President Yoon Suk Yeol on Tuesday pledged a total of 10 trillion won ($7.46 billion) to carry out housing redevelopment in older urban centers of Seoul. Single-family freestanding homes or "dandok jutaek," and low-rise apartment buildings called "villa" will be turned into brand-new buildings, and half of the cost for their development will be through low-interest loans given to land developers by the state-run Korea Housing and Urban Guarantee Corp. In Korea, land developer