Gyeonggi Province Designates 15 Land Transaction Permit Zones

Gyeonggi Province announced through a provincial bulletin on the 13th that it will designate 15 areas, including the Bucheon Sosa district, as land transaction permit zones for new town development.

The areas designated as land transaction permit zones are ▲Bucheon City's Wonmi district (Sosa-dong, Wonmi-dong, Simgok-dong, Chunui-dong) 2.128 million ㎡, Sosa district (Sosa-bon-dong, Gwean-dong) 2.375 million ㎡, Gogang district 1.775 million ㎡ ▲Anyang City's Anyang district (Anyang 1, 2, 3-dong, Seoksu 2-dong, Bakdal 1-dong) 1.708 million ㎡ ▲Gwangmyeong City's Gwangmyeong 3 district (Gwangmyeong 4, 5, 6-dong, Cheolsan 4-dong) 875,000 ㎡ ▲Siheung City's Eunhaeng district (Eunhaeng-dong) 619,000 ㎡ ▲Gunpo City's Geumjeong and Gunpo Station vicinity (Geumjeong Station, Sanbon 1, 2, 3-dong, Geumjeong-dong) 874,000 ㎡ ▲Goyang City's Neunggok district (Todang-dong, Haengsin-dong) 1.16 million ㎡, Wondang district (Jugyo-dong, Seongsa-dong) 1.3 million ㎡, Ilsan district (Ilsan-dong, Tanhyeon-dong) 1.07 million ㎡ ▲Uijeongbu City's Geumi district (Geumi-dong) 1.08 million ㎡, Ganeung district (Ganeung-dong) 1.286 million ㎡ ▲Guri City's Suttaek district (Suttaek-dong) 1.111 million ㎡, Suttaek 1 district (vicinity of Guri City Hall) 210,000 ㎡, Inchang district (Inchang-dong) 751,000 ㎡, totaling 15 districts and approximately 18.333 million ㎡.

These areas will be subject to land transaction permit zone regulations beginning the 18th. When trading land of 20 ㎡ or larger, parties must submit a financial plan statement and real user certification to the relevant local government and receive approval before conducting the transaction. If the land is not used for its original purpose, enforcement penalties will be imposed.

The province has set zone sizes of 5 million ㎡ or more for residential-type development and 2 million ㎡ or more for commercial-type development (including station vicinities). The province plans to designate 10 of these as first-phase districts this year and the remainder as second-phase districts for development.

Accordingly, the relevant municipal governments in areas designated as new town development zones will proceed through procedures including district designation, development promotion planning, and business operator selection to begin full-scale development projects.

The province estimates that these procedures will take approximately three years and has decided to support 50% of the consulting fees, which are expected to total approximately 2 billion won, with provincial funds to facilitate development projects.

A provincial official stated, "The previous redevelopment projects conducted on a small scale by region lacked cultural facilities and caused traffic problems, resulting in haphazard urban development. Since new town development is pursued on a large scale, it can resolve these issues."