Ministry unveils final new town project to add 110,000 homes in Seoul area

South Korea’s government on Tuesday presented an urban development plan that will supply 110,000 homes in Seoul and the surrounding metropolitan areas, part of its mid- and long-term moves to stabilize the housing market.

In addition to 52,500 new residences in Seoul and conventional housing sites in Gyeonggi Province, the government will also develop two large residential zones in Seoul’s suburban areas where 58,000 new homes will be built, according to the Ministry of Land, Infrastructure and Transport.

“The housing market has recently stabilized downward but we need to take further measures,” Land Minister Kim Hyun-mee said in a press briefing at the Seoul Government Complex. Gyeonggi Province Gov. Lee Jae-myung also attended.

The government’s latest announcement marked the third phase of its mid- and long-term plan to create 300,000 additional residences, mostly in the overcrowded and bubble-prone metropolitan region.

This third phase, unlike the first two, involves comprehensive traffic infrastructure measures, according to the ministry.

For instance, the GTX-A line, a railway that will cut across Seoul and connect the northwestern suburb of Goyang with Seongnam in the southeast, will be completed by the time people move into the newly developed housing zones.

By establishing new transportation routes and extending conventional subway lines, residents of the new towns will be able to commute to key Seoul business districts such as Gangnam and Yeouido within 30 minutes, the ministry said.

Accounting for the largest part of the upcoming development are two large-scale residential complexes that will cover a total gross area of 1,156 square meters in Goyang and Bucheon, respectively northwest and west of Seoul.

While 58,000 new homes are to be built in these two complexes, 52,500 residences will be added at 26 smaller housing sites in Seoul and other parts of Gyeonggi Province, according to the ministry.

“We were able to make the announcement earlier than expected due to smooth negotiations with the related local governments, as well as security maintenance issues,” Minister Kim said.

Late last year, some employees of the Korea Land & Housing Corporation were booked on allegations of leaking the development blueprints for Wonheung, a district adjacent to the government-designated housing zone.

“The job of the ministry and of the government is to establish a country where people may be happy regardless of their residential location,” Kim said.

By Bae Hyun-jung (tellme@heraldcorp.com)