LH Launches Seongnam Geumto Public Housing Project in Full Swing

Groundbreaking Ceremony Held on the 7th at Seongnam Geumto Project Site with Gyeonggi Province, Seongnam City, and GH
Establishing 'New Deal Pilot City' Featuring Low-Carbon Infrastructure, Digital Technology Application, and Startup Ecosystem
To Become a Residential, Cultural, and Technology Convergence City Alongside Pangyo 1 and 2 Techno Valleys

Kim Tae-nyeon, Member of the National Assembly from the Democratic Party of Korea (third from the left in the photo), Lee Jae-myung, Governor of Gyeonggi Province (fourth from the left in the photo), and Kim Hyun-joon, President of LH (fifth from the left in the photo), along with other attendees, are taking a commemorative photo at the groundbreaking ceremony of the Seongnam Geumto Public Housing District on the 7th.

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 7th that it held the ‘Seongnam Geumto Public Housing District Groundbreaking Ceremony’ together with the joint project implementers Gyeonggi Province, Seongnam City, and Gyeonggi Urban Innovation Corporation (GH).

Attendees at the event included LH President Kim Hyun-joon, Gyeonggi Province Governor Lee Jae-myung, National Assembly member Kim Tae-nyeon, Seongnam City Deputy Mayor Jang Young-geun, and GH President Lee Heon-wook.

The ‘Seongnam Geumto Public Housing Project’ is a project implemented to enable homeownership for the homeless and to stabilize national housing by rapidly supplying public housing.

LH started the project in 2018 and signed a joint project implementation agreement with Gyeonggi Province, Seongnam City, and GH in 2019, and is currently promoting the project together.

The Seongnam Geumto District covers an area of 580,000㎡ in Geumto-dong, Sujeong-gu, Seongnam City, Gyeonggi Province, and is adjacent to Pangyo 1 and 2 Techno Valleys, making its location favorable enough to be called the ‘Third Pangyo.’

It boasts excellent metropolitan transportation accessibility with the Gyeongbu Expressway, Yongin-Seoul Expressway, and the Seoul Metropolitan Area 1st Ring Expressway, and synergy effects with nearby project districts are also expected through infrastructure linkage with Pangyo 1 and 2 Techno Valleys.

LH plans to develop the Seongnam Geumto District not only as a residential area but also as an educational and cultural space, creating a ‘workplace, living space, and resting place coexisting close-to-work city.’

About 3,600 households will be constructed, of which approximately 64%, or about 2,300 units, will be supplied as public rental housing for the homeless and youth in the Pangyo area.

Compensation began in December 2019, and the current compensation rate has reached 95%. With district plan approval in December last year, the project will be fully launched this year and is scheduled for completion in 2024.

The Seongnam Geumto District will be developed as a ‘Korean New Deal Pilot City.’

The ‘New Deal Pilot City’ aims to lead the digital and green New Deal by attracting data, network, and AI industries, establishing low-carbon infrastructure within the city, and promoting youth job creation and housing stability for newlyweds.

In December last year, LH signed a ‘Seongnam Geumto District New Deal Pilot City Development Memorandum of Understanding’ with Gyeonggi Province, Seongnam City, and GH, and is establishing a ‘city specialization plan’ together with companies and experts.

The specialization plan is established around four themes: △Digital New Deal (creating a foundation for autonomous shuttle activation, building digital twins, etc.) △Green New Deal (zero energy, realizing a car-free city through personal mobility, etc.) △Job Creation (creating a sustainable corporate ecosystem, supplying housing linked to jobs, etc.) △Human New Deal (spreading shared culture such as shared transportation, creating cultural showcase spaces, etc.).

Additionally, LH aims to develop the Seongnam Geumto District into an innovative and eco-friendly city through the specialization plan, based on its accumulated urban development know-how such as smart cities and zero-energy buildings.

The Seongnam Geumto Public Housing Project is expected to have socio-economic ripple effects with the supply of 3,600 metropolitan area housing units, attraction of 600 companies, and creation of about 9,200 jobs. In connection with Pangyo 1 and 2 Techno Valleys, the Pangyo area is expected to establish itself as Korea’s representative advanced city where housing, culture, and technology converge.

An LH official said, “Through the Seongnam Geumto Public Housing Project, we will rapidly supply new housing in a favorable location and steadily promote specialization plans to develop it as a city representing the Korean New Deal.”

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