South Korea's housing minister, Seoul mayor meet again, no agreement on Yongsan Park site

South Korean Minister of Land, Infrastructure, and Transport Kim Hyun-mee and Seoul Mayor Oh Se-hoon held a second meeting to address housing supply issues, particularly concerning youth and newlywed couples, but a consensus on utilizing Yongsan Park for this purpose remained elusive.

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Mayor Oh requested that we review the Cheongdam Water Reclamation Center as an alternative site. We will receive the relevant data immediately and actively consider its potential for housing supply.

Following the meeting, Minister Kim indicated that the ministry would "actively consider" alternative sites suggested by the city, including the Cheongdam Water Reclamation Center. "Mayor Oh requested that we review the Cheongdam Water Reclamation Center as an alternative site," Kim told reporters, adding that the ministry would promptly receive relevant data and thoroughly examine its potential for housing development.

Kim reiterated the government's commitment to expanding housing options for young and newlywed couples in Seoul, stressing the need for a collaborative effort between the ministry and the city to revitalize housing supply in both the short and long term. "It is important that the Ministry of Land, Infrastructure, and Transport and the Seoul Metropolitan Government join forces to make decisions that can signal to the market the activation of housing supply in Seoul, both short-term and mid-to-long-term," he stated.

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It is not essential for the project to be located in Yongsan Park.

When questioned about a planned release of 73,000 new housing units around September, Minister Kim remained guarded, citing ongoing discussions with the Seoul Metropolitan Government. He explained that details are being withheld to prevent distorted signals to speculators and the market. The minister emphasized that the government is actively searching for land within Seoul for housing development, and it is not essential for the project to be located in Yongsan Park.

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It is important that the Ministry of Land, Infrastructure, and Transport and the Seoul Metropolitan Government join forces to make decisions that can signal to the market the activation of housing supply in Seoul, both short-term and mid-to-long-term.