2.75 Million㎡ 'Gyeonggi Yongin Platform City' Development Gains Momentum... 69% Compensation Negotiations Completed

Planned Site for Gyeonggi Yongin Platform City Development

The Gyeonggi Yongin Platform City development project has gained momentum.

Yongin City announced on the 30th that out of the 1,896,678㎡ (570,000 pyeong) of private land in the project area, 68.9%, or 1,300,135㎡, has completed compensation agreement negotiations, with the compensation amount reaching 2.1624 trillion KRW.

The appraised value of the obstructing properties surveyed in the first phase is 104.8 billion KRW, of which 79%, or 83.1 billion KRW, has been compensated.

At one point, due to the 'Gangwon Jungdo Development Corporation Rehabilitation Application Case,' the smooth circulation of market funds was disrupted, making bond securitization difficult, and compensation payments were divided over up to four months, causing difficulties.

However, on the 19th, Gyeonggi Housing and Urban Corporation (GH) and Yongin Urban Corporation received approval from the Ministry of the Interior and Safety to issue construction bonds worth 944.1 billion KRW, and compensation payments are expected to proceed smoothly going forward.

Since February 2019, Yongin City has held more than 10 communication promotion team meetings and seven compensation negotiation meetings with landowners and residents to share and communicate relevant information.

For loss compensation contracts, Yongin City conducted appraisals through six institutions, two per zone: one appraisal firm recommended by landowners and one selected by Gyeonggi Housing and Urban Corporation. Although Gyeonggi Province also had the right to recommend appraisal firms, reflecting landowners' opinions that it could compromise fairness as a joint project implementer, it did not recommend any appraisal firms.

Additionally, the four joint project implementers of Gyeonggi Yongin Platform City?Yongin City, Gyeonggi Province, Gyeonggi Housing and Land Corporation, and Yongin Urban Corporation?have been conducting a preliminary demand survey for land exchange compensation with landowners since this month, reflecting the regions desired by landowners for land exchange compensation.

A Yongin City official stated, "Thanks to the active cooperation of landowners, 69% of the land was secured within six months of starting land compensation, enabling smooth project progress. As this is an important project tied to Yongin City's future, we ask for continued interest and cooperation to ensure the Gyeonggi Yongin Platform City is developed swiftly."

The Gyeonggi Yongin Platform City project involves constructing an economic downtown-type core hub mixed-use self-sufficient city on 2,757,186㎡ (830,000 pyeong) in Bojeong, Mabuk, and Singal-dong areas of Giheung-gu. The project completed the implementation plan approval this year, will begin construction in the first half of next year, and aims for completion by the end of 2029.