Seoul Mayor Oh Se-hoon emphasized the importance of private-led supply of dwellings and said the city would speed up redevelopment projects.
On the 27th, at a special lecture hosted by the Korea Specialty contractors association held at the Specialist Construction Hall in Dongjak District, Seoul, Mayor Oh shared the city's policy direction and a future vision for the development of the construction industry.
Oh said, "Over the past four years, under the city governance philosophy of 'Companionable and Attractive Special City,' I have worked tirelessly for Seoul's development," adding, "as various data and objective global rankings show, Seoul has quietly but clearly strengthened its competitiveness, and foreigners from around the world are flocking to visit Seoul."
He went on, "There is no royal road to solving the dwelling problem other than private-led supply," and said, "we need to stabilize the dwelling market by expanding dwelling supply through revitalization of private redevelopment projects." He said public-led supply is bound to have limitations.
Oh said, "Seoul is stabilizing the dwelling market by accelerating redevelopment projects through the Rapid Integrated Planning and Moa Dwellings and by expanding the volume of continuous supply and sending stable supply signals." He added, "the city will continue to support an environment where private redevelopment projects can function normally and will supply 310,000 dwellings without a hitch by 2031."