Juchon Seoncheon District in Gimhae, Finally 'Unsealed!'

With the Juchun Seoncheon District in Gimhae-si, Gyeongnam entering the land readjustment disposal process from the 25th, the exercise of property rights will become possible. [Image source=Gimhae-si]

[Asia Economy Yeongnam Reporting Headquarters, Reporter Lee Sang-hyun] Gimhae City, Gyeongnam Province announced on the 23rd that it will begin the land readjustment disposition procedure for the Juchon Seoncheon District urban development project area starting from the 25th.

As a result, residents of 5,000 households in three apartment complexes and union members within the project area will be able to exercise their property rights.

According to current laws, the urban development project area is lifted the day after the land readjustment disposition, and after the land readjustment disposition and cadastral record organization, new lot numbers are assigned, and the transfer of land ownership is completed through a collective land registration request by the Juchon Seoncheon District Union.

Accordingly, construction of detached housing lots and others will become active, which is expected to contribute to revitalizing the stagnant local economy.

Once construction and development are completed, the population increase due to the Juchon Seoncheon District urban development project is expected to reach 26,000, establishing it as a small-scale premium new town in name and reality.

A city official stated, “After applying for the urban development project in 2004, we are pleased to complete the urban development project after 17 years by overcoming many trials and difficulties up to the completion of construction and land readjustment disposition,” and added, “We hope that Juchon Seoncheon District will establish itself as the largest new town in Gimhae.”

Meanwhile, the Juchon Seoncheon District, developed by a private union development method, began with the application for the urban development project in August 2004 and designation of the urban development project area in November of the following year. Covering a site of 1,345,000㎡ (406,872 pyeong) in Seonji-ri and Cheongok-ri, Juchon-myeon, a total project cost of 420.9 billion KRW was invested. On April 2nd, 17 years later, Gimhae City completed the handover of infrastructure facilities (roads, parks, water supply and sewage, etc.) and officially completed the project.