Yongsan Depot Area Designated as Land Transaction Permission Zone for One Year

[Asia Economy Reporter Dongwoo Lee] A total of 0.77㎢ across 13 redevelopment project zones in Hangangno-dong and Ichon 2-dong (Seobu Ichon-dong), near the Yongsan Railroad Maintenance Depot site in Seoul, have been designated as land transaction permission zones for one year.

According to the Ministry of Land, Infrastructure and Transport on the 14th, this decision was made after deliberation by the Central Urban Planning Committee. The designation period is from the 20th of this month until May 19th of next year.

Going forward, anyone acquiring land exceeding a certain area in the designated regions must obtain prior approval from the mayor or district office head. The approval target areas are land exceeding 18㎡ in residential zones and 20㎡ in commercial zones based on site area.

The Ministry explained that to ensure the effectiveness of the system and reflect the characteristics of urban area designation, they applied the minimum standard allowed by law (10%) relative to the standard area (180㎡ for residential zones).

Looking at the designation status by district, it is ▲Ichon-dong 0.05㎢ ▲Hangangno 1-ga 0.05㎢ ▲Hangangno 2-ga 0.04㎢ ▲Hangangno 3-ga 0.61㎢ ▲Yongsan-dong 3-ga 0.01㎢. By project, these include seven redevelopment project zones currently under development such as Jungsan Apartments, and six redevelopment zones within the project influence area including Shinyongsan Station North Zone 1.

Those who enter into land transaction contracts without permission will face imprisonment of up to two years or a fine up to 30% of the land price, and the contract will be nullified.

When land transaction permission is granted, there is an obligation to use the land according to the approved purpose such as actual residence or self-management. For residential land, it can only be used for actual residence for two years, during which sale or lease is prohibited. Failure to comply will result in enforcement orders and fines imposed by the district office head.

The Ministry explained that the redevelopment projects in these areas are in the early stages that could stimulate buyer sentiment, so the principle was to designate zones centered on project sites where transfer of association membership is permitted.

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