Reconstruction of the first phase of new towns such as Bundang and Ilsan is allowed…
On the 26th, the Presidential Transition Committee announced twice that it was “progressing as promised by Yoon Seok-yeol” in relation to the ‘1st new town reconstruction activation and maintenance project’, which is the main election promise of President-elect Yoon Seok-yeol. The first new towns are Bundang, Seongnam, Ilsan, Goyang, Jungdong, Bucheon, Pyeongchon, Anyang, and Sanbon, Gunpo.
On the 25th, the day before, the transition committee announced that “the first new city reconstruction issue is under review as a mid- to long-term national project.” As it was expressed as a ‘mid- and long-term government task’, there was controversy over ‘speed control’ and ‘retreat of promises’ centered on the region.
Then on the morning of the 26th, through an unscheduled briefing, the transition committee stated, “There is a misunderstanding about the expression that it is a mid- to long-term review task, and we will correct it.” On the evening of that day, the transition committee announced in a press announcement that “General maintenance projects take a fairly long time, but it is possible to dramatically shorten the period required for the first phase of new towns due to special laws, etc.” It is unusual to respond to individual real estate policies twice a day.
Earlier, President-elect Yoon presented a pledge to enact a special law to promote the first-phase new city redevelopment project that would ease the typical regulations that slowed down the reconstruction project. It is predicted that this will include ▲exemption from detailed safety diagnosis for old complexes more than 30 years old, ▲floor area ratio increase to a maximum of 500%, ▲infrastructure support, and ▲reorganization of the excess profit recovery system for reconstruction.
The areas where apartment sales prices rose the most since the March presidential election in anticipation of the easing of regulations on the new town maintenance project were found in the first phase of the new town. According to Real Estate R114 on the 27th, the first new town showed a slight increase of 0.07% for about two months (January 1 – March 9) before the presidential election this year, but two months after the election (March 10 – April 22) During the period, it rose 0.26%, more than three times the increase.
In the political circles, there is an interpretation that the transition committee started to deal with the worsening of local public sentiment due to the issue of the first new town ahead of the June 1 local elections. Currently, a special law has been proposed in the National Assembly to shorten the period required for the reconstruction of the first new city by simplifying the licensing process. Representative Kim Eun-hye of the People’s Power, who proposed this bill, is running as a candidate for governor of Gyeonggi-do in Bundang, the first new city area.
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