Land Minister Hong Ji-seon: “MOLIT Will Take Responsibility for Large-Scale Housing Supply in the Seoul Metropolitan Area”

[Financial News] Hong Ji-seon, minister of Land, Infrastructure and Transport, expressed confidence in large-scale housing supply in the Seoul metropolitan area.
Minister Hong said on social media (SNS) on the 8th, “The Ministry of Land, Infrastructure and Transport (MOLIT) will take responsibility for large-scale housing supply in the Seoul metropolitan area.”
Minister Hong emphasized, “A few days ago, the president directed that the rapid expansion of housing supply in the Seoul metropolitan area and the provision of public long-term rental housing for young people and the middle class be actively pursued. This is a task MOLIT must address, and the first thing I must devote myself to as minister.”
Minister Hong said four major tasks would be pursued swiftly.
Referring to the Third New Towns, Hong said, “We will identify and remove bottlenecks in each district, cut the time needed to develop public housing sites from 68 months to 37 months, and expand infrastructure such as transportation at the same time. We will not sell public housing sites developed by Korea Land and Housing Corporation (LH) to the private sector; we will develop them directly and supply up to 53,000 homes by 2030.”
Hong added, “We will support this through LH’s purchase commitments for unsold homes and purchase agreements for newly built homes, among other measures. In particular, we will break ground on 140,000 homes under the purchase-lease program in the Seoul metropolitan area by 2030. We will flesh out the plans and put the homes secured to use as public housing to ensure housing stability in the Seoul metropolitan area.”
Minister Hong also said, “We will review each project with the relevant ministries and local governments, and I will personally handle any issues that are stalled. We will also speed up the conversion of existing sites and buildings to residential use.”
Lastly, Hong said public long-term rental housing for young people, newlyweds and the middle class would also be expanded.
Minister Hong added, “What the public are waiting for is not the figures in a housing supply plan, but homes they can actually move into. We will focus MOLIT’s capabilities until the market feels that supply is sufficient.”

[email protected] Jeong Gyeong-su Reporter