Goyang City Promotes 'Tanhyeon Neighborhood Park Phase 2 Project'

[Asia Economy Reporter La Young-cheol] The second phase development project of Tanhyeon Neighborhood Park in Goyang City, Gyeonggi Province is set to proceed.

According to Goyang City on the 20th, the second phase development project of Tanhyeon Neighborhood Park is planned with a total construction cost of 40.1 billion KRW, including approximately 34.1 billion KRW for land compensation and about 6 billion KRW for construction costs.

The site area for the second and third phases of Tanhyeon Neighborhood Park covers 380,283 square meters.

Following the Ministry of Land, Infrastructure and Transport's announcement in March last year designating 320,826 square meters of the third phase park land as the Tanhyeon Public Housing District, the park development area in Goyang City has been reduced to 59,457 square meters for the second phase, with about 66% of the land compensation currently underway.

Tanhyeon Neighborhood Park was designated as an urban planning facility in May 1974, and a park development plan was established in November 1992. However, after the announcement of the revised Tanhyeon Neighborhood Park development plan in June 2005, the project was delayed and progressed slowly due to other priority projects.

Subsequently, only a portion of the area (31,138 square meters, 7.56% of the total 411,421 square meters) was completed as the first phase in May 2016.

When the remaining sections faced the risk of expiration due to the sunset clause, a feasibility study was conducted from March 2018 to May last year to prevent this, and the implementation plan was approved by Goyang City’s official announcement.

A city official stated, "Before the Korea Land and Housing Corporation proceeds with the third phase development of Tanhyeon Neighborhood Park, aiming to start compensation by the end of this year and complete the project by 2025, we will focus all efforts on compensating the remaining land and securing project funding to ensure the actual development of the park."