Kim Ei-tak, the first Vice Minister of the Ministry of Land, Infrastructure and Transport, visited the Goyeosaemaeul public redevelopment project site in Songpa-gu, Seoul, on the 8th and said the ministry would support early groundbreaking for establishments that are swiftly pushing projects forward in the city.
The Vice Minister toured the site that day with local government officials, resident representatives, officials from Korea Land & Housing Corporation (LH), and officials from Korea Housing & Urban Guarantee Corporation (HUG), then reviewed the status of the project's progress.
In the Goyeosaemaeul project, residents had pursued a redevelopment project since 2005, but the area suffered setbacks, including the cancellation of the redevelopment zone in 2013. The site was selected as a public redevelopment candidate in March 2021 and received approval for the project implementation plan in Feb. this year. The government is pursuing the project with the goal of starting construction on about 1,700 dwellings.
The Vice Minister said, "Through the seamless implementation of the Aug. 13 measures, we will actively support early groundbreaking by offering benefits such as reductions in real estate acquisition tax and higher purchase prices for rental dwellings to establishments that are moving swiftly, like Goyeosaemaeul," and added, "Please communicate sufficiently with residents during the project process and manage the process carefully to minimize any inconveniences that may arise during relocation."
The Vice Minister went on to say, "To ensure that the rapid push for redevelopment projects does not lead to instability in the jeonse and monthly rent market, the Ministry of Land, Infrastructure and Transport (MOLIT) will operate a 'relocation demand management council' with local governments and LH to support relocation demand management across redevelopment projects and orderly relocation," and emphasized, "We will work closely with local governments and support organizations to thoroughly check the status of redevelopment projects and devise ways to significantly shorten project timelines including permits and approvals."