'Pangyo Second Techno Valley Development Project Zone' Land Transaction Permit Area Lifted as of 19th at Midnight
Suwon NewsPublished 2020.01.19 18:47
431,948㎡ in Sihung-dong and Geumto-dong, Sujeong-gu, Seongnam City100% Land Compensation for Private Property Within Development Project Completed, Speculative Factors Mitigated
[Suwon Ilbo=Reporter Park No-hun] Gyeonggi Province announced on the 19th that it has lifted the 'Pangyo Second Techno Valley Development Project Zone' covering 431,948㎡ in the areas of Sihung-dong and Geumto-dong, Sujeong-gu, Seongnam City from the land transaction permit area.
The Pangyo Second Techno Valley Development Project is an advanced industrial complex with Gyeonggi Province, Seongnam City, LH, and Gyeonggi Urban Corporation as project operators, aimed at creating a world-class innovation cluster (venture campus, startup spaces, etc.) in connection with Pangyo First Techno Valley. A total project budget of 823.9 billion won is being invested. Currently, more than half of the entire development site completed construction in 2018 and began occupancy, with the remainder targeting final completion by 2021.
With this lifting measure, the total area of land transaction permit zones designated and managed for stabilizing land prices in the province will become 281.06㎢ across 13 cities and counties.
The province previously designated the area as the 'Pangyo Creative Economy Valley Development Project Zone' in January 2015, and as concerns about land speculation arose, it designated this region as a land transaction permit area for management.
When designated as a land transaction permit area, persons who use land above a certain size without approval or use it for purposes other than intended face imprisonment for up to two years or a fine equivalent to 30% of the land price according to the individual public notice land price at the time of contract execution.
The province explained that it is lifting the designation from the land transaction permit area as land compensation for private property within the development project site has been 100% completed, determining that speculative factors have been mitigated.
A provincial official stated, "We plan to designate regions as land transaction permit areas when we determine there is a need to preemptively block land price increases and speculation in the future," and "Through continuous monitoring of transaction trends, we plan to actively lift designations in regions where lifting is necessary."
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