Public housing units to serve as more affordable alternatives to residential offerings in the capital
Around 110,000 homes will be built around Seoul and contiguous areas in government efforts to increase supply and rein in fiery prices, officials announced via Yonhap.
These will include 58,000 homes constructed in Changneung-dong in Goyang and Daejang-dong in Bucheon, plus two other cities.
The properties are in addition to the 190,000 residential units promised late last year as part of the New Town Developments Plan, a sweeping scheme by the South Korean government to build 300,000 “low-priced but quality” homes and thereby address deteriorating levels of housing affordability in the capital.
The most recent batch of homes will be made available for applications from 2022.
“The government will continue to focus on stabilising the housing market and providing homes to end users in Seoul and neighboring areas,” Land Minister Kim Hyun-mee said in a statement to the press.
The ministry vowed to improve access to the residential sites by extending existing subway lines as well as constructing new roads, railway systems and transfer stations.
The government plans to operate public schools and support startups in the area to foster an integrated community.
The selected public housing sites and their surrounding areas will be designated Land Trade Authorization Areas to quell speculation, ensuring that end users derive the most benefit from the programme.
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