South Korea's Lee at Seoul Redevelopment Site: Private Projects May Switch to Public, Association Threshold Cut to 70 Percent
South Korean President Lee Jae Myung visited the Jangwi New Town public redevelopment site in Jangwi-dong, Seongbuk District, Seoul, on November 4 and met residents and officials. He said leaving urban redevelopment and rebuilding projects entirely to residents themselves is primitive, and directed that a system be built so private projects already under way can switch to public redevelopment if residents want, without delays or other disadvantages.
The government's supporting plans include simplifying procedures for drawing up renewal plans, lowering the consent threshold for establishing redevelopment associations from 75 percent to 70 percent, and raising the cap on floor area ratios for public redevelopment. According to the Ministry of Land, Infrastructure and Transport, only 128 of 773 renewal districts in the greater Seoul area, or 16.6 percent, have reached the construction stage, and construction starts for renewal projects in the capital region this year are projected at 53,000 units, short of the 72,000-unit target.
Lee said the current shortage stems from a sharp drop in housing permits starting in 2022, and that while permits have been increasing, the effects will show from 2028 at the earliest. The visit came just over two weeks after he inspected housing supply at the third-phase new town in Gyeyang, Incheon.
(Source: Office of the President, Republic of Korea)
Source: Office of the President, Republic of Korea
Published by GSM · USA (original Chinese edition)
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