President Byun Chang-heum of Korea Land & Housing Corp. (LH). (Photos: LH)

Korea Land & Housing Corp. (LH) is playing a leading role in the government’s policy of supplying 130,000 apartment units as part of its Aug. 4 measures to stabilize the jeonse market.

LH is the nation’s largest public enterprise to be on the forefront of executing the government’s real estate policies. LH said on Sept. 2 the corporation plans to expand the housing supply to ease jeonse shortages in the Seoul metropolitan area by implementing the Taeneung golf course site, third phase new satellite and public renewal projects.

LH will be in the thick of supplying apartment units in the government steps to stabilize the real estate market. LH has secured sites to supply a combined 927,000 apartment units. Out of the total, the corporation plans to sell 513,000 apartment units, 414,000 units of which are for rental.

LH will be in charge of supplying 93,000 apartment units in the Seoul metropolitan area. The figure will account for 70 percent of the combined 132,000 apartment units, to be supplied in accordance with the government’s Aug. 4 real estate steps.

The supply of the apartment units will start in year 2022 in cooperation with the Ministry of Land, Infrastructure and Transportation (MOLIT) and the Seoul Metropolitan Government.

Initially, LH plans to supply 21,000 apartment units by using idle land sites. They will include 10,000 units at the Taeneung Golf Club site, 4,000 units in the former government complex site in Gwacheon, Gyeonggi-do, 1,000 units in the former PPS’s Seoul regional office site, and 500 units in LH’s Seoul regional headquarters in Yeouido.

Apartment construction projects in government-owned sites such as the former government complex in Gwacheon will be implemented in a horizontally and vertically expanded fashion whereas the Taeneung golf course and ex-Camp Kim site in Yongsan will be developed with the construction of commercial facilities, parks and life infrastructure.

The development of the related idle sites will be advanced on a fast-track in consideration of higher popularity by real buyers due to their location at the heart of the Seoul metropolitan area.

LH will be in charge of supplying 241,000 apartment units out of a combined supply of 300,000 units, to be built in the Seoul metropolitan area. Out of LH’s supply of apartment units, the corporation will construct 184,000 units in the upcoming third phase new satellite city. The figure is 20,000 units more than originally planned.

The additions will come in the form of a raise in the floor area ratio following the government’s Aug. 4 measures. LH plans to sell apartment units starting next half after finishing the establishment of each district’s development plans and revisions.

A view of LH headquarters in Jinju, Gyeongsangnam-do.