Residents scheduled to move into Incheon Geomdan New Town AA13 Block, where an underground parking lot collapse occurred, decided on the 24th to finally accept the compensation plan proposed by Korea Land and Housing Corporation (LH) and GS Construction.
LH stated in a press release on the same day, "The compensation plan was finally accepted after a vote by the prospective residents," adding, "Compensation payments are expected to be made sequentially starting as early as the end of this year through the drafting of an agreement among the prospective residents, LH, and GS Construction."
On the 20th, LH and GS Construction met for the 17th time with the prospective residents of Incheon Geomdan AA13 Block, whose move-in was delayed due to the collapse of the underground parking lot and the decision for complete reconstruction, and presented a new compensation plan. The core of this plan includes cash support of 145 million KRW per household, delay compensation of 91 million KRW, and subrogation of interim payment loans.
LH calculated the delay compensation based on a fixed annual interest rate of 8.5% on the already paid pre-sale amount, and decided to deduct about 91 million KRW over five years from the balance payment for contracts of exclusive 84㎡ units. Of the delay compensation, 50 million KRW will be prepaid as housing support funds, and an additional moving expense of 5 million KRW will be provided.
GS Construction increased the housing support fund for prospective residents from the initially proposed 60 million KRW to 90 million KRW for 84㎡ contract holders and proposed a plan to subrogate the interim payment loans of the prospective residents.
Additionally, in response to the demands of the prospective residents, the apartment brand will be changed from the existing LH brand ‘Andante’ to GS Construction’s ‘Xi’.
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