Korean government unveils 60,000 urban housing units plan

The South Korean government has unveiled a plan to supply 60,000 housing units in urban cores of Seoul, Gyeonggi Province and Incheon to enhance housing stability for youth and newly married couples, reported Business Korea.

In Seoul, a total of 32,000 units will be built in 26 sites, including the Yongsan International Business District, the Camp Kim site adjacent to Namyeong Station and Samgakji Station, and Taereung Country Club (Taereung CC), it stated.

Gyeonggi Province will see 28,000 units across 18 sites, including the Gwacheon Racecourse area, the Suwon Mail Processing Center, and the Gwangmyeong Tax Office. In Incheon, 1,000 units will be built utilzing sites such as the South Incheon Post Office.

The big plan was disclosed at a recent ministerial meeting on housing supply presided over by Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol.

The planned supply scale is equivalent to two Pangyo new towns and 1.7 times the area of Yeouido, and that the Seoul allocation amounts to 84% of the supply volume under the past Bogeumjari Housing program, said the report.

The government will expand supply in superior locations near transit stations where living infrastructure such as education and culture is already in place, and it plans to create both housing and living social overhead capital (SOC) in conjunction with the redevelopment of aging government office buildings, it added.