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Gov’t to Supply 44,000 `Sweet Homes` in Sept.

Posted May. 12, 2009 03:17,   


The government in September will provide 44,000 homes consisting of 21,000 small and middle-size apartments under 85 square meters and 23,000 rental apartments and homes suitable for an urban lifestyle in four regions around the Seoul metropolitan area.

An additional 16,000 middle and large-size apartments larger than 85 square meters will be provided in the four regions next year.

The Land, Transport and Maritime Affairs Ministry announced yesterday that Segok-dong (Gangnam-gu), Umyeon-dong (Seocho-gu), Wonheung-dong (Goyang, Gyeonggi Province), and Misa-dong (Hanam, Gyeonggi Province) will be designated model districts for its "sweet home" project for low-income people.

Around 60,000 homes will be built in the four regions.

The government plans to lift bans on the development of greenbelt zones by the end of August since 85 percent of the zones have been covered with greenhouses.

The model districts are located 12-18 kilometers away from central Seoul, and are likely to draw much attention from residents in the Seoul metropolitan area since they are closer to Seoul than Seongnam`s Bundang district south of the capital and Goyang`s Ilsan district.

The districts are also well equipped with infrastructure such as streets, water supply and drainage system. The newly built homes will be sold at a discount of more than 15 percent than other homes in the vicinity. To provide homes at more affordable prices, the government plans to allow a higher floor area ratio.

Applicants for the homes need to make reservations. If a householder who holds a housing subscription account but has no homes decides on the expected area, location, price, and date of move-in and apply for homes via the Web site of Korea National Housing Corp., the state-run company will choose "reserved residents" based on the standards of housing subscription accounts.

Those selected as reserved residents can subscribe to buy other apartments but cannot apply for "sweet homes." Subscribers new to comprehensive housing subscription accounts, accounts which have been sold by banks, can apply for a "sweet homes" after two years when they can earn the right to become primary applicants.

This year, the ministry will provide 130,000 homes, including 44,000 in September. A combined 1.5 million sweet homes will be provided through 2018.