Jeonnam Province Prevents Speculation in Wanggok-myeon Area... Until October 2027
Jeonnam Province announced on the 31st that the area of Wanggok-myeon, the planned site for the ‘Naju Energy National Industrial Complex,’ will be re-designated as a land transaction permission zone for three years until October 31, 2027.
This site is scheduled to be designated as a national industrial complex for fostering advanced energy industries, with a project budget of 370 billion KRW aimed for completion by 2030. The complex will nurture advanced new energy industries such as the Energy Valley, power semiconductors, and nano-convergence materials industries, and is expected to generate an annual production inducement effect of 279.2 billion KRW and create 1,453 jobs.
Within the permission zone, if the land area exceeds 150㎡ for industrial areas, 500㎡ for farmland, 1,000㎡ for forest land, or 250㎡ for land other than farmland and forest land, a sales contract must be approved by Naju City before the transaction. Buyers must use the land only for the approved purpose during the designated period (2 to 5 years). If a contract is made without permission or through fraudulent means, penalties include imprisonment for up to two years or a fine of up to 30% of the land price. Additionally, if the land acquired with permission is not used for the intended purpose, a performance penalty of up to 10% of the acquisition price will be imposed.
Kim Seung-chae, Director of the Land Management Division of Jeonnam Province, said, “This re-designation of the land transaction permission zone is a preemptive measure to block speculative transactions and rapid land price increases driven by development expectations. We will continuously monitor areas at risk of speculation to establish a sound land transaction order centered on actual demand.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
