"Land Transaction Approval Required Until 2027"
On September 12, Sejong City announced that it will re-designate the planned area for the Yeonseo-myeon National Industrial Complex (hereafter referred to as the National Industrial Complex), whose designation period expires on the 22nd of this month, as a land transaction permission zone for another two years.
The area subject to re-designation covers 2.74 square kilometers in Wacheon-ri and Budong-ri, Yeonseo-myeon, and this was finalized after a review by the Urban Planning Committee held last month. The decision was made due to concerns that speculative demand may continue to flow in, given the anticipation surrounding the development of the industrial complex and the fact that compensation procedures have not yet begun. The Yeonseo-myeon Smart National Industrial Complex is a large-scale national project to be developed by 2029, aiming to attract manufacturing businesses in advanced industries such as future mobility, bio, and healthcare materials and components.
Under the Act on Report of Real Estate Transactions, etc., land transaction permission zones are designated in areas where speculative real estate transactions are prevalent, land prices are rapidly rising, or there is concern of such trends. With this re-designation, the area will remain under regulation from September 23, 2025, to September 22, 2027.
In a land transaction permission zone, transactions involving land exceeding a certain size require approval from the relevant local government. For two to five years after acquisition, the land must be used for the approved purpose, and failure to comply or fulfill the usage obligations will result in the imposition of a compulsory performance fine.
The status of individual parcels as part of the land transaction permission zone can be checked free of charge through the Land Eum website.
Kim Suhyeon, Director of Land Information, stated, "The National Industrial Complex is a core project to secure Sejong City's future growth engine and drive sustainable development," adding, "We will actively manage the area to thoroughly block the influx of speculative forces and establish a sound real estate transaction order."
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