Vice Minister Kim Ei-tak of the Ministry of Land, Infrastructure and Transport said on the 30th that, following the plan the government released on the 29th to expand downtown dwelling supply, additional supply measures could come out next month.
The Vice Minister appeared on MBC Radio "Kim Jong-bae's Focus" on the morning of the day and said, "In addition to the 61,000 households released yesterday, additional supply measures could come out in February as soon as they are ready." The Vice Minister added that the additional content to be released would also be supply measures using public land.
The Vice Minister said, "We released this after finding places that are actually feasible and, in the eyes of the public—young people and newlyweds—attractive and affordable," adding, "There are additional places we left out." The Vice Minister did not mention specific figures for the supply volume to be additionally announced.
The previous day, the government released detailed plans to supply about 60,000 dwellings in the Seoul metropolitan area, including Seoul, by using idle sites and aging government buildings in downtown areas, such as 10,000 households in the Yongsan International Business District and 6,800 households at Taereung Golf Course (Taereung CC).
Regarding continued differences between the Ministry of Land, Infrastructure and Transport (MOLIT) and the Seoul Metropolitan Government over the Yongsan International Business District supply volume, the Vice Minister said, "Given the past experience of the project being scrapped, I think it is extremely important to make it succeed this time with the cooperation of the Seoul Metropolitan Government," adding, "As for issues like project delays, they can be addressed by revising the project plan, and we judge that such revisions would not take that long."
On whether dwellings could also be supplied on the Yongsan Park site in addition to the Yongsan International Business District, the Vice Minister said, "Yongsan Park is a national park designated by law," adding, "If the law is not amended, (apartment construction) cannot proceed. It is a matter of amending the law, and if there is no public consensus, it is difficult to push forward, so I think building consensus is more important."
The Vice Minister said that specific details such as the sales-to-rental ratio for dwellings supplied to areas including the Yongsan International Business District would be announced around March this year.
Referring to the measures as "a housing ladder for ordinary people," the Vice Minister said, "As early as March, we are preparing to announce plans to restore the housing ladder regarding public sales, public rentals, and affordable prices." The Vice Minister added that, in addition to general sales, various types are being reviewed for the supply method, including an equity accumulation model with partitioning payments.
The Vice Minister said, "We cannot go with rentals only," adding, "Even in the United States, there have been cases where (apartment complexes) were demolished due to slumification issues, so we are not considering going with rentals only."
On the possibility of lifting some areas from the designation of the entire city of Seoul as a land transaction permit zone under the Oct. 15 measures last year, the Vice Minister drew a line, saying, "We need to look at market conditions, but I don't think we are at that stage yet."
Regarding the impact of these measures on the market, the Vice Minister said, "The primary goal is to make the public trust the supply," adding, "If they trust it, anxiety about buying homes could be somewhat offset, and if that happens, what is commonly called chase buying may decrease a bit, in our cautious judgment."