Seongnam Siheung and Geumto-dong 431,948㎡ 'Land Transaction Permission Zone' Lifted

[Asia Economy (Seongnam) = Reporter Lee Young-gyu] On the 19th, Gyeonggi Province lifted the land transaction permission zone designation for a 431,948㎡ area in Siheung-dong and Geumto-dong, Sujeong-gu, Seongnam City. This area is where the 'Pangyo 2nd Techno Valley Development Project' is being promoted.

The province announced on the 19th that since 100% of private land compensation within the development project site has been completed, speculative factors have been alleviated, and thus it decided to lift the land transaction permission zone designation.

Previously, in January 2015, the province designated the area as the 'Pangyo Creative Economy Valley Development Project District' and, due to concerns about land speculation, designated this area as a land transaction permission zone.

When designated as a land transaction permission zone, anyone using land above a certain area without approval or using it for purposes other than intended may face imprisonment of up to two years or a fine amounting to 30% of the land price based on the individual publicly announced land price at the time of contract.

The recently lifted Pangyo 2nd Techno Valley is a high-tech industrial district involving Gyeonggi Province, Seongnam City, LH, and Gyeonggi Urban Innovation Corporation as project implementers. It is a project to create a world-class innovation cluster (venture campus, startup spaces, etc.) linked with Pangyo 1st Techno Valley. A total of 822.9 billion KRW is invested in the project,

and currently, more than half of the total development site was completed in 2018 and has started occupancy, with the remainder scheduled for final completion in 2021.

A provincial official explained, "We plan to designate land transaction permission zones in areas where it is judged necessary to preemptively block land price increases and speculation," and added, "We will boldly lift the designation in areas where it is necessary through continuous monitoring of transaction trends."

Meanwhile, with this lifting measure, the total area designated and managed as land transaction permission zones for stabilizing land prices in the province is 281.06㎢ across 13 cities and counties.