418 Billion KRW for Land Readjustment This Year... LX Corporation "Expanding Private Sector and Timely Completion"

Private Company Participation Rate Increased from 40% to 47%

The government will continue its work this year to correct land boundaries. This investigation aims to enable clear exercise of property rights over land. This year, the plan is to increase the participation of private companies to accelerate the project and contribute to economic revitalization.

Korea Land and Geospatial Informatix Corporation (LX) announced on the 18th that it will officially start the cadastral re-survey project this year.

LX Corporation stated, "The selection of private companies for this year's cadastral re-survey project has been completed," adding, "A total of KRW 41.78 billion will be invested in 381 project districts across 156 local governments nationwide (166,000 parcels)." The cadastral re-survey is being implemented until 2030 to correct land boundaries and clarify landowners' ownership rights.

A worker surveying land in Sincheon District, Buk-gu, Ulsan, selected as the target area for the 2023 Cadastral Resurvey Project. Photo by Sancheong-gun

Starting this year, the participation rate of private companies has been increased. The proportion of private sector involvement in four processes, including single parcel surveying, has risen from 40% to 47%. LX Corporation will directly handle small-scale project districts (under 200 parcels) and priority management districts such as islands, disaster, and hazardous areas that require quick completion. This strategy focuses on selection and concentration to speed up the project.

The private company that won the largest contract this time is expected to record revenue of KRW 1.28 billion from 25 project districts (6.6%) in 7 regions. The average revenue of the top 10 companies is expected to be KRW 480 million.

A total of 132 companies applied for the public recruitment of private companies for the cadastral re-survey project, recording an average competition rate of 5 to 1. Among the 156 local governments targeted for the project, private companies were selected in 146 (93.6%). The average score was 94.6 points.

Lee Juhwa, Vice President of LX Corporation, said, "We will cooperate with private agencies to complete the project on time for the protection of citizens' property rights and efficient land management."

Meanwhile, on the 13th, the Ministry of Land, Infrastructure and Transport and LX Corporation held a policy meeting at the LX Land Information Training Institute, inviting 96 private companies selected this year. They discussed the project promotion direction and shared changes such as the division of work processes and evaluation criteria.