SEOUL – Jo Guk, leader of the Jo Guk Innovation Party, proposed a sweeping overhaul of South Korea’s housing policy on Thursday, centered around a “Korean-style 99-year housing” model inspired by Singapore. The plan, unveiled at a party meeting, aims to address chronic housing unaffordability and speculative investment through long-term, high-quality public rental housing on prime public land.
Jo specifically cited Yongsan Park, Seocho-dong and Seoul Airport as potential locations for the development of these long-term rental properties, offered under a land lease system. He argued that such a system would curb speculation while simultaneously providing a pathway to asset building for residents.
The proposal comes after President Yoon Suk Yeol recently praised Singapore’s housing policies during a state visit, noting the country’s success in controlling real estate speculation. Jo Guk echoed this sentiment, stating, “I 100%, 1000% agree” with President Yoon’s assessment. He believes a combination of the President’s commitment to curbing speculation and his own vision for strengthening public land ownership and expanding high-quality public housing could transform South Korea from a “real estate republic” to a nation with secure housing rights.
Jo Guk’s plan calls for breaking the “private monopoly structure” of the housing market, advocating for a system where both the public and private sectors build housing, allowing citizens to choose. He envisions the state becoming a “huge public real estate market” competing with the private sector, aiming to stabilize prices through increased public supply, mirroring Singapore’s model where public housing accounts for approximately 80% of the market.
To bolster public land ownership, Jo Guk reiterated his call for the enactment of the “New Land Concept 3 Laws,” encompassing limits on land ownership, the realistic assessment of land-based comprehensive real estate taxes, and the recovery of development profits. He emphasized the importance of reinvesting these profits into future generations’ housing welfare, creating a virtuous cycle.
The proposal also seeks to elevate public rental housing to “landmark” status, drawing inspiration from Singapore’s 99-year land lease model. Jo Guk, referencing his 2022 book “Gabul Seonjinguk” (Prematurely Advanced Nation), highlighted the benefits of providing long-term housing security through land lease arrangements. He also suggested emulating the spaciousness and quality of Singaporean public housing, making it an attractive option for both low- and middle-income citizens.
Jo Guk criticized elements within the Democratic Party for potentially prioritizing electoral considerations over substantive reform, warning that such an approach would erode public trust. He urged the Democratic Party to collaborate with the Jo Guk Innovation Party to solidify President Yoon’s reform agenda into law and policy, emphasizing that success in “the war against real estate speculation” is crucial for regaining public confidence.
