Kim Ei-tak, the first Vice Minister of the Ministry of Land, Infrastructure and Transport, on the 3rd said, "A sense of speed that the public can feel is the key factor that can stabilize the real estate market," and emphasized, "If there are measures that can be accelerated so that we can supply beyond the planned volume, do not overlook even the smallest item and make sure to address it."
The Vice Minister on this day presided over a meeting to review measures to speed up public housing sites in the Seoul metropolitan area, including the third new towns, at the Special Headquarters for Housing Supply Promotion of the Korea Land & Housing Corporation (LH) in Yongsan-gu, Seoul, and said, "The annual groundbreaking volumes released in the Sept. 7 measures are a promise to the public that must be kept."
The Ministry of Land, Infrastructure and Transport (MOLIT) is aiming to start construction on at least 372,000 dwellings by 2030 and is working to shorten permitting and compensation periods and to facilitate relocation and demolition. In particular, it is proceeding with the amendment process for legislative tasks related to accelerating project timelines released in the Sept. 7 measures.
Regarding measures to accelerate projects such as groundbreaking on this day, the Vice Minister said, "Please ensure that LH performs a central role well in operating consultative bodies to resolve pending issues early for each project district."
In particular, with respect to compensation and relocation, which greatly affect project speed, the Vice Minister urged, "As the Ministry of Land, Infrastructure and Transport (MOLIT) is making every effort to improve systems, including legal revisions, LH should also fulfill a responsible role to shorten project periods."
At the meeting, the Vice Minister went over detailed statuses for key districts one by one, including the third new towns and the Seoripul district in Seoul, and emphasized, "Since these districts are core project sites with a high perceived supply impact, more thorough process management is necessary."
The Vice Minister added, "This year alone in the third new towns, 2,300 dwellings are scheduled for sale in the first half and 7,500 dwellings for the full year, and in particular, as the first move-ins of 1,300 dwellings are scheduled in Incheon Gyeyang in December, please thoroughly prepare measures to improve living conditions, including transportation, so that public expectations are met."