3rd Phase New Towns with Land Compensation Started... Pre-Subscription Target by End of Next Year

[Asia Economy Reporter Lee Chun-hee] The 3rd phase new towns, aiming for pre-sale by the end of next year, will begin land compensation.

Korea Land and Housing Corporation (LH) announced on the 7th the compensation plan for land and properties included in the Incheon Gyeyang Technovalley and Hanam Gyosan public housing districts, which are part of the 3rd phase new towns.

The Incheon Gyeyang Technovalley public housing district covers Gyulhyeon, Dongyang, Bakchon, Byeongbang, and Sangya-dong in Gyeyang-gu, Incheon. The project period is scheduled from October last year to December 2026. The Hanam Gyosan public housing district covers 6,491,155㎡ in Gyosan, Deokpung, Sangsachang, Changwoo, Cheonhyeon, Chungung, Hasachang, and Hang-dong areas of Hanam-si, Gyeonggi Province, with the project period planned from October last year to December 2028.

The land compensation is planned for early December. The compensation amount will be determined by the arithmetic average of appraisal values selected by three appraisers appointed according to the "Act on Acquisition and Compensation of Land, etc. for Public Projects." However, if neither the provincial governor nor the landowner recommends an appraiser, the compensation price will be based on the appraisal values of two appraisers.

LH plans to compensate local residents in full cash. If landowners or related parties wish, bond compensation is also possible. 'Absent real estate owners' who have neither continuously registered their residence nor actually lived in the area for one year prior to the project recognition announcement date of October 15 last year will be compensated in cash up to 100 million KRW, and any excess amount will be compensated only with bonds.

However, other compensation amounts such as for fixtures (objects installed or cultivated on land within the public project area that hinder the public project) excluding land will be paid entirely in cash.

The inspection and objection period is from today until the 21st. LH will form a compensation negotiation committee and, after appraisal, plans to start compensation negotiations as early as December. If loss compensation negotiations do not proceed smoothly, the process will go through expropriation decisions, followed by payment or deposit of the decision amount. If there is an objection to the expropriation decision, an objection or administrative lawsuit can be filed.

'Large land compensation,' where compensation is made with land created by the implementation of the public project instead of land compensation money, will be announced after the supply plan is finalized.

An LH official stated, "The schedule for starting compensation within the year is progressing smoothly," adding, "Namyangju Wangsuk is expected to announce the compensation plan as early as this month, and Goyang Changneung and Bucheon Daejang are scheduled to announce it in the first half of next year."