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SEOUL, Dec 1 Asia Pulse - South Korea needs more than 20 new towns across the country over the next decade to meet the rising demand for new apartments and other homes, a state-run think tank forecast.
The Korea Research Institute for Human Settlements (KRIHS), affiliated with the Ministry of Construction and Transportation, said in a report that the nation will be in need of about 429 million square meters of new residential areas by 2012.
Of the 429 million square meters, at least half will be subject to systematic developments in segments measuring larger than 3.3 million square meters, the think tank said.
It called for developing at least 20 new towns similar to the size of Pangyo, a new city to be built on the southern outskirts of Seoul by 2007 with about 30,000 apartments and houses. Pangyo ...
Source: HighBeam Research, HOUSING DEMAND REQUIRES 20 CITIES TO BE BUILT IN KOREA BY 2012.