Compensation Begins for Namyangju Wangsuk and Namyangju Wangsuk 2 Districts, the Largest in the 3rd Phase New Towns This Month
Full Compensation Completed for All 3rd Phase New Towns in 2022... Construction Starts for Incheon Gyeyang and Others
Korea Land and Housing Corporation (LH) announced on the 28th that it has begun compensation for land and fixtures in Namyangju Wangsuk 2 District on the 20th, thereby proceeding with compensation for 4 out of the 5 third-phase new towns.
According to LH, the Incheon Gyeyang and Hanam Gyosan new towns, where compensation began in December last year, have currently completed 87% and 83% of land compensation, respectively. Additionally, compensation for Bucheon Daejang started in November, and for Namyangju Wangsuk on the 3rd of this month. Goyang Changneung is scheduled to begin compensation in the first half of next year after completing the investigation of fixtures.
Earlier, on the 30th of last month, the district plans for Bucheon Daejang and Goyang Changneung new towns were approved, completing the approval of all district plans for the five third-phase new towns about one and a half years after their final designation in May last year. According to the finalized district plans, a total of 176,000 housing units (approximately 400,000 people) will be supplied over an area of 32 million square meters, exceeding the combined scale of Bundang and Ilsan in the five third-phase new towns.
LH plans to complete compensation for all third-phase new towns by next year. Along with compensation, follow-up permits and approvals will be smoothly processed, and in the second half of next year, construction will sequentially begin starting with the main site of Incheon Gyeyang, followed by the main sites and corporate relocation sites of the third-phase new towns.
In addition, LH will expand housing supply next year and promote early supply by advancing some quantities to the first quarter. The third-phase new towns will supply public sale units in Incheon Gyeyang, Namyangju Wangsuk, Hanam Gyosan, Bucheon Daejang, and Goyang Changneung through pre-subscription, and specific timings and quantities, including early supply targets, will be disclosed after government consultations and board resolutions.
An LH official stated, "We will thoroughly manage the project schedule of the third-phase new towns to ensure timely supply such as main subscriptions, and do our best to stabilize the real estate market through expanded housing supply including early supply implementation."
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