Gwanggyo New City and Homae-sil District Site Development to Begin in November

The Gwanggyo New City and Homae-sil District projects, both large-scale residential land development projects in the Suwon area, are set to begin full-scale site development construction in November of this year.

According to Suwon City and Gyeonggi Development Corporation, the Gwanggyo New City development project covering 3.41 million pyeong in Uiwadong, Youngtong-gu, Suwon City, which is being pursued with a target completion date of 2010, will complete the Ministry of Construction and Transportation's development plan revision and implementation plan approval by the first half of this year and commence site development from November onward.

Gyeonggi Development Corporation plans to complete reviews including traffic and environmental impact assessments by May and finalize land acquisition and compensation by June.

Gwanggyo New City, being developed as a 21st-century eco-friendly city with international competitiveness, will be constructed in the Uiwadong area of Youngtong-gu, Suwon City, with a total size of 3.41 million pyeong capable of accommodating 60,000 residents. The total project cost of 8.4 trillion won will be invested to complete construction by 2010.

The Homae-sil District residential land development project, also being pursued as part of the national plan to build 1 million units of national rental housing, will begin land development in November this year.

Korea Housing Corporation, the project operator, stated, "We plan to begin basic design by January, complete land acquisition and compensation by May, and proceed with construction commencement in the second half of the year."

The Homae-sil District residential land development will be completed by 2012 on 946,000 pyeong of land in the Homae-sil area of Gwonseon-gu, with a planned population capacity of approximately 46,000 residents.