'19 Million KRW per Pyeong, Post-Sale' Gwangju Jungang Park District 1, Decision This Month

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City has decided to submit the project plan for Central Park District 1, known as the so-called 'prime location,' to the Urban Planning Committee, even within the private park special project.

According to Gwangju City on the 1st, the city held separate meetings with Bitgoeul Central Park Development, the project corporation for Central Park District 1, and Hanyang Co., Ltd. last month on the 20th to discuss opinions on the project plan.

Although Hanyang Co., Ltd., the largest shareholder of the SPC holding a 30% stake, proposed a pre-sale price in the range of 16 million KRW, it neither showed intention to submit a project plan nor presented a concrete project plan at the public discussion with civil society on the 29th, leading the city to judge the plan as unrealistic and decide to submit it to the Gwangju Urban Planning Committee.

The Urban Planning Deliberation Committee, which will discuss the non-park area, apartment sale prices, number of units, and floor area ratio for the non-park site, will be held within this month.

Previously, after four rounds of plan changes, Gwangju City and Bitgoeul Central Park Development considered a balance between public interest and profitability by adopting a 'post-sale + rental' method with an average sale price of 19 million KRW and disclosure of sale costs.

It is known that Gwangju City judged that the profitability of the developer was adjusted and public nature strengthened as the developer's profit rate decreased from the initial 7.14% to 6.15%.

The final revised project plan increased the non-park area by about 9,600㎡ to approximately 198,000㎡ compared to the original plan, and the floor area ratio also rose to 214.33%.

The number of apartment units also changed, with no units under 85㎡, which were classified as small-sized, and the number of medium to large units over 85㎡ increased to 1,828. Rental apartments, which were not included in the original plan, added 703 units over 85㎡, increasing the total number of apartment units from 2,370 to 2,827.

A Gwangju City official said, “We will submit the agreement with the SPC to the Urban Planning Committee meeting at the end of this month for discussion.”

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