Government Streamlines Redevelopment of First-Generation New Towns in South Korea
Recent reports indicate that eight out of fifteen first-generation new town areas in the Seoul metropolitan region—such as Bundang, Ilsan, Pyeongchon, Jungdong, and Sanbon—have completed their designation as special maintenance zones. The government is taking comprehensive measures to support these redevelopment projects, including amending special laws for procedural simplification and creating funds for low-interest loans, raising expectations for the advancement of these initiatives. Experts suggest that since these projects are essentially being pursued as integrated reconstruction efforts, it is important to adopt a conservative approach that considers the risks associated with shared costs, particularly in complexes where conflicts are minimal.
According to the Ministry of Land, Infrastructure and Transport, the overall procedures for promoting redevelopment projects in first-generation new towns will be streamlined starting in the second half of this year. The recently passed amendment to the Special Law on the Maintenance and Support of Aging Planned Cities introduces provisions that allow for the simultaneous advancement of basic and special maintenance plans, which should reduce administrative redundancy. Additionally, when petitions are submitted for similar purposes, they need to be provided only once.
The amendment has also formalized the roles of resident representatives and preliminary project implementers, who previously lacked legal standing, so that they can officially act as project stakeholders in all aging planned cities. This is expected to enhance the efficiency of large-scale development projects by allowing separate areas to be combined into a single plan starting from the special maintenance zone designation stage.
To support business financing, a fund worth 600 billion KRW has been established. On September 29, the Ministry of Land, Infrastructure and Transport, in collaboration with the Korea Housing and Urban Guarantee Corporation (HUG), finalized the selection of the management company for the first Future City Fund. The Future City Fund aims to provide substantial financial backing for large-scale redevelopment projects in these regions.
According to the Ministry of Land, Infrastructure and Transport, the overall procedures for promoting redevelopment projects in first-generation new towns will be streamlined starting in the second half of this year. The recently passed amendment to the Special Law on the Maintenance and Support of Aging Planned Cities introduces provisions that allow for the simultaneous advancement of basic and special maintenance plans, which should reduce administrative redundancy. Additionally, when petitions are submitted for similar purposes, they need to be provided only once.
The amendment has also formalized the roles of resident representatives and preliminary project implementers, who previously lacked legal standing, so that they can officially act as project stakeholders in all aging planned cities. This is expected to enhance the efficiency of large-scale development projects by allowing separate areas to be combined into a single plan starting from the special maintenance zone designation stage.
To support business financing, a fund worth 600 billion KRW has been established. On September 29, the Ministry of Land, Infrastructure and Transport, in collaboration with the Korea Housing and Urban Guarantee Corporation (HUG), finalized the selection of the management company for the first Future City Fund. The Future City Fund aims to provide substantial financial backing for large-scale redevelopment projects in these regions.
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