Questions are raised about the possibility of the ideal realization of the housing supply project announced by the government on the 4th. This is because a system such as prepayment in kind, which transfers ownership to the public, has also been introduced, although it has offered benefits such as excluding the two-year residency obligation or not applying the excess profit return system.
1st Vice Minister of Land, Infrastructure and Transport Yoon Seong-won explained the suspicions of the site and concerns about the quality of public apartments in a news show on CBS Radio Kim Hyun-jung on the 5th.
The core of the housing supply measures announced by the government on the 4th is a public direct implementation maintenance project managed by public institutions such as Korea Land and Housing Corporation (LH) and Seoul Housing and Urban Corporation (SH). There are concerns that land rights and ownership of buildings will be transferred to the public and low-quality’LH apartments’ will be built.
Regarding this, Vice Minister Yun said, “At the beginning of the business, all rights to the apartment land and buildings are paid in kind, but when the apartment is built after the project is completed, both the ownership of the land and the property is transferred to the owner.”
Regarding the concern about quality deterioration, he said, “When promoting a business, the residents decide everything about design, construction, brand, etc.,” he said. “The more advanced materials are used, the higher the project cost. After explaining this process, you will decide which company to go to.”
Deputy Minister Yun said about the apartment relocation loan, “If there is no ability to raise the jeon tax, LH will make a dedicated loan product in consultation with the financial sector.” Households who already have loans can also receive loans for migration expenses.
He said, “We made measures so that the public and the landlord can share profits so that they can move in regardless of their ability to bear the funds, as the price increases when the initial funding burden is lowered and the house is sold after moving into a new apartment.”
Deputy Minister Yun said, “The total available development in Seoul is 2.81 million units,” and “We have a list of 222 development candidates.” He added, “After the Lunar New Year holiday, we will have an online business briefing for members, construction companies, and residents.” Ⓒ Safe Times
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