South Korea's Financial Supervisory Service will strengthen oversight and financial support for residential real estate project financing (PF) sites to bring forward housing supply in Seoul and the greater capital region. It will prioritise 325 sites, including projects in regulated capital-area districts scheduled for supply by 2027.

The FSS said its head, Lee Chan-jin (이찬진), instructed an executive meeting on Sept. 1 to focus efforts on the financial support needed to enable early, large-scale housing supply in Seoul and the greater capital region in line with the Aug. 13 supply measures.

The FSS will first increase staff handling residential real estate PF. It plans to expand the management system from one department dedicated to the work to an approach that coordinates with relevant inspection bureaus. It will also assign a person in charge for each site to provide close oversight.

The focus management targets are 325 residential project sites in regulated capital-area districts, including those scheduled for supply by 2027. The FSS plans to check progress on each project and manage whether supply schedules stay on track.

If project delays or difficulties are identified, it will work with related agencies such as the Ministry of Land, Infrastructure and Transport, Korea Land and Housing Corp (LH), and the financial sector to provide support tailored to each site. For funding-related difficulties, it will mediate by linking financial institutions with policy guarantee agencies, and it will consult with the ministry and others on other business hurdles.

In particular, it will separately manage projects scheduled for supply by 2027 to prevent delays in supply schedules. It will also review ways to bring supply forward compared with plans.

Lee urged relevant departments to respond actively so that the financial support needed to underpin early housing supply can be provided in a timely manner.