LH Gwangju-Jeonnam Regional Headquarters (Head Kim Jae-kyung) announced on the 30th that it will supply two commercial facility sites and two self-support facility sites within the Gwangju Seonun 2 Public Housing District through the Land Return System on the 27th.
The Land Return System is a system where, after a certain period following the signing of a sales contract, if the buyer exercises the return right, the full amount paid including the deposit is refunded and the contract is canceled.
The payment terms for both commercial and self-support facility sites are installment payments over three years. Buyers can exercise the land return right 18 months after signing the contract to cancel without forfeiting the deposit, and upon cancellation, they will receive a refund interest corresponding to the average regular deposit interest rate for one year maturity, excluding the contract guarantee deposit.
This year’s four sites subject to the Land Return System are large plots within the district. The commercial site Block 1 has an area of 4,394㎡ with a bid base price of 19.3 billion KRW (14.55 million KRW per 3.3㎡), and commercial site Block 2 is 4,607㎡ with 19.7 billion KRW (14.15 million KRW per 3.3㎡).
Additionally, self-support facility site Block 1, where apartment-type factories and knowledge industry centers can be built, is 3,438㎡ with approximately 7 billion KRW (6.72 million KRW per 3.3㎡), and self-support facility site Block 2 is 4,418㎡ with 8 billion KRW (6.02 million KRW per 3.3㎡).
The Seonun 2 District is a public housing district developed over 398,000㎡ in the areas of Seonam-dong, Unsu-dong, and Sochon-dong. Construction began in January 2021 and is scheduled for completion in December next year. It is adjacent to Seonun 1 District and the Gwangju Songjeong Station KTX station area development site, and is close to Gwangju Songjeong Station and the airport, offering excellent geographic and transportation conditions.
A total of 2,969 households, including the first newlywed hope town in Gwangju-Jeonnam (741 units) and Yeongmu Yedam (554 units), are also scheduled to move in. The district will be developed as a resident-friendly public housing complex featuring childcare-specialized zones considering the educational environment, smart zones considering pedestrians and transportation-vulnerable groups, among others.
The announcement can be checked on the LH Subscription Plus website and mobile app. Bidding and lottery applications and bid deposit payments will be accepted from 10:00 AM on the 13th to 4:00 PM on the 14th of next month. The bid opening will be at 4:30 PM on the 14th, the lottery after 5:00 PM on the 14th, and the announcement of successful bidders and winners can be confirmed on the LH Subscription Plus website after 6:00 PM on the same day.
For more details, inquiries can be made through the LH Subscription Plus website and the LH Gwangju-Jeonnam Sales Department. Announcements can also be received via text message by calling the LH Integrated Call Center and consenting to the provision of personal information.
Asia Economy Honam Reporting Headquarters Reporter Kim Yuk-bong baekok@asiae.co.kr
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