Seongnam City in Gyeonggi Province is set to restrict development permits targeting 165 apartment complexes with commercial buildings in the Bundang New Town area to prevent the practice of increasing pre-sale rights by splitting commercial property shares.
The restricted development area covers a total of 4,621,027㎡ in the Bundang-gu districts of Gumi-dong, Geumgok-dong, Bundang-dong, Seohyeon-dong, Sunae-dong, Yatap-dong, Imae-dong, and Jeongja-dong, including most complexes with commercial buildings.
After going through related procedures such as public inspection by residents and review by the Urban Planning Committee last month, Seongnam City posted the “Designation of Development Permit Restriction Area and Topographic Map Notice for Bundang Commercial Buildings” on the Seongnam City Hall website (City Administration News → Official Notices) on the 16th. The notice takes immediate effect upon posting, and the restriction period is three years from the date of the notice.
The restricted activities include the division of exclusive parts of collective buildings and conversion in the building register.
Seongnam City’s development permit restriction is a proactive measure to prevent speculative elements such as uneconomical construction activities or increasing pre-sale rights in areas where redevelopment plans are being established within the Bundang New Town.
However, development permits may still be granted in exceptional cases such as emergency measures necessary for disaster recovery or disaster response even after the restriction notice.
A Seongnam City official requested, “Since the development permit restriction is being implemented at the city level for the public interest to facilitate smooth progress of future redevelopment projects, we ask for your interest and cooperation.”
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