Cheoin-gu Sees 4.62% Increase Driven by Semiconductor Complex Construction
Suji Plaza in Pungdeokcheon Records Highest Price at 7,751,000 Won per Square Meter
The average individual publicly announced land price in Yongin City, Gyeonggi Province, has risen by 3.84% compared to last year. This stands in stark contrast to the recent trend of large-scale undersubscription in the new housing pre-sale market.
A view of Suji Plaza in Pungdeokcheon-dong, Suji-gu, which has the highest individual publicly announced land price in Yongin City. Provided by Yongin City
On May 9, Yongin City announced that it had determined and publicly disclosed the individual land prices for 287,229 parcels as of January 1. The average individual land price in Yongin City for this year increased by 3.84% compared to last year.
In particular, Cheoin-gu recorded the highest increase among the three districts, with a 4.62% rise. Although this is slightly lower than last year's 4.99%, it still leads the city. Giheung-gu followed with a 3.82% increase, and Suji-gu saw a 2.76% rise.
The main driver behind the land price increase in Cheoin-gu is the development of large-scale semiconductor industrial complexes. In Wonsam-myeon, the 'Yongin Semiconductor Cluster General Industrial Complex,' which will house SK hynix's production line, is currently under construction. Additionally, in I-dong and Namsa-eup, a 7.78 million square meter area is set to host the 'Advanced System Semiconductor National Industrial Complex,' where Samsung Electronics' semiconductor plant will be located.
By individual parcel, the site of Suji Plaza at 712-6 Pungdeokcheon-dong, Suji-gu, was the most expensive, with a price of 7,751,000 won per square meter. The land with the lowest publicly announced price was at San 49-1, Hakil-ri, Wonsam-myeon, Cheoin-gu, at 4,180 won per square meter.
Individual land prices can be checked at the district office's civil service and cadastral departments, the civil service offices of towns, townships, and neighborhoods, or through the Ministry of Land, Infrastructure and Transport's 'Real Estate Price Notice' website. Landowners or interested parties who wish to file an objection can fill out and submit an objection form, available at the viewing locations, by May 29.
The city will review the objections by re-examining the characteristics of the land, investigating the balance between standard land prices and those of nearby parcels, and conducting deliberations through the Real Estate Price Disclosure Committee. The adjusted prices will be announced on June 26. The results of the objection reviews will be individually notified to the applicants.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
