Momentum Builds for Detailed Development Projects Including Compensation for Obstacles
The urban development project in Imseong District, Mokpo City, Jeollanam-do, has passed the management investment review by Korea Land and Housing Corporation (LH).
According to the city on the 29th, although there were concerns among local residents about the feasibility of the project due to its prolonged duration, it is expected that the project will commence along with compensation for obstacles following this review approval.
The Imseong District development project has been underway since 2018 to create an eco-friendly residential area around Seokhyeon-dong and Okam-dong. With the recent approval from LH's management investment review, the project is expected to accelerate further.
Park Hong-ryul, Mayor of Mokpo (left), visited the headquarters of Korea Land and Housing Corporation last September to request cooperation for the rapid promotion of the Imseong District urban development project. Photo by Mokpo City
The agenda regarding this project was previously submitted to LH's management investment review committee and had been rejected; however, considering the prevention of local extinction and balanced regional development, the decision was reversed to approval.
Mayor Park Hong-ryul signed a business agreement with LH last September to address current issues related to the Imseong District urban development project and to explore ways to minimize the burden on residents, requesting cooperation for the swift and successful advancement of the project.
Following this process, LH resubmitted the agenda on the 28th, and the investment review committee finally approved the Imseong District urban development project.
Mayor Park said, “I am grateful to President Lee Han-jun and all at Korea Land and Housing Corporation who have worked tirelessly to ensure that the Imseong District development project, a long-awaited local project, can proceed normally despite the difficult living conditions over more than 16 years and the current sluggish real estate market, and to the residents who trusted and waited.”
He added, “Going forward, Mokpo City will actively support the prompt execution of compensation for obstacles, establishment of land readjustment plans, and commencement of the project,” and stated, “We will do our best to cooperate with Korea Land and Housing Corporation, the project implementer, to ensure the project is successfully and swiftly carried out.”
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