Jeollanam-do, Gangjeong-ri and Samcheon-ri Area
Speculation Prevention Until March 27, 2028
Jeollanam-do will re-designate the planned site for the 'Hwasun Samcheon District Urban Development Project' as a land transaction permission zone for three years, from the 28th until March 27, 2028.
This area is planned to be developed as a customized residential complex tailored to residents' needs, in line with the promotion of new growth future industries such as attracting an advanced medical complex, creating a smart new city, and expanding new agro-industrial complexes.
With a target completion year of 2032, a project budget of 330 billion KRW will be invested in residential, commercial, mixed-use, and public facilities, aiming to usher in an era of 100,000 residents in Hwasun.
In the newly designated permission zone, if land transactions exceed 200㎡ in green areas or 60㎡ in areas without designated use, buyers must obtain land transaction permission from Hwasun-gun before signing a contract. Buyers must use the land only for the approved purpose for a specified period (2 to 5 years).
If a contract is made without permission or through fraudulent means, violators may face imprisonment of up to two years or a fine of up to 30% of the land price.
If the acquired land is not used for the approved purpose, a compulsory performance fine of up to 10% of the land acquisition price may also be imposed.
Kim Seungchae, Director of Land Management at Jeollanam-do, 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 Samcheon District Urban Development Project."
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