South Korean PM visits urban redevelopment site, vows to speed up housing supply

South Korean Prime Minister Han Duck-soo visited the Jangwi 14 redevelopment site in Seoul, urging accelerated measures for housing supply. He stressed that activating private sector development is crucial, as private housing constitutes a larger portion of Seoul's housing stock compared to public housing.

"We must prepare all possible measures to speed up," Han stated during a meeting with local officials, including Seongbuk District Mayor Lee Seung-ro. This visit is a follow-up to the government's August 13th measures aimed at expediting housing construction through redevelopment and reconstruction projects. Han had previously visited the Gyeyang district in Incheon as part of this initiative.

The Jangwi 14 zone has faced significant delays since 2006, with its urban planning undergoing multiple revisions. The government's recent housing plan aims to increase the pace of these projects by offering incentives such as tax benefits and relocation loans for faster-moving developments. The goal is to commence construction of approximately 234,000 housing units in the Seoul metropolitan area by 2030.

Prime Minister Han also instructed relevant ministries to ensure the smooth implementation of measures supporting private housing development, including relocation loans and project financing. He emphasized close cooperation between central and local governments, financial institutions, and administrative bodies to manage the redevelopment process closely and resolve any issues promptly. Simplifying administrative procedures for these projects was also discussed as a way to boost efficiency.