Seoul City Mayor Oh Se-hoon has unveiled a plan to produce 48-thousand housing units per year in the capital city by greenlighting renovation and redevelopment projects. 

At a press conference on Monday, just over a month into his year-long term, Oh said the annual housing commitment would be good through 2025, under the premise that he is re-elected next year.  

If realized, the commitment to ease the renovation and redevelopment approval process would add 240-thousand new homes in Seoul, he said. 

With over 90 percent of previously announced 489 renovation and redevelopment projects under way, the mayor said properties in those areas have been subjected to transaction approval to prevent speculation.

Oh said the city government is in talks with the Land Ministry on ways to improve the approval system and to apply additional anti-market disruption regulations.

Assessing that there has been excessive regulation against redevelopment since 2015, the mayor said a review has begun to seek ways to ease the rules and promote redevelopment.