Kamco Launches Full-Scale Project to Renovate Vacant Houses and Abandoned Buildings on State-Owned Land
Expansion from Pilot Implementation in Urban Areas to Small Cities and Rural Areas
Improvement with Convenience Facilities such as Parking Lots and Community Rest Areas, Increasing the Utilization Value of National Property
[Asia Economy Reporter Park Sun-mi] KAMCO (Korea Asset Management Corporation) announced on the 8th that it will expand the 'National Land Vacant House and Abandoned Building Maintenance Project,' which was piloted last year in urban areas, to local small and rural areas this year for full-scale implementation.
This project is being promoted to improve urban aesthetics and residential environments and to prevent the illegal use of abandoned buildings by maintaining approximately 650 national properties located in local small cities and rural areas where vacant houses and abandoned buildings have increased due to population decline and changes in residential environments. KAMCO identifies the owners of vacant houses and abandoned buildings left unattended on national land through on-site visits, inquiries, and checking building registers and tax registers, then leases, sells, or demolishes them to create and utilize convenience facilities such as parking lots and community rest areas.
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Last year, through the pilot project of the 'Vacant House and Abandoned Building Maintenance Project' in urban areas with populations over 300,000, KAMCO maintained 105 out of 288 vacant houses and abandoned buildings on national land whose owners were identified, and is continuing to verify and maintain the remaining buildings. Hong Young, Director of KAMCO's National Property Headquarters, said, “We hope the maintenance project for vacant houses and abandoned buildings on national land will help improve the living environment of local residents,” and added, “KAMCO will continue to strive to enhance the value and utilization of national property through awareness change and work innovation.”
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