The government has approved the first part of the state-led apartment construction project so-called Bogeumjari or sweet home project in four areas in Seoul and Gyeonggi Province, officials said yesterday.
The list of regions to be developed as residential areas includes Gangnam and Seocho in southern Seoul, Wonheung in Goyang and Misa in Hanam, the Ministry of Land, Transport and Maritime Affairs said.
According to the project, the government through the state-run Korea Land Housing Corporation will build 55,000 housing units in the four designated areas and provide 40,000 apartments for low-income households.
The government plans to free greenbelt areas of environmental restrictions and build 320,000 apartment units for the poor in the next four years.
The plan includes building public apartments in Gangnam - the most expensive residential area in Korea - offering them to low-income families at 50 percent cheaper than market price.
(christory@heraldcorp.com)