purchases of newly built homes and private-sector redevelopment projects, scheduled to begin construction in the fourth quarter, Kim instructed officials to closely review preparations at each site and swiftly advance procedures such as permits and approvals and construction orders.
They also reviewed preparations for construction starts scheduled for next year. The public sector aims to begin construction on approximately 84,000 units next year, including 5,000 units through small-scale redevelopment projects. MOLIT and each corporation agreed to monitor implementation from the compensation and site development stages and resolve potential project-specific sources of delay in advance.
Positive signals have also emerged recently, particularly in Seoul. From January through August this year, housing permits in Seoul totaled 39,940 units, up 40.4% from the same period last year, while construction starts reached 20,679 units, an increase of 41.1%.
Kim said, "It is important to increase the pace of housing supply during the remaining period so that the planned units for housing stability actually lead to construction starts. Although positive signals have been detected, particularly in Seoul, do not let your guard down. Closely monitor housing supply conditions in both the public and private sectors and do your utmost to achieve the target."

[email protected] Jung Kyung-soo Reporter