Oh Se-hoon, Seoul mayor, said on the 11th, “We aim to supply 3,500 units of the Milky Way House this year and 4,000 units annually from next year,” indicating an expansion of public housing for newlyweds.
The “Milky Way House” is part of Seoul's low birthrate measures, designed to provide stable housing and opportunities for home ownership to newlyweds planning to have children or get married.
On this day, during a congratulatory speech at the launch and vision declaration ceremony of the Seoul Housing and Urban Development Corporation (SH) held in a conference room in Gangnam District, Seoul, Mayor Oh expressed, “I hope the newlyweds of Seoul can realize their dream of ‘home ownership’ and live in peace for a lifetime,” adding, “SH will consistently continue its public responsibility in housing supply.”
The Seoul city government aims to supply 3,500 units of the “Milky Way House” this year. It will diversify the supply types away from an apartment-centered approach to include non-apartment types of the Milky Way House (multi-family homes, row houses, officetels, hanoks, etc.) and deposit-assisted types.
This year, the types of the Milky Way House include ▲ 2,000 units of purchased rentals ▲ 500 units of private rentals ▲ 1,000 units of long-term lease 2 new and departing units. Previously, the Milky Way House had been supplied using newly constructed rental apartments secured from redevelopment and reconstruction sites, but the types of the Milky Way House have been expanded to respond to increasing demand.
Mayor Oh emphasized that SH will play a crucial role in housing supply. He stated, “The Seoul Housing and Urban Development Corporation that is being launched today will take on the most central role in innovating Seoul's spatial changes and innovations on-site.” On this day, the Seoul Housing and Urban Development Corporation (SH Corporation) officially changed its name to 'Seoul Housing and Urban Development Corporation (SH)' and announced its mission and vision.
He also evaluated, “The housing supply that had been stagnant is now reviving.” He noted, “The designated amount for maintenance project areas from 2022 to 2024 is a total of 85,000 units, increasing significantly compared to before,” and added, “The city of Seoul has sown the seeds of supply across various areas through rapid integrated planning and the Moa Town initiative.”
Furthermore, he added, “I expect that rental dwellings will not be something people are forced into, but a high-quality public housing model that anyone would want to live in,” and stated, “We will innovate Seoul's space and urban design by supporting housing supply, redevelopment, reconstruction, as well as riverfront development along the Han River, urban maintenance, and revitalization of local development.”
He also mentioned, “We will carry out projects such as activating redevelopment and reconstruction, high-density development in station areas, the Great Han River Project, and the Yongsan International Business District to enhance urban competitiveness and global status without disruption and step by step.”