PLANS TO BUILD MORE HOUSES IN CAPITAL REGION

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The government plans to build 132,000 new homes in Seoul and surrounding areas. Apartments will be built in afluent neighborhoods such as Gangnam and Mapo. Here is a look at the sites and arrangements for the new houses.

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​​The Seoul Regional Public Procurement Service is located near a large apartment complex in Seocho-gu District in southern Seoul. The government decided to relocate the agency to somewhere near Suseo Station farther southeast and build 1,000 new apartment units instead. A total of 6,200 new apartments will be available once the land belonging to the Korean National Diplomatic Academy in Seocho-gu District and the Gwacheon Government Complex are freed up for construction. The government will designate these sites as quasi-residential areas to allow high-density or high-rise developments and provide as many residential units as possible to young people and newlyweds.

[Soundbite] (SEOCHO-GU DISTRICT REALTOR) : "The area meets 100% of the conditions. There are subway lines, lots of green spaces, a river and a good school district."

Meanwhile, the Western Driver's License Examination Office in Mapo-gu District in Seoul and an unsold DMC site in Sangam-dong will be transformed into residential areas through mixed-use development projects. Also, there is a plan to build 3,000 housing units on the site of Camp Kim in the western part of the U.S. Army Garrison in Yongsan due to be returned to the Korean public within this year. The government decided to allocate not only rental apartments in these areas but also houses up for sale.

[Soundbite] KIM HEUNG-JIN(HOUSING AND LAND OFFICE, MINISTRY OF LAND, INFRASTRUCTURE AND TRANSPORT) : "Half will be up for public sale, while the other half will be for lease."

The announced sites may meet the demands of actual home buyers as most of the sites are located in key spots in Seoul. But concerns over overheated competition remains.

[Soundbite] PARK WON-GAP(REAL ESTATE EXPERT, KB KOOKMIN BANK) : "Since the apartments are located in the city center or near Gangnam, double-income couples in their 30s and 40s are expected to prefer them a lot."]

The government is still facing some hurdles, however, as the city of Gwacheon has said it opposes the residential development plan near the government complex.