Sold to Yuseung Construction for 498 Billion Won
89,000 Square Meters for About 1,400 Housing Units
A residential land parcel of 89,500 square meters within the Gureumsan District in Gwangmyeong, Gyeonggi Province, which had remained unsold for an extended period, has finally found a new owner.
On June 23, Gwangmyeong City announced that Yuseung Construction Co., Ltd. was selected as the successful bidder for the public sale of the collective land readjustment for A2 Block within the Gureumsan District urban development project area. The winning bid amounted to 498 billion won.
The Gureumsan District is an urban development project covering 772,855 square meters, aimed at improving the residential environment in the Gari-dae, Seolwol-ri, and 40-dong villages of the Soha-dong area in Gwangmyeong. The district was designated in 2015, and land development work is currently underway. A total of 5,059 housing units are planned to be built within the district.
Among them, A2 Block covers 89,511 square meters, making it the largest multi-family residential land parcel in the Gureumsan District. Approximately 1,400 housing units can be constructed on this site. However, the sale of the land had been delayed due to the prolonged slump in the construction industry.
Subsequently, the city reached an agreement with landowners to sell 77% of the A2 Block land through a trust sale method, and in May 2024, selected Korea Asset Trust as the trustee to proceed with the public sale.
The city also plans to either sell the remaining 23% of the A2 Block land to Yuseung Construction through further negotiations with landowners or to dispose of it by revising the land readjustment plan.
Park Seungwon, Mayor of Gwangmyeong, stated, "The sale of A2 Block has paved the way for resolving the long-standing difficulties in collective land readjustment sales. We will do our utmost to ensure that development proceeds smoothly and a pleasant residential area is created."
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