Redevelopment housing project
New method should help cool overheated market
The government has selected eight areas in Seoul for a pilot redevelopment project by public builders to supply high-quality housing around subway stations. If the project proceeds as planned, it will supply 4,763 homes, an increase of 3,059 added to the existing 1,704 in the city. The number may not be so large as to exert significant influence on the housing market, however, it is meaningful as the project will likely meet the most cherished wishes of families needing homes.
Once an area is selected for the public redevelopment project, it can enjoy various benefits, such as eased restrictions on floor area ratios, exemption from the sales price ceiling and simplified permit processing. The central and local governments have decided to retrieve part of development profits and designate them as land transaction permit areas to curb property speculation. If everything goes well, the project is expected t