LH Begins Full-Scale Compensation for Namyangju Wangsuk 3rd New Town Development

Namyangju Wangsuk, the Largest 3rd Phase New Town, to Begin Land and Fixture Compensation from the 3rd
Three Months of Negotiated Compensation for Land and Fixtures, Announcement of Large-Scale Compensation Plan Scheduled for January Next Year

Aerial view of Namyangju Wangsuk District.

[Asia Economy Reporter Kangwook Cho] Compensation for land and fixtures will be actively carried out for the ‘Namyangju Wangsuk Public Housing District,’ the largest among the 3rd phase new towns.

Korea Land and Housing Corporation (LH) announced on the 1st that from the 3rd, it will proceed with negotiated compensation for land and fixtures with owners and residents of the Namyangju Wangsuk District.

Previously, after announcing the land compensation plan in August last year, LH completed a basic survey on fixtures (approximately 8,500 buildings) and business rights (approximately 1,500 cases) on July 31 this year through continuous consultations with resident groups and others.

LH plans to promote negotiated compensation for land and fixtures for about three months and will proceed with follow-up procedures such as filing for expropriation decisions after the negotiation period.

If land of 1,000㎡ or more is transferred through negotiation, the owner can apply for a negotiated transfer residential site within the project district, and owners who transfer 400㎡ or more through negotiation can also apply for special supply of housing units of 85㎡ or less.

Regarding land-for-land compensation, LH will promote the announcement of the land-for-land compensation plan and application acceptance in January 2022 through collecting opinions from landowners, and especially plans to prepare customized support measures for the resettlement of original residents through continuous communication with them.

The Namyangju Wangsuk District is a public housing district with an area of 8.65 million㎡ (approximately 2.62 million pyeong), located 18 km from Seoul City Hall and 3.5 km from the Seoul city boundary, providing good accessibility to Seoul. Approximately 700,000㎡ of an urban high-tech industrial complex is planned within the district. Additionally, transportation networks such as the GTX-B line and subway lines 8 and 9 will be established.

Housing supply of about 54,000 units is planned, and about 2,300 units will be supplied through pre-subscription this month. The project is underway aiming for the start of site development construction from 2023, main subscription in 2024, and the first resident move-in by December 2026.

An LH official said, "We will continuously communicate with residents to ensure transparent and fair compensation," and added, "We will do our best in the development project of Namyangju Wangsuk District to expand housing supply and stabilize the real estate market."