Korean Government Accelerates Housing Supply Plans Amid Regulatory Revisions
In response to the Housing Supply Expansion Plan announced last month (September 7 measures), the South Korean government is actively engaging with the industry to expedite the ongoing redevelopment and reconstruction projects in the metropolitan area, which encompass a total of 680,000 housing units. The government aims to discuss regulatory easing measures with construction companies, trust firms, and maintenance organizations while listening to the challenges faced on the ground. It plans to incorporate feedback from these discussions into the National Assemblys deliberations on amending the Urban Maintenance Act.
On the 23rd, the Ministry of Land, Infrastructure, and Transport announced that it held a Policy Meeting on Maintenance Projects in Seoul to strengthen cooperation between the government and the maintenance industry. This meeting included representatives from construction companies, trust firms, specialized maintenance management companies, and relevant associations.
During the meeting, the government explained the regulatory easing measures included in the September 7 plan. This plan outlines a supply promotion strategy for 400,000 housing units in Seoul and 680,000 units in the metropolitan area through maintenance projects.
Specifically, the government proposed increasing the initial project financing limit to 6 billion won and enabling the simultaneous establishment of the basic and maintenance plans to shorten the procedure. It also plans to grant the Urban Dispute Commission the authority to mediate construction cost disputes, which frequently arise during maintenance projects, to facilitate quicker resolutions.
The plan includes easing height restrictions in the permitting process and lowering the burden of securing state-owned land. It allows for the existing floor area ratio to be reflected in the maintenance plan without any separate public contribution in semi-industrial areas. Furthermore, private redevelopment and reconstruction projects will also undergo a public discussion process to establish floor area ratio enhancement plans. The government anticipates that through the September 7 measures, over 234,000 housing units in the metropolitan area will begin construction by 2030.
The maintenance industry conveyed its challenges faced on-site and suggested improvements to the system. Construction companies noted the issues with public redevelopment...
On the 23rd, the Ministry of Land, Infrastructure, and Transport announced that it held a Policy Meeting on Maintenance Projects in Seoul to strengthen cooperation between the government and the maintenance industry. This meeting included representatives from construction companies, trust firms, specialized maintenance management companies, and relevant associations.
During the meeting, the government explained the regulatory easing measures included in the September 7 plan. This plan outlines a supply promotion strategy for 400,000 housing units in Seoul and 680,000 units in the metropolitan area through maintenance projects.
Specifically, the government proposed increasing the initial project financing limit to 6 billion won and enabling the simultaneous establishment of the basic and maintenance plans to shorten the procedure. It also plans to grant the Urban Dispute Commission the authority to mediate construction cost disputes, which frequently arise during maintenance projects, to facilitate quicker resolutions.
The plan includes easing height restrictions in the permitting process and lowering the burden of securing state-owned land. It allows for the existing floor area ratio to be reflected in the maintenance plan without any separate public contribution in semi-industrial areas. Furthermore, private redevelopment and reconstruction projects will also undergo a public discussion process to establish floor area ratio enhancement plans. The government anticipates that through the September 7 measures, over 234,000 housing units in the metropolitan area will begin construction by 2030.
The maintenance industry conveyed its challenges faced on-site and suggested improvements to the system. Construction companies noted the issues with public redevelopment...
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