Land Use Changes Completed
Utilization Enhanced Through Zoning Upgrades and Expanded Permitted Uses
Siheung City in Gyeonggi Province will begin selling four vacant lots, totaling 10,076 square meters, within Baegot New Town next month.
On November 18, Siheung City announced that it has completed land use changes for four vacant lots in Baegot New Town, which had remained unused for a long period due to difficulties in utilizing them according to the original plans. The city will proceed with the sale of these lots through a competitive bidding process next month.
Siheung City has completed the land use changes for four vacant lots within Baegot New Town and will begin selling the sites next month. The commercial land at 206-5 Baegot-dong in Siheung Baegot New Town has increased utilization through changes to the district unit plan. Provided by Siheung City
The sites for sale are as follows: ▲10 Baegot-dong (2,825 square meters), ▲63 Baegot-dong (2,276 square meters), ▲170 Baegot-dong (4,060 square meters), and ▲206-5 Baegot-dong (913 square meters).
These lots were previously limited by the district unit plan to uses such as community facilities, kindergartens, social welfare facilities, and telecommunication facilities, making it difficult to find suitable buyers. In response, the city stated that it has improved the utilization of the sites by partially upgrading the permitted zoning and changing allowable uses.
Lots 10 and 63 in Baegot-dong are now designated as quasi-residential land, allowing for a building coverage ratio of 60% and a floor area ratio of up to 300%. They can be used for neighborhood living facilities (Type 1 and 2) or retail facilities. The base price is 11,584,500,000 KRW for 10 Baegot-dong and 7,432,440,000 KRW for 63 Baegot-dong.
Lot 170 in Baegot-dong is designated for complex, cultural, and sports facilities, with a building coverage ratio of 50% and a floor area ratio of 230%. Permitted uses include cultural and assembly facilities, facilities for children and the elderly, training facilities, and sports facilities. The base price is 16,769,860,000 KRW.
Lot 206-5 in Baegot-dong is designated as commercial land, allowing for high-density development with a building coverage ratio of 70% and a floor area ratio of up to 700%. Development focused on commercial service functions, such as neighborhood living facilities (Type 1 and 2) and retail facilities, is possible. The minimum bid price is 7,129,860,000 KRW.
The sale will be conducted through a competitive bidding process, with the base price of each lot set as the minimum bid price. The bidding period will run from the 1st to the 5th of next month. Interested parties can participate in the bidding online through the Onbid system.
A city official stated, "Although these sites are highly valuable even within Baegot New Town, they have remained unused for a long time due to difficulties in utilizing them under the previous plans. We hope that suitable buyers who match the characteristics of each lot will be selected, enabling smooth development of the area."
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