Practical Completion of Jinju Ppuri Industrial Complex Development Project... Expected Revitalization of Local Economy

Property Rights Exercisable After Completion of Land Survey, Easing Burden of Loan for Sale Funds

Jinju Root Industrial Complex Panorama {Image Source=Jinju City}

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City in Gyeongnam announced on the 10th that the cadastral maps and land registers of the Ppuri General Industrial Complex (hereinafter referred to as ‘Ppuri Industrial Complex’) have been completed, marking the completion of all practical procedures for the industrial complex development project.

The city closed the existing 682 parcels covering 962,176㎡ of cadastral records and newly created and registered 288 parcels. By land category, these include ▲factory sites 89 parcels (494,064.4㎡) ▲residential land 83 parcels (89,118.2㎡) ▲roads 23 parcels (155,882.9㎡) ▲parks 22 parcels (172,171.3㎡), etc.

With the completion of these cadastral records, land for which buyers have paid in full can now be registered under the purchaser’s name, enabling the exercise of property rights. This is expected to give momentum to the industrial complex and regional economic revitalization.

Additionally, since secured loans generally have interest rates about 1 to 1.5% lower than unsecured loans, owners planning new investments or business expansions can significantly reduce financial burdens related to sales and business fund loans.

Since the completion approval at the end of January, the sales rate has steadily increased, and the sales market is expected to become more active. Currently, of the 79 industrial land parcels in Ppuri Industrial Complex, 32 parcels (41%) have been sold, and of the 10 logistics land parcels, 9 parcels (90%) have been sold, making the overall sales rate about 45%.

A city official stated, “After the completion approval of Ppuri Industrial Complex, issues such as the transfer of national property delayed the organization of cadastral records, causing difficulties in securing additional investment funds for factory construction. With the completion of cadastral record organization, loan conditions have improved, and we expect acceleration not only in exercising property rights but also in revitalizing the industrial complex and land sales.”