Seoul accelerates urban redevelopment to boost housing supply

The Seoul Metropolitan Government has announced an accelerated plan to speed up urban redevelopment projects to bolster housing supply. Under the ‘Moa Town Rapid Integrated Promotion Plan’, the city aims to reduce the time from candidate selection to construction commencement from approximately six years to four and a half years by running management planning and union establishment processes in parallel.

The city targets the commencement of 40,000 Moa housing units by 2031. To achieve this, Seoul will select 100 new candidate sites by 2030, potentially creating a foundation for 120,000 additional units. The government will also deploy expert support teams to resolve conflicts regarding construction costs, relocation, and resident disagreements.

In a broader effort to meet a goal of 30,000 unit commencements this year, the city is closely monitoring 11 major redevelopment sites scheduled for the second half of the year. This includes the large-scale Hannam 3 District redevelopment in Yongsan, which is expected to produce 5,816 units. The city has upgraded its process management system to the vice-mayor level to oversee 85 strategic supply projects aiming for 85,000 unit commencements by 2028.