Partial Deregulation of Economic Free Zones in Some Undeveloped Areas to Protect Residents' Private Property Rights
[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Director Song Sang-rak, hereinafter referred to as Gwangyang Economic Authority) announced on the 21st that it will promote a change in the development plan to lift the free economic zone designation for some areas in the ‘Yeosu Hwayang District Complex Tourism Complex Development Project,’ which will become the center of marine tourism in the South Coast area, in order to resolve residents’ land complaints due to undeveloped land and protect private property rights.
After receiving an application for a change in the development plan from the project operator, D.Ocean Co., Ltd., in September, the Gwangyang Economic Authority completed a public hearing for residents’ opinions and consultations with related organizations, and plans to prepare an action plan for the submitted consultation opinions and apply for approval from the Ministry of Trade, Industry and Energy.
This development plan change involves reducing the land use plan from the original 8.97㎢ (approximately 2.72 million pyeong) by 2.54㎢ (approximately 770,000 pyeong) to 6.43㎢ (approximately 1.95 million pyeong), and reverting some undeveloped areas that will be lifted from the free economic zone designation back to their original use.
This is aimed at resolving land complaints raised by residents and protecting private property rights by lifting the free economic zone designation within 100 meters from village boundaries and excluding theme park districts with low feasibility, thereby changing to a feasible development plan to attract focused investment.
Meanwhile, D.Ocean Co., Ltd. completed the access road in February this year to begin construction of the ‘Hill & Terrace Condo,’ which received building permission in August 2022, and is currently selecting a construction company.
Additionally, the condo, scheduled for completion in 2024, will include 274 rooms and the world’s longest rooftop infinity swimming pool (170m), and is expected to play a major role as the central axis of the South Coast tourism belt along with the currently operating golf course.
Song Sang-rak, Director of the Gwangyang Economic Authority, stated, “Through this development plan change, we will do our best to protect residents’ private property rights and attract focused investment in the remaining districts so that the Hwayang Complex Tourism District can become the center of marine tourism in the South Coast area.”
Gwangyang = Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr
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