Hong Ji-seon visits Seoul redevelopment site the day after announcing supply of 70,000 homes ... race to speed up supply

[Financial News] Hong Ji-seon, minister of the Ministry of Land, Infrastructure and Transport (MOLIT), visited a redevelopment complex in Sanggye-dong, Nowon District, Seoul, to conduct an on-site inspection. The day after announcing plans to supply about 70,000 homes in the Seoul metropolitan area, he went straight to a redevelopment area, signaling his determination to accelerate housing supply.
Minister Hong conducted an on-site inspection at the Sanggye 2 District redevelopment site in Nowon District, Seoul, on the 30th. Lee Heon-uk, head of the Korea Real Estate Board (KREB), and Seo Jun-o, chief of Nowon District, were also present.
Minister Hong received a briefing on redevelopment matters related to Sanggye 2 District. During the briefing, he asked about the location of the elementary school, the status of development and measures for incoming residents. He also urged officials to “pay close attention to ensure that the move-in process is not delayed.”
Afterward, they toured the Sanggye 2 District redevelopment area to inspect the site. Minister Hong was also seen asking officials, including Chief Seo, questions as they made their way around.
After the on-site inspection, Minister Hong also held a meeting with redevelopment stakeholders. In addition to the minister, attendees included KREB head Lee and Jeong Woo-jin, head of MOLIT’s Housing Supply Promotion Headquarters, along with other MOLIT officials. Those attending on behalf of the redevelopment included Chief Seo, association head Kim Jin, and representatives of Daewoo Construction and Dongbu Construction.
Minister Hong stressed, “Redevelopment in Sanggye 2 District is now moving forward in earnest thanks to residents’ efforts and cooperation among institutions. It is an important project that will improve the residential environment in Nowon District and support housing supply in central Seoul.”
He continued, “We must not stop at housing supply plans or permits; we must move on to genuine communication and public action so people can live in these homes.” He added, “Korea’s Aug. 13 Housing Plan expands housing supply in the Seoul metropolitan area while also focusing on increasing the pace of supply and reducing uncertainty in the project implementation process. I understand that Sanggye 2 District is also eligible for an acquisition tax reduction if construction begins promptly.”
He added, “The government will also move quickly on follow-up measures and work to ensure that the policy’s effects reach the sites. I hope this meeting will go beyond identifying difficulties in the field and become an opportunity to find solutions and put follow-up measures in place.”
After the meeting, Minister Hong described the discussion, saying, “The association raised the easing of restrictions on relocation loans starting as soon as next year, as well as HUG guarantees. On construction costs, they also asked for legally binding measures, including active mediation by KREB and mandatory clauses.”
Minister Hong replied, “The law currently provides exceptions concerning the transfer of union-member status, but applying them across all regions is difficult, so we decided to take some time to review the matter further.”
Asked whether the ruling bloc’s plan to raise the floor-area ratio by 1.2 times could be approved within the year, Minister Hong said, “We are holding working-level talks with the Seoul Metropolitan Government. We have referred the matter to the city for working-level discussions and are waiting for its response. We will actively consult during the National Assembly’s legislative process.”
On Gimpo City’s opposition to the new Gimpo Ara housing site announced the previous day, he said, “Gimpo City’s biggest concern is transportation.” He added, “They are calling for more self-sufficiency facilities and better transportation, and we will provide support so these can be completed before residents move in.”
[email protected] Jeong Gyeong-su Reporter