[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 27th that it will supply 20 commercial land parcels in Geomdan New Town, Incheon, through a competitive bidding process.
The land parcels being supplied this time are 20 plots located within blocks C10 to C12 in the first phase project area of Geomdan New Town. They are in a station area near the planned 101 station (tentative name) on the extension of Incheon Subway Line 1, scheduled to open in 2024.
The area per parcel ranges from 960 to 2,081 square meters, with an expected supply price averaging 14.82 million KRW per 3.3 square meters. With a building coverage ratio of 70% and a floor area ratio of 500-600%, buildings from 8 to 12 stories can be constructed depending on the parcel.
Geomdan New Town is a large-scale new town with about 30,000 households in the first phase area and a total of 76,000 households. With all 19 private apartment complexes totaling about 19,000 households sold out, it was removed from the unsold housing management area in February. Apartments near the commercial land being supplied are expected to start occupancy from June next year.
The payment terms allow for a three-year installment plan, with the down payment of 10% and the intermediate and final payments divided into six equal installments every six months. The installment interest rate is 2.9% per annum, and early payment discounts are available if paid before the scheduled due date.
Bidding applications will be accepted until noon on the 15th and 16th of next month, with the bid opening on the 16th and contracts scheduled to be signed between the 22nd and 26th.
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