Designation of 5 Second Planned Districts for Urban Complex Projects Including Singil 2 District and West Side of Ssangmun Station

(Data provided by the Ministry of Land, Infrastructure and Transport)

The Ministry of Land, Infrastructure and Transport and Incheon City announced on the 28th that five locations?Seoul Shingil 2 District, west side of Ssangmun Station, Incheon Jemulpo Station, Bucheon Wonmi Intersection, and near Duksung Women's University?will be designated as the second phase planned districts for the Urban Public Housing Complex Project.

Shingil 2 District has experienced prolonged development delays since the New Town designation was lifted. Residents have shown strong willingness to proceed with the project, securing more than two-thirds of the resident consent rate, a legal requirement for district designation. Along with the Urban Complex Project candidate sites Shingil 4 and 15 Districts and Yeongdeungpo Station area, the development is expected to transform the Yeongdeungpo Station and Shingil-dong area into a new premium residential complex.

The area near Jemulpo Station is adjacent to the Line 1 express stop and has excellent location advantages, but rapid aging is progressing due to difficulties in improving the residential environment caused by the decline of local commercial districts. If the Dohwa Urban Development Project, promoted by Incheon City as a complex administrative town, and the Dohwa Station area Urban Complex Project, selected in the private proposal integrated contest last October, are developed in connection, the area is expected to become a regional hub.

The residents' contribution fees in the five districts designated as planned districts this time are more than 30% lower than those in private redevelopment projects. The housing prices supplied to residents as in-kind compensation are estimated at 310 million to 580 million KRW for 59㎡ (exclusive area) and 420 million to 760 million KRW for 84㎡.

The average burden per household for residents is analyzed to be between 30 million and 240 million KRW. Additionally, all sale housing supplied to the general public will apply the public housing price ceiling system. The estimated general sale prices for the five candidate sites are analyzed to be about 60% of the nearby market price, averaging 13.3 million to 26.62 million KRW per 3.3㎡.

The Ministry of Land, Infrastructure and Transport plans to quickly proceed with the district designation procedures, including resident opinion hearings and the Central Urban Planning Committee review for the five districts, and will notify related agencies such as the National Tax Service, Financial Services Commission, and relevant local governments of real estate transaction investigation results to block real estate speculation.

(Data provided by the Ministry of Land, Infrastructure and Transport)

Since the announcement of the 2·4 Plan, the government has announced a total of 141 candidate sites (156,000 housing units) for housing supply within urban areas. To establish an institutional foundation, the Public Housing Act was amended on September 21, and procedures for designating planned districts, such as prior consultation with local governments and resident briefings, are being swiftly carried out.

Among the 65 leading candidate sites for the Urban Complex Project, 22 have already secured more than two-thirds resident consent, and four sites, including Jeungsan 4 District, designated as the first planned districts last month, have received resident re-consent within 2 to 3 weeks after disclosure of contribution fees, preparing for official district designation within the year.

Nam Young-woo, head of the Public Housing Promotion Team at the Ministry of Land, Infrastructure and Transport, said, "Resident consent is being rapidly secured in many areas, including the districts designated as planned districts this time. We will swiftly proceed with project procedures such as district designation to ensure that the effects of housing supply can be felt early on."