The government will accelerate public redevelopment projects to expand the supply of dwellings in downtown areas. It plans to identify candidate sites for 62,000 households to carry out redevelopment under public leadership by this year and supply dwellings at a rapid pace.
The Ministry of Land, Infrastructure and Transport visited the Junghwa 5 public redevelopment project zone in Jungnang District, Seoul, on the morning of the 30th to check the status of the project and held a brief meeting with residents and related agencies.
Introduced in 2021, the public redevelopment project is a public-led redevelopment implementation method that incorporates the housing and urban development expertise of public corporations such as the Korea Land & Housing Corporation (LH) into redevelopment projects to shorten project timelines and minimize resident burdens.
The ministry has identified candidate sites for public redevelopment projects totaling 62,000 households, centered on Seoul. Of these, 24,000 households have completed the designation of project implementers.
The Junghwa 5 zone visited this time is the largest project in the area, building a total of 1,610 dwellings, parks, and more in a prime location adjacent to Junghwa Station and Sangbong Station. GS Engineering and Construction was selected as the builder early this year.
On the 7th, the ministry announced measures to revitalize public redevelopment projects through the plan to expand the supply of dwellings, including granting a special floor area ratio up to 1.3 times the legal limit, easing urban regulations such as building height and park and green space standards, and supporting project fees. To this end, the Urban Redevelopment Act was also introduced in the National Assembly, laying the groundwork to activate public redevelopment projects.
Residents of the public redevelopment project zone noted that the project drifted for 10 years after the zone's designation as a planned redevelopment area was lifted in 2012, but that it has been put on track since the push for the public redevelopment project. They asked the government and the city and district offices to thoroughly manage the project so it would not be delayed any further.
At the meeting, the ministry listened to residents' opinions on strengthening support for public redevelopment projects and the need for swift permits and approvals. A resident representative said, "We are satisfied that the project is proceeding quickly after the site was designated as a candidate," and added, "We hope that the benefits such as easing urban regulations, including higher floor area ratios under the Sept. 7 measures, and support for project fees will be realized as soon as possible."
Cho Min-u, head of the Housing Redevelopment Division at the ministry, said, "If the easing of urban regulations, such as higher floor area ratios and standards for building height (distance between buildings) and park and green spaces, is applied to the Junghwa 5 zone, the average resident contribution is expected to decrease by about 30 million won (per person 220 million won → 190 million won), improving the project's profitability."
Cho, the Director, added, "To ensure that related permits and approvals proceed quickly, if the project implementer requests it, we will improve procedures so that the Urban Planning Committee review for changing the redevelopment plan and the integrated review for project plan approval can proceed in a combined manner."
Kim Gyu-cheol, head of the Housing and Land Office at the ministry, said, "As a follow-up to the Sept. 7 measures, since the amendment to the Urban Redevelopment Act was introduced today, we will actively cooperate with the National Assembly to promote legislation and revitalize public redevelopment projects," adding, "Going forward, so that more places can choose and pursue public redevelopment projects, we will actively increase contact points with residents, such as through briefings and consulting, while also thoroughly reviewing the mid- to long-term policy direction for public redevelopment projects."