The South Korean government has announced a new development project for two cities in Gyeonggi Province, as part of a plan to curb skyrocketing housing prices by boosting the housing supply in the Seoul metro area.

According to the Land Ministry on Wednesday, some one-thousand-271 square meters of land in the cities of Gwangmyeong and Siheung have been selected for 70-thousand new homes.

Positioned only about one kilometer away from the southwestern edge of Seoul, the area is more than four times the size of the capital's major business district of Yeouido. It's the largest plot announced to date in the government's urban area project.

An extensive train system will be built to facilitate a maximum 20-minute travel time to the heart of the capital and highways will be extended to reduce traffic.

The ministry also announced plans to build 18-thousand homes in the southeastern port city of Busan, while another 13-thousand will be constructed in the southwestern city of Gwangju.

Earlier this month, the government announced a broader plan to secure new land to supply 263-thousand new homes nationwide, including 180-thousand in the capital region, over the next four years.