Daejeon City Designates 'Daejeon Station Area' as Land Transaction Permission Zone

Status map of land transaction permission zones in the Daejeon Station area redevelopment promotion district. Provided by Daejeon City

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 19th that it will newly designate the ‘Daejeon Station Area Redevelopment Promotion District’ as a land transaction permission zone.

On the same day, the city newly designated the Daejeon Station Area and re-designated four districts, including the ‘Southwest Comprehensive Sports Town,’ whose land transaction permission zone designation period was expiring, while lifting the land transaction permission zone designation for the Pyeongchon General Industrial Complex.

Earlier, on the 15th, the city held an urban planning committee meeting to review these six areas. As a result, the committee decided to designate the Daejeon Station Area Redevelopment Promotion District as a land transaction permission zone for three years starting at the end of this month, and to re-designate the ‘Southwest Comprehensive Sports Town Development Project’ for three years.

Additionally, the ‘Ansan Advanced Defense Industry Complex,’ ‘Daedeok Public Support Private Rental Housing Supply Promotion District,’ and ‘Jangdae Urban Advanced Industrial Complex’ were re-designated for one year each, while the existing land transaction permission zone designation for the Pyeongchon General Industrial Complex was lifted.

The designation of land transaction permission zones is a system whereby the Minister of Land, Infrastructure and Transport or the mayor/governor of a city/province designates areas with concerns of speculative transactions, requiring permission from the head of the city/county/district office when trading land above a certain scale within the designated zone.

For more detailed information regarding the designation, re-designation, and lifting of the land transaction permission zones, please refer to the announcements on the Daejeon City website or the respective local government websites.