Hwaseong City Pushes Forward with 11 Urban Development Projects amid Economic Slowdown

Hwaseong City in Gyeonggi Province plans to pursue large-scale residential land and urban (mixed-use) development projects next year, but difficulties are anticipated due to real estate market downturn and complaints from local residents.

According to the city on the 6th, next year the city plans to continue work on five residential land development projects (31.17 million square meters) including Dongtan 2, Hyangnam 2, Bongdam 2, Bibong, and Taean 3 districts; two urban development projects (2.94 million square meters) including Namyang New Town and Byeongjeom Mixed-Use Town; and four mixed-use urban development projects (116.856 million square meters) including Songsan Green City, Hwawong District, Maehyangri Ecological Park, and Daesong District as ongoing projects.

Currently, LH (Korea Land and Housing Corporation) serves as the project operator for residential land and urban development projects, while K-water handles Songsan Green City, the Korea Rural Community and Agriculture Corporation handles Hwawong and Daesong districts, and Hwaseong City handles Maehyangri Peace Ecological Park respectively.

However, amid management difficulties at LH (Korea Land and Housing Corporation), the project operator for residential land and urban development, and a prolonged real estate market downturn, project implementation is expected to be delayed similar to this year, or it will be difficult to guarantee the future of projects like Jangan District.

The Maehyangri Peace Ecological Park is also expected to continue waiting for government budget support without establishing clear countermeasures as Hwaseong City faces financial difficulties.

Songsan Green City is experiencing delays due to unresolved compensation negotiations with residents, while Namyang New Town and Hyangnam 2 District are expected to face difficulties due to sluggish residential land sales caused by the real estate market downturn.

Dongtan (2) and Bongdam (2) districts are predicted to continue experiencing traffic congestion, noise, and safety accident threats affecting residents' quality of life next year.

Bibong District is experiencing heightened complaints from residents who have been unable to exercise property rights for an extended period, with some calling for project cancellation.

Daesong District residents engaged in farming and fishing are requesting preferential leasing of completed reclaimed farmland, but this is not possible under current related laws.

As a result, negotiations are not proceeding properly, and this situation is expected to continue until related laws are amended.

In response, the city announced plans to address low residential land sales in certain areas by adjusting building-to-land ratios and floor areas for apartments, while resolving complaints from residents through prior explanations and sufficient consultations with residents.