Agreement to Amend the National Rights Commission Mediation Document
Batch Exchange of 6 Plots → Sequential Exchange Starting from 4 Plots
The mediation details by the Anti-Corruption and Civil Rights Commission regarding the collective relocation project of 1,275 households in Hangun and Yeonan Apartments in Jung-gu, Incheon, which has been at a standstill for 18 years, have been changed.
Incheon City announced on the 9th that related organizations have reached a final agreement to extend the land exchange deadline and to exchange the land plots sequentially starting from 4 plots instead of exchanging all 6 plots at once, as stated in the revised mediation document by the Anti-Corruption and Civil Rights Commission.
Hangun and Yeonan Apartments, which have suffered environmental damage for a long time due to noise and dust from Incheon Port, have been subject to collective relocation efforts since 2006. Hangun Apartment in Sinheung-dong, Jung-gu, is a five-story apartment complex built in 1982 with 510 households (including 30 commercial units). Yeonan Apartment, located across from Hangun Apartment across Seohae-daero, was built the following year in 1983 and consists of 765 households (including 75 commercial units).
There had been prolonged difficulties due to significant differences in positions between the Incheon Regional Maritime Affairs and Fisheries Office under the Ministry of Oceans and Fisheries and the apartment residents regarding the property exchange method. However, in December 2021, the Anti-Corruption and Civil Rights Commission's mediation opened the way for the project after Incheon City proposed a phased exchange relocation plan utilizing public property.
The mediation at that time stipulated that, in the first phase, the city-owned land in the North Port hinterland (49,000㎡) and the national land in Songdo International City Block 9, Aam Logistics Complex 2 (55,000㎡) would be exchanged in bulk by March 31, 2023, and in the second phase, after 80% of all residents agreed to relocate, 4 out of 6 relocation land plots would be exchanged first through a trust company.
It also included the relocation association formed by the apartment residents bearing the exchange difference of 25.6 billion KRW between the appraised values of the city-owned and national lands.
However, the relocation association recently faced difficulties in raising the land exchange difference due to the downturn in the real estate market and applied to the Anti-Corruption and Civil Rights Commission to amend the mediation document, resulting in the final agreement this time. The amended mediation document extends the exchange period for city-owned and national lands until December this year, changes the exchange from all 6 plots at once to sequential exchange starting with 4 plots, and lowers the residents' land exchange trust rate from 80% to 75%.
Incheon City expects that by exchanging only 4 out of the 6 plots first according to the revised mediation, the exchange difference residents must pay will temporarily decrease, accelerating the project.
Mayor Yoo Jeong-bok said, "The mediation was agreed upon thanks to the trust of residents who have waited a long time for relocation and the cooperation of related organizations," and added, "We will do our best to ensure residents can relocate smoothly."
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