Gwangmyeong New Town Completes the Final Puzzle of 'District 12'

The Slowest Project Approval in District 12... New Town Gains Momentum
District 16 Fastest, Move-in by November This Year; Districts 15 and 14 Benefit from Sale Price Ceiling Suspension

[Asia Economy Reporter Onyu Lim] The final piece of the puzzle within Gwangmyeong New Town, the largest New Town in Gyeonggi Province, has been completed. The 12R district, which had remained the only one among the 11 districts stuck at the stage of union establishment approval, has received project implementation approval, giving new momentum to the New Town project.

According to the maintenance industry on the 31st, the Gwangmyeong 12R district in Cheolsan-dong, Gwangmyeong City, received project implementation approval from Gwangmyeong City Hall on the 27th. This comes nine years after the promotion committee was approved on May 24, 2011.

The 12R district, located near Cheolsan Station on Seoul Subway Line 7, along with the 11R district, has been considered one of the best locations within Gwangmyeong New Town.

According to the project implementation approval, 2,100 apartment units will be newly built through redevelopment in the area densely populated with old single-family and multi-family houses. Of the total units, 1,200 units are allocated for union members, 100 units for rental, and 800 units will be available for general sale. GS Construction will be in charge of construction.

With the 12R district finalized, all districts in Gwangmyeong New Town, except those removed from the maintenance zone, have moved beyond the project implementation approval stage. The fastest progressing district currently is the 16R district, which consists of 2,104 units.

Construction is currently underway, and residents are expected to move in this November under the name "Gwangmyeong Eco Xi Weave." Following this, the 15R (1,335 units), 14R (1,187 units), 2R (3,344 units), and 10R (1,051 units) districts plan to launch sales within the year.

In particular, the 15R and 14R districts are attracting attention as beneficiaries of the government's extension of the private land sale price ceiling system exemption.

Earlier, the Ministry of Land, Infrastructure and Transport postponed the enforcement of the sale price ceiling system from April 28 to July 28 for three months, as it was difficult to hold union general meetings due to the COVID-19 pandemic.

The 15R district, originally aiming for an April sale, plans to delay the timing by one month to May and enter into price negotiations with the Housing and Urban Guarantee Corporation (HUG).

The union recently held a delegates' meeting and decided to lower the general sale price to 19.2 million KRW per 3.3㎡ and renegotiate with HUG.

The 14R district, scheduled for sale in July, also plans to issue a resident recruitment announcement before the expiration of the sale price ceiling system exemption period. For the 2R district, relocation is currently in the final stages, and the union plans to conduct general sales within the year. Additionally, the 5R district will begin relocation in April, and the 4R district is also preparing for relocation.

Gwangmyeong New Town will be developed with a total of 25,396 households in the Gwangmyeong-dong and Cheolsan-dong areas of Gwangmyeong City. As the largest New Town in Gyeonggi Province, it is expected to transform into a "mini new city" upon completion.

Bordering Seoul along the Anyangcheon and Mokgamcheon streams, it offers excellent access to downtown Seoul and the Gangnam area via KTX Gwangmyeong Station and Seoul Subway Lines 1 and 7. The metropolitan transportation network, including the Sinansan Line and Wolgot-Pangyo Line, is also expected to pass through Gwangmyeong.