Pyeongtaek Suchon District Development on Track After 14 Years

Implementing Company Begins Land Compensation Procedures with Compensation Plan Announcement
Construction of 3,600 Apartment Units...Notable for Excellent Location Conditions

The development of the 'Pyeongtaek Suchon Urban Development Project District (Suchon District)' in Gyeonggi Province, which had faced numerous difficulties such as the bankruptcy of the project operator, changes in the business method, and controversies over land compensation, is expected to get on track after 14 years of promotion.

According to Pyeongtaek City on the 20th, Chilwon D&C Co., Ltd., the project operator of Suchon District, announced the compensation plan on the same day and began the full-scale land compensation process.

Suchon District is an urban development project underway on a site of 385,523㎡ around 249-5 Chilwon-dong, Pyeongtaek City. About half of the district area, 203,994㎡, is residential land. A total of 3,593 housing units, including apartments and detached houses, are planned to be built here.

Chilwon D&C plans to complete the compensation contract with landowners and other property owners after reviewing the compensation plan announcement by next month 4th, followed by appraisal, compensation amount calculation, and loss compensation negotiations. If the compensation process proceeds smoothly, Suchon District is expected to be fully launched 14 years after the district unit planning area was decided in 2009.

The project process of Suchon District has not been smooth so far. After the district unit planning area was decided, the project operator who initially promoted the project went bankrupt, putting the project at risk of cancellation.

The project resumed when Chilwon D&C secured the project implementation rights through a public auction in 2017. During this process, the business method was changed from the existing district unit planning method to the urban development project method, which opened a new path for the project. Pyeongtaek City designated Suchon District as an urban development zone last August. Although there were opinions within the city that the project should be promoted by the land readjustment method, the operator, who had already secured more than 80% of the land, decided to proceed with the project by the acceptance or usage method and announced the compensation plan this time.

The location of Suchon District is excellent. Large-scale residential areas have already been formed through urban development projects such as Yeongsin, Mosan, Dongsak, Dongsak 2, and Sinchon Districts nearby, and KG Mobility is located in the background, so demand is considered solid. It is close to Jije Station, where KTX and subway lines meet, and National Road No. 45 is right next to the district, providing good accessibility.

However, some speculate that the compensation process may not proceed smoothly this time, as there had been conflicts between the project operator and landowners over past land compensation prices.