'Gwangmyeong, Goyang, Hwaseong' Public Redevelopment 추진..."7000 Households Supply"

Selected as the First Public Redevelopment Candidates Outside Seoul
Gwangmyeong 7R, Goyang Wondang 6·7, Hwaseong Jinan 1-2

[Asia Economy Reporter Moon Jiwon] Four old downtown areas in Gwangmyeong, Goyang, and Hwaseong cities in Gyeonggi Province have been selected as candidates for public redevelopment projects. Approximately 7,000 new housing units will be supplied through public redevelopment in these areas.

The Ministry of Land, Infrastructure and Transport and Gyeonggi Province announced on the 16th that public redevelopment will be promoted in Gwangmyeong 7R district in Gwangmyeong City, Wondang 6 and 7 districts in Goyang City, and Jinan 1-2 district in Hwaseong City. This is the first time that public redevelopment candidate sites have been selected outside of Seoul.

The preliminary project implementer, Gyeonggi Housing and Urban Corporation (GH), plans to hold on-site briefings for residents of the candidate sites to explain the contents and expected effects of public redevelopment, gather opinions, and start the maintenance plan drafting process as early as this year.

The areas selected as candidate sites on this day were immediately designated as land transaction permission zones. This is to block speculative demand inflows due to development expectations. Gyeonggi Province designated the candidate sites as 'public redevelopment planned zones' under the Urban and Residential Environment Maintenance Act and set the rights calculation reference date as this day to restrict new construction and share-splitting activities. Real transaction records up to one year before the designation will also be investigated, and strict measures will be taken if abnormal transactions are confirmed.

In Gwangmyeong 7R district (93,830㎡), 2,560 households will be supplied through public redevelopment. This area was designated as the Gwangmyeong Redevelopment Promotion District in 2007 but was canceled in 2014 due to the financial crisis and decreased demand for sales. With public redevelopment, zoning upgrades will be made, and if the project proceeds, high accessibility sales and rental housing will be supplied near Gwangmyeong Sageori Station on Line 7.

In Wondang 6 and 7 districts in Goyang City (158,917㎡), 4,500 households will be built. This area was also designated as the Wondang Redevelopment Promotion District in 2007 but was canceled in 2018 due to lack of momentum and has been managed as an urban regeneration activation area. The government plans to upgrade the zoning here to accelerate the redevelopment of Goyang's old downtown.

In Jinan 1-2 district in Hwaseong (11,619㎡), 320 units will be supplied. This area has been stagnant since being designated as a maintenance planned zone in 2014.

Gyeonggi Province and GH conducted a public recruitment for public redevelopment candidate sites starting last December and shortlisted 10 aging areas with more than 10% resident consent. Then, through the Gyeonggi Province Public Redevelopment Candidate Selection Committee, they comprehensively evaluated the urgency of maintenance and residents' willingness to proceed with the project and selected four final candidate sites.

Public redevelopment, introduced in the May-June measures last year, is a project where public institutions participate in project implementation and supply a certain percentage of public rental housing in exchange for incentives such as increased floor area ratio to improve project feasibility. Incentives are provided up to 120% of the statutory maximum floor area ratio. Of the increased floor area ratio, 20-50% must be supplied as public rental housing or similar.

With this candidate site selection, a total of 28 public redevelopment candidate sites have been announced in Seoul and Gyeonggi so far. A total of 32,000 new housing units will be supplied in these candidate sites located in metropolitan downtown areas.