Land Transactions Conditionally Restricted for Planned Sites Including Naju KENTECH Research Institute

Jeollanam-do Re-designates Sanpo-myeon Area as Land Transaction Permission Zone to Prevent Speculation
Permission Zone Extended Until February 2028

Location map of the planned site for the Korea University of Energy and Technology research institute and cluster. Provided by Jeonnam Province

Jeollanam-do will re-designate the planned site for the research institute and cluster of Korea Institute of Energy Technology (KENTECH) in Naju as a land transaction permission zone for three years, from June 3 to February 2, 2028.

On this site, research and demonstration spaces linked to the five core research fields of KENTECH will be established, and companies and research institutes in the energy new industry, renewable energy, and advanced parts and materials industries will be attracted. The project will be created with a budget of 15 billion KRW, aiming for completion by 2030.

The KENTECH research institute and cluster are expected to strengthen the nation's energy technology competitiveness through research and development of new energy industries, and to contribute to revitalizing the local economy and achieving carbon neutrality by attracting related companies and creating jobs.

In the designated permission zone, if the land area exceeds 500 square meters for farmland, 1,000 square meters for forest land, or 250 square meters for other types of land, buyers must obtain prior approval for the land transaction contract from Naju City before making a purchase. The buyer must use the land only for the approved purpose for a set period (2 to 5 years).

If a contract is made without approval or through fraudulent means, violators may face imprisonment of up to two years or a fine of up to 30% of the land price. In addition, if the land acquired with permission is not used for its intended purpose, a compulsory performance fine of up to 10% of the land acquisition amount will be imposed.

Kim Seungchae, head of the Jeollanam-do Land Management Division, explained, "This re-designation of the land transaction permission zone is a measure to prevent real estate speculation and curb excessive land price increases, ensuring the stable promotion of the research institute and cluster development project."