Nationwide Road and Railway Land Compensation Amounts to 1.3 Trillion Won
[Asia Economy Reporter Kangwook Cho] Nearly 1.3 trillion KRW in land compensation funds will be released this year for social overhead capital (SOC) projects in the nationwide road and railway sectors.
On the 8th, according to an analysis by Jijon, a land compensation and real estate development information platform, of the detailed budgets for this year from the Ministry of Land, Infrastructure and Transport, the Korea Rail Network Authority, and various regional land management offices, a total land compensation budget of 1,275,073,280,000 KRW was allocated as follows: △ Expressways 939,280,000,000 KRW (20 routes) △ National roads 195,201,300,000 KRW (53 routes) △ Railways 140,588,150,000 KRW (26 routes).
For expressway construction, there are 17 fiscal projects and 3 private investment projects. The largest compensation funds will be released for the Seoul-Sejong Expressway between Guri and Sejong. Compensation of 256.2 billion KRW is planned for the Anseong-Guri section, and 178.5 billion KRW for the Sejong-Anseong section. The Capital Region 2nd Ring Expressway will also see compensation of 81.3 billion KRW for the Gimpo-Paju section and 45.7 billion KRW for the Paju-Pocheon section, while the Saemangeum-Jeonju Expressway has a compensation budget of 36.1 billion KRW allocated.
The compensation funds for the three private investment projects are △ Bongsan-Songsan Expressway 127.2 billion KRW △ Seoul-Munsan Expressway 63.58 billion KRW △ Pyeongtaek-Buyeo-Iksan Expressway 5 billion KRW.
In railway projects, compensation will proceed on 4 high-speed rail lines, 2 metropolitan rail lines, and 20 general rail lines. A budget of 24.615 billion KRW has been allocated for the second phase of the Honam High-Speed Railway construction project, with 14.877 billion KRW and 12.48144 billion KRW invested respectively in the construction of the Seohae Line double-track electrified railway and the Gunjang National Industrial Complex access railway.
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Shin Tae-su, CEO of Jijon, said, "The land compensation funds released in this year's SOC projects, combined with the land compensation for the 3rd New Towns, will have a significant ripple effect on the real estate market."
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