Approval of Gwangmyeong-Siheung District Plan by the End of This Month
Construction to Start in 2027
Key Issue: Speed of '20 Trillion' Land Compensation
Park Sang-woo, Minister of Land, Infrastructure and Transport, announced on the 17th that land compensation and groundbreaking for the 3rd phase new towns in the Gwangmyeong-Siheung district will proceed as planned.
The Ministry of Land, Infrastructure and Transport stated that Minister Park visited the Korea Land and Housing Corporation (LH) Gwangmyeong-Siheung headquarters on the same day to review the public housing district supply plan.
The Gwangmyeong-Siheung district is 4.4 times the size of Yeouido (127,000㎡), making it the largest area among the 3rd phase new towns. A total of 67,000 housing units will be supplied, including 37,000 public housing units. The Ministry plans to approve the district plan, the development blueprint for Gwangmyeong-Siheung, by the end of this month.
Minister Park urged LH and public project implementers to "swiftly carry out the supply procedures and strive to achieve the goals of announcing compensation in 2025, groundbreaking for residential land in 2027, the first sale in 2029, and initial occupancy in 2031."
The key issue is the speed of land compensation. Compensation costs for Gwangmyeong-Siheung are expected to reach 20 trillion won. The Ministry plans to shorten the compensation period by establishing a 'New Town REIT' and support the expansion of participation by local corporations such as the Gyeonggi Housing and Urban Corporation (GH).
As part of the comprehensive transportation improvement measures for the Gwangmyeong-Siheung district, a railway network connecting the district north to south and linking to Seoul will be developed. Additionally, Beoman-ro (Bucheon?Gwangmyeong?Seoul), which experiences heavy traffic congestion, will be expanded, and a direct road to Seoul will be newly constructed.
Minister Park emphasized the timely development of the 3rd phase new towns, stating, "The government will implement policies without any hesitation and will do its utmost to ensure housing stability for the public by closely cooperating with related agencies throughout the entire public housing supply process."
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