South Korea eases redevelopment rules for aging standalone housing complexes

South Korea is taking steps to revitalize its aging first-generation new towns by easing regulations on the redevelopment of standalone housing complexes. The Ministry of Land, Infrastructure, and Transport announced that the revised enforcement decree of the 'Act on the Special Measures for the Redevelopment and Support of Old Planned Cities' has been approved, paving the way for accelerated redevelopment projects.

Previously, safety inspection regulations could only be relaxed or waived for integrated redevelopment projects involving multiple housing complexes. However, the new decree now allows 'solo' complexes, those not adjacent to other housing developments, to also benefit from these eased regulations if they meet specific conditions. This includes fulfilling a certain level of public contribution beyond the legal ratio for relaxation, and for a complete waiver, the complex must be redeveloped in conjunction with adjacent infrastructure.

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This revised enforcement decree is intended to revitalize redevelopment projects in old planned cities and alleviate the burden on residents.

This regulatory adjustment is anticipated to significantly boost redevelopment efforts in areas like Ilsan, Bundang, and other first-generation new towns. By streamlining the process for standalone complexes, the government aims to improve urban functions and living environments. The revised law also simplifies the calculation of contributions by allowing for estimations based on property types rather than individual assessments, further easing the burden on residents and encouraging faster project initiation.

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We will actively support the redevelopment projects in old planned cities, including the first-generation new towns, so that they can proceed quickly and without setbacks.