Hwang Sang-ha, the newly appointed president of the Seoul Housing and Community Corporation (SH), noted on the 11th, "I will devote all my efforts to expanding the 'My Home (Long-Term Lease Housing II)' program for newlyweds in Seoul."
During his first press conference after taking office, held at a restaurant near Seoul City Hall, Hwang said, "I will increase the supply of programs, including My Home, to overcome low birth rates," adding, "If My Home is supplied in good locations such as Seoripul and Guryong Village, where SH Corporation is in charge, the demand from newlyweds will increase significantly."
He added, "We will establish criteria to ensure that future supplies of My Home are provided in locations preferred by newlyweds who wish to have children, such as near roads, infrastructure, and schools."
My Home is a representative public housing policy of Seoul Mayor Oh Se-hoon. The core of the program is to provide stable housing and opportunities for home ownership to (prospective) newlyweds planning to give birth or get married. They can reside in long-term lease housing for up to 20 years and can purchase their home at up to 80% of the market price based on the number of children they have.
In its first year of implementation last year, 1,022 units were supplied. This year, the plan is to supply 3,500 units of public housing for newlyweds, and starting in 2026, to supply 4,000 units annually. This corresponds to about 10% of the 36,000 couples who marry each year (based on 2023 figures).
Seoul City and SH previously stated that the rental obligation period for the 'Long-Term Lease Housing' introduced in 2007 is nearing its end in 2027, and they plan to supply the returned units as My Home.
Hwang mentioned that SH will utilize reserve land in Magok to expand the supply of My Home. Currently, there are approximately 75,000 square meters of reserve land owned by SH Corporation in Magok.
Hwang asserted that the government's realization of subsidies is also necessary for the expanded supply of public rental dwellings. He explained, "In Seoul, the cost of purchasing or developing rental dwellings is much higher than in the provinces, but subsidies are calculated and paid based on the national average," adding, "Given the serious supply shortage in Seoul compared to the provinces, and the significantly higher costs, the realization of national subsidies is essential."
Hwang stated that he will also focus on development projects around the Han River, including the Great Han River Project, which features a Han River bus, a Ferris wheel, and gondolas. He commented, "The development project around the Han River must be carried out to secure the city's competitiveness," and further noted, "SH will lead to ensure adequate publicness in the project structure."
In contrast, the participation of SH Corporation in the third phase new towns, which former President Kim Heon-dong had sought, has essentially been nullified. Hwang stated, "I am an expert on Seoul. I will focus on Seoul," adding, "SH Corporation will not participate in the third phase new towns, as it aims to supply dwellings within Seoul."
Meanwhile, Hwang is the first president from within SH Corporation since its establishment. He joined in 1990 and has held various positions, including director of strategic planning, head of local government property management, head of financial operations, head of asset management, and head of planning and management. Hwang took office on December 30 last year, and his term is three years.