Sangjeok-dong Forest Land in Seongnam Designated as 'Land Transaction Permission Zone'... 5.58㎢

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province recently designated a 5.58㎢ area of natural greenbelt forest land in Sangjeok-dong, Sujeong-gu, Seongnam City, where signs of planned real estate speculation have emerged, as a land transaction permission zone on the 11th.

Sangjeok-dong is close to Seocho-gu, Seoul, and nearby development projects such as Pangyo Techno Valley Phase 2 and 3, and Seongnam High School District are underway, making it a region where planned real estate speculators are eyeing speculative forest land share transactions.

Accordingly, the province held an urban planning committee meeting on the 5th and reviewed and approved the designation of the area as a land transaction permission zone for two years from the 11th until March 10, 2022.

Once designated as a land transaction permission zone, anyone who uses land above a certain area without approval or uses it for purposes other than intended will face imprisonment for up to two years or a fine amounting to 30% of the land price based on the individual publicly announced land price at the time of contract conclusion.

Following the designation of the permission zone, the province plans to publish the notice in the Gyeonggi Province Gazette and inform Seongnam City, the relevant registry office, and related ministries (Ministry of Land, Infrastructure and Transport) as administrative follow-up measures.

Kim Joon-tae, Director of the Urban Housing Office of the province, stated, "We judged it necessary to preemptively block planned real estate land speculation and therefore designated the area as a land transaction permission zone," adding, "We will continuously monitor transaction trends in surrounding areas and take measures to prevent real estate speculation, including expanding the land transaction permission zone if necessary."

This content was produced with the assistance of AI translation services.