Jung Won-oh, the Democratic Party of Korea's candidate for Seoul mayor, pledged to shorten the redevelopment project period from the current 15 years to within 10 years. He also unveiled plans to significantly improve the profitability of redevelopment and reconstruction projects by expanding areas eligible for floor area ratio incentives, while accelerating the supply of affordable "practical housing" priced below market rates.
Jung announced the "Chak-Chak Development" blueprint on the 29th after touring the Jangwi-dong area in Seongbuk-gu, Seoul. The event was attended by Democratic Party lawmakers Kim Young-bae, Oh Ki-hyung, and Kim Nam-geun, along with officials from nearby redevelopment associations.
Jung's plan centers on expanding Seoul Mayor Oh Se-hoon's "Shintong Planning," which previously supported only the designation of redevelopment zones, to cover both the redevelopment process and resident occupancy. To this end, Jung plans to first cooperate with the government and ruling party to revise the Act on the Maintenance and Improvement of Urban Areas and Residential Environments. The revision will include a simultaneous application system that allows basic plans and redevelopment zone designations to proceed concurrently, and enables changes to redevelopment plans and management disposition to be handled through a single general meeting and approval.
The profitability of private sector redevelopment and reconstruction projects will also be significantly improved. Areas eligible for floor area ratio incentives, previously limited to station areas and similar zones, will be expanded to semi-industrial districts to ease the burden of contribution fees. The price of rental housing purchased from associations will also be raised from the standard construction cost to 80% of the basic construction cost, reducing losses for associations.
The supply of practical apartments will also be expanded. Early construction will begin on 32,000 housing units planned under the real estate measures announced by the government last year and earlier this year. "We will supply public housing on a large scale at affordable sale prices and rents, so that middle-class and ordinary citizens without homes can realize their dream of homeownership in Seoul," Jung said.
