South Korea launches 2027 urban regeneration project applications

The Ministry of Land, Infrastructure and Transport has launched the application process for the 2027 new urban regeneration projects, starting on the 11th. The initiative aims to revitalize declining old city centers and promote balanced national growth.

To ensure high-quality business plans, the government has extended the preparation period from one month to over three months and will provide at least two preliminary consulting sessions for local governments. The program focuses on fostering self-sustaining resident and merchant organizations and resuming support for field support centers.

The projects are categorized into three types:

1. Regional Specialized Regeneration: Utilizes local history, culture, and industry to build city brands and revitalize commercial districts, with up to 15 billion KRW in national funds provided over four years. 2. Old Residential Area Improvement: Focuses on improving living environments in low-rise residential areas. General improvement types receive up to 15 billion KRW over five years, while vacant house improvement types receive up to 5 billion KRW over four years. 3. Recognized Projects: Supports small-scale infrastructure and building remodeling with up to 5 billion KRW over three years.

Local governments must submit plans by the end of the year. Final sites will be determined in the first half of 2027 following deliberation by the Urban Regeneration Special Committee. An information session for local governments will be held on the 17th at the Korea Railroad Corporation headquarters in Daejeon.