LH·GS Construction Proposes 91 Million KRW Delay Compensation to Residents in Incheon Geomdan

Interest-Free Loan of 140 Million Won
Apartment Brand Changed to 'Xi'

Korea Land and Housing Corporation (LH) and GS Construction have proposed a compensation plan including a delay compensation of 91 million KRW and an interest-free loan of 140 million KRW to the prospective residents of the apartment complex where the underground parking lot collapsed in Geomdan, Incheon, in April this year.

LH and GS Construction have offered a delay compensation of 91 million KRW to prospective residents of Incheon Geomdan New Town AA13 block. The photo shows the Geomdan AA13-1 and AA13-2 block sites. [Image source=Yonhap News]

On the 21st, LH and GS Construction announced that they met with the prospective residents of Incheon Geomdan AA13 Block for the 17th time and presented this compensation plan.

First, an interest-free loan of 140 million KRW per household (based on a 84㎡ exclusive area) will be provided as housing support funds, and 5 million KRW in cash will be given as moving expenses. The delay compensation due to the postponed move-in is set at 91 million KRW based on the 84㎡ exclusive area. Of the delay compensation, 50 million KRW will be prepaid to be used as housing support funds. GS Construction will repay the interim payment loan on behalf of the residents and later seek reimbursement.

The apartment brand will also be changed from the existing LH brand 'Andante' to GS Construction's brand 'Xi'.

LH stated, “The compensation plan proposed by LH and GS Construction is the best possible plan under the mediation of the Ministry of Land, Infrastructure and Transport,” and added, “The Prospective Residents' Council will collect residents' opinions until the 23rd, and on the 24th, a meeting among the council, LH, and GS will be held to discuss the results of the opinion gathering.”