A Park 1.5 Times the Size of Yeouido to Be Built in the 3rd Phase New Town

Restoration of Greenbelt Damage Planned on Approximately 15% of Business Area

▲ A bird's-eye view of Changneung New Town in Goyang-si, Gyeonggi, where a park spanning 1.05 million square meters is planned (Provided by the Ministry of Land, Infrastructure and Transport)

[Asia Economy Reporter Chunhee Lee] An urban park with an area 1.5 times that of Yeouido will be established in the vicinity of the 3rd phase new towns.

According to the industry on the 7th, the Ministry of Land, Infrastructure and Transport and Gyeonggi Province have decided to actively carry out restoration projects for damaged areas of the Greenbelt during the development of the 3rd phase new towns, and plan to create urban parks covering 15% of the new town area within the new town regions.

The Greenbelt damaged area restoration project involves converting 10-20% of the peripheral damaged landscape areas corresponding to the developed area into green spaces or parks when the Greenbelt is lifted for development projects. Considering that most of the planned sites for the 3rd phase new towns are Greenbelt release areas, approximately 4.46 million square meters, equivalent to 15% of the new town area, are expected to be developed into parks through the restoration project. This is 1.5 times the size of Yeouido, which is 2.9 million square meters. By district, the areas are ▲Namyangju Wangsuk 1.6 million㎡ ▲Goyang Changneung 1.05 million㎡ ▲Hanam Gyosan 800,000㎡ ▲Bucheon Daejang 520,000㎡ ▲Incheon Gyeyang 490,000㎡.

A Ministry of Land official stated, "Although it has not yet been finalized through the Central Urban Planning Committee review, parks are being created at about 15% of the new town area."

Typically, when the Greenbelt is lifted for residential land development projects, developers pay a burden charge rather than conducting restoration projects, as the cost of restoration is about three times higher than the burden charge. However, the Ministry of Land and Korea Land and Housing Corporation (LH) have decided to actively pursue restoration projects in consultation with the relevant local governments. The land acquisition costs and project expenses will be borne by LH and other new town project implementers.

With the expiration of long-term unexecuted urban parks scheduled for the end of June approaching, local governments in Gyeonggi Province, feeling the financial burden, have strongly requested the restoration projects. The Ministry of Land also judged that the restoration projects are necessary to improve the residential environment for residents outside the new towns. Accordingly, in the cases of Goyang City and Bucheon City, all long-term unexecuted park sites scheduled to expire can be developed into parks through the new town projects.