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Lee pushes to accelerate housing supply
South Korean President Lee Jae Myung ordered officials to speed up housing construction during an inspection of the Gyeyang public housing district in Incheon, west of Seoul.
From the roof of a 15-story apartment building in the district’s A3 block, Lee received a briefing on development projects in Gyeyang and neighboring Bucheon. Residents are scheduled to begin moving into the Gyeyang site in December, making it the first of South Korea’s so-called third-generation new towns to open. Final construction work is underway.
The new towns are large, government-backed developments intended to expand housing supply around the Seoul metropolitan area. Lee asked officials about the number of homes and planned rail connections, while urging them to begin work as quickly as possible in sections where construction has not started.
When the head of the Korea Land and Housing Corp. said ground preparation would take time, Lee suggested that land acquisition, negotiations and site work could proceed simultaneously.
Government focuses on move-in dates
At a Cabinet meeting, Lee said the success of housing policy should be measured not by announcements or construction targets, but by when homes are completed and occupied. He directed agencies to shorten the time required for site preparation, permits and construction.
Lee called rapid housing delivery in the third-generation new towns a critical test of the government’s real estate policy. He instructed the Ministry of Land, Infrastructure and Transport and the state-run housing corporation to begin construction on about 90% of the planned public housing units by 2030, in line with a target announced in August.
He also said transportation, schools and heating infrastructure should be ready when residents move in, and that regulations obstructing those goals should be revised.
Modular housing and transportation under review
Lee asked officials to consider selling undeveloped land directly, using modular housing, expanding financial incentives and adding staff at the Korea Land and Housing Corp. Selling land before site preparation is completed could allow construction to begin sooner.
Prospective residents requested expanded regional transportation, including express bus service, to accommodate commuters traveling to Seoul. Incheon Mayor Park Chan-dae said the city would work to provide transportation improvements.
Lee also said workers should not be disadvantaged by any restructuring that separates the housing corporation’s development and asset-management operations. After the inspection, he visited a traditional market near Gyeyang Mountain and met with representatives of merchants and small-business owners.
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