LH to Supply 5 Commercial Land Parcels in Siheung Janghyeon District... Abundant Foot Traffic

Location map of Siheung Janghyeon District (Photo by LH)

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 2nd that it will supply five commercial land parcels in the Siheung Janghyeon District to general end-users through a competitive bidding process.

The area of each general commercial land parcel to be supplied ranges from 1,497 to 2,669㎡, with the expected supply price at around 4.96 million to 5.35 million KRW per ㎡. Building coverage ratio of 70% and floor area ratio of 500-700% will be applied depending on the parcel.

Siheung Janghyeon District, growing as a key area in the southwestern metropolitan region, is being developed over a total area of 2.94 million ㎡ with a planned population of 48,000, and is scheduled for completion by the end of next year.

The commercial land to be supplied is located near Siheung City Hall, a bus terminal, and subway stations on three lines (Seohae Line, Sinansan Line (planned), Wolgot-Pangyo Line (planned)), making it expected to have abundant foot traffic.

The payment terms are a two-year interest-bearing installment plan, with the down payment of 10% and the intermediate and final payments divided into four equal installments every six months. The current installment interest rate is 2.3% per annum, and early payment discounts (currently 2.5% per annum) are available if paid before the due date.

Bidding applications and bid opening are scheduled for the 15th, with contract signing planned between the 21st and 28th.