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Gov't Selects 13 Additional Locations as Housing Development Candidates

Written: 2021-04-14 14:02:26Updated: 2021-04-14 14:17:46

Gov't Selects 13 Additional Locations as Housing Development Candidates

Photo : KBS News

The South Korean government on Wednesday selected 13 additional locations in Seoul as candidate sites for its public housing development project that was first announced in February.

This comes after the government named the first group of 21 sites on March 31.

The Land Ministry announced the 13 areas near subway stations or low-rise residential zones in the districts of Dongdaemun and Gangbuk, including areas around Cheongnyangni Station and Mia Station.

The total area amounts to over 457-thousand square meters, on which the government expects to build 12-thousand-900 housing units.

The project involves increasing the density of the areas by offering incentives to raise the floor area ratio in development.

The government expects the floor area ratio to rise on average by 56 percentage points which will allow the construction of an average of 251 additional units per site. The average parcel price is expected to drop to 66-point-three percent of the market price.

The ministry plans to draw up a detailed development plan for the 13 areas through consultation with local governments.

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