Gov’t to supply another 80,000 new homes

The land ministry said Wednesday it has selected five new sites to supply another 80,000 new homes, as part of its efforts to offset the lack of homes in the private sector.

The Ministry of Land, Infrastructure and Transport said it has chosen Yongin, Guri, and Osan of Gyeonggi Province, as well as Cheongju of North Chungcheong Province, and Jeju Island to build the new homes.

“The government will continue to monitor the home supply markets. If necessary, the government may announce additional new sites for public homes next year,” the ministry said in a statement.

It is the third time for the incumbent government to select new areas for public homes following the plan released in November last year to supply 46,000 public homes in Gimpo near Seoul, and the plan announced in June to supply 39,000 homes in Pyeongtaek, just south of Seoul, and Jinju of South Gyeongsang Province.

The government will focus on improving transportation infrastructure in the selected areas for better connections with the central part of existing cities, industrial complexes and neighboring residential towns, the statement said.

In September, the government announced a plan to supply 120,000 public homes in addition to the existing plan to deliver 2.7 million new homes by 2027.

Of the 120,000 homes, the government plans to provide 30,000 in large residential towns near the capital city of Seoul and 85,000 in newly developed areas.

In August last year, the government announced the 2.7 million public home supply plan for the 2023-27 period by easing regulations for redevelopment and reconstruction, and allowing the private sector to join downtown development projects.