'Pangyo Second Techno Valley Development District' Land Transaction Permission Zone Lifted from 19th at 12:00 AM
水原新闻发布 2020.01.19 18:47
43万1948㎡ in Sihung-dong and Geumto-dong, Sujeong-gu, Seongnam CityPrivate Land Compensation in Development Project Completed 100%, Speculative Factors Mitigated
[Suwon Ilbo=Park Nohun Reporter] Gyeonggi Province announced on the 19th that it has lifted the 'Pangyo Second Techno Valley Development District' designated on a site of 43万1948㎡ in Sihung-dong and Geumto-dong, Sujeong-gu, Seongnam City from the Land Transaction Permission Zone.
The Pangyo Second Techno Valley Development Project is an advanced industrial complex with Gyeonggi Province, Seongnam City, LH, and Gyeonggi Urban Corporation as project implementers, creating a world-class innovation cluster (venture campus, startup spaces, etc.) in connection with the Pangyo First Techno Valley. With a total project investment of 822.9 billion won, more than half of the entire development site completed construction preparation in 2018 and has begun operations, with the remainder targeting final completion in 2021.
With this lifting measure, the total area of the Land Transaction Permission Zone designated and managed within the province for land price stabilization has become 281.06㎢ across 13 cities and counties.
The province previously designated the area as the 'Pangyo Creative Economy Valley Promotion Project District' in January 2015, and amid concerns about land speculation, designated and managed this area as a Land Transaction Permission Zone.
When designated as a Land Transaction Permission Zone, persons who use or repurpose land above a certain area without approval are subject to imprisonment of up to 2 years or a fine equivalent to 30% of the land price based on the individual official site price at the time of contract execution.
The province explained that it is lifting the area from the Land Transaction Permission Zone, judging that speculative factors have been mitigated as private land compensation within the development project area has been completed 100%.
A provincial official stated, "Going forward, we plan to designate areas as Land Transaction Permission Zones when we judge there is a need to preemptively block land price increases and speculation," and "Through continuous monitoring of transaction trends, we plan to boldly take lifting measures for areas requiring dedesignation."
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