New homes to be supplied at six sites, including Gimpo and Guri ... Land transaction permit zones lifted except in parts of Songpa (Comprehensive)

[Financial News] The government will supply 76,700 new homes at six locations, including Gimpo and Guri in Gyeonggi Province. Including Korea's Aug. 13 Housing Plan announced earlier, the total supply will be 104,000 homes. The government also decided to lift land transaction permit zones across all of Seoul and in greenbelt areas of parts of Gyeonggi Province designated under the earlier measures, except for parts of Songpa.
Minister of Land, Infrastructure and Transport Hong Ji-seon announced the details at the Government Complex Seoul on the 29th.
Six areas in Gyeonggi Province were selected as sites in this announcement: Gimpo Ara (37,000 homes), Guri Geonwon (14,600 homes), Hanam-si Misa K-Culture (12,000 homes), Hanam-si Gamil 2 (6,500 homes), Uijeongbu Darakwon (2,600 homes), and Goyang Daegok Knowledge Convergence (4,000 homes).
This announcement covers the remaining districts not announced at the time and is a follow-up to Korea's Aug. 13 Housing Plan. The government plans to supply a total of 104,000 homes, including the 27,200 homes announced previously at sites such as Gangseo in Seoul (1,000 homes), downtown Namyangju (21,700 homes) and Gwangju Station Area 2 (4,500 homes).
Under Korea's Aug. 13 Housing Plan, the government designated all of Seoul and nearby greenbelt areas in the Seoul metropolitan region as land transaction permit zones. Under the new measures, it decided to lift the designation in all other areas except those within the impact zones of the candidate sites for new housing. Specifically, the land transaction permit designation will be lifted for land throughout Seoul, except for parts of Songpa-gu. Jeong Woo-jin, head of MOLIT's Housing Supply Promotion Headquarters, said, “Gamil 2 is adjacent to Songpa, so it can be considered within the project's impact zone.” He added, “You can understand it as meaning that only parts of Songpa will remain designated in Seoul, while the rest will be lifted. The change is expected to take effect on November 3.” However, under last year's October 15 Real Estate Measures, buildings such as apartments are excluded from the areas to be released.
The government stressed that it would expedite the start of construction in the designated areas. It plans to begin construction by 2030, and expects residents could move in as early as 2033.
The government also provided details about areas experiencing traffic congestion, including Gimpo and Hanam-si. Minister Hong said, “Traffic congestion in Gimpo is severe. The extension of Seoul Subway Line 5 has passed a preliminary feasibility study, and Gyeonggi Province has begun work on the basic plan. We are looking at moving the process forward faster than the usual administrative procedures to prioritize addressing traffic congestion.”
The government dismissed a connection between the reason Seoul was excluded from the latest measures and the development of Yongsan Park. Minister Hong said, “The absence of new housing supply in Seoul this time has nothing to do with the Yongsan Park issue. Developing the returned U.S. military base in Yongsan will require legislation and public discussion, so we excluded issues that would take time. Working-level consultations are currently underway, and we expect to receive a response from the Seoul Metropolitan Government.”

[email protected] Jeong Gyeong-su Reporter