2·4 Measures 'Private Public Offering' Receives 70 Applications in 40 Days... Scale of 87,000 Households

Ministry of Land, Infrastructure and Transport: "Significant Volume Received in 40 Days"
Gyeonggi-do and Incheon Account for 81% of the Capital Region
Many Areas Adjacent to Seoul, Including Former Gwangmyeong New Town

(Data provided by the Ministry of Land, Infrastructure and Transport)

The Ministry of Land, Infrastructure and Transport announced on the 7th that a total of 70 sites were submitted from six cities and provinces including Gyeonggi-do and Incheon as a result of the integrated public-private proposal contest for urban public housing complex projects being promoted under the 2·4 Supply Plan. The number of houses that can be supplied in these areas reaches 87,000 units.

This integrated contest was conducted from July 23 to the 31st of last month, targeting Gyeonggi-do, Incheon, and local metropolitan cities where candidate site selections had been relatively few. The projects subject to the contest include urban public complex projects, public maintenance projects (redevelopment, reconstruction, direct implementation), residential regeneration innovation districts, and small-scale maintenance projects.

To submit proposals for the integrated contest, residents must directly gather consent from more than 10% of landowners. The Ministry of Land explained, "A considerable scale of submissions was made within the short period of 40 days," and "It is judged that residents have a strong demand for improving the residential environment."

By project type, urban public complex projects (34 sites) received the most submissions. Small-scale redevelopment and reconstruction (20 sites), public maintenance projects (13 sites), and residential regeneration innovation districts (3 sites) followed. By region, the metropolitan area, including Gyeonggi-do (45 sites) and Incheon (12 sites), where real estate prices have recently continued to rise, accounted for 81% of the total.

Other submissions included 7 sites in Goyang-si (21,000 units), 4 sites in Seongnam-si (13,000 units), 4 sites in Gwangmyeong-si (7,000 units), 5 sites in Bucheon-si (3,000 units), and 9 sites in Bupyeong-gu, Incheon (3,000 units). In particular, many submissions were made in Seoul-adjacent areas where large-scale complex development is possible, such as the Gwangmyeong New Town deregulated area, Seongnam old downtown, and Goyang Deogyang-gu.

All areas submitted to the integrated contest have already obtained consent from more than 10% of landowners, and among them, 25 sites have consent rates exceeding 30%. Areas with high consent rates include A area in Geumjeong-gu, Busan (66%), B area in Uiwang-si (66%), C area in Anyang-si (60%), D area in Gwangmyeong-si (45%), and E area in Gyeyang-gu, Incheon (44%).

In Seoul, which was excluded from the private integrated contest, 13 sites were proposed by district offices including Gangseo-gu, Jungnang-gu, and Gangbuk-gu. Local governments such as Incheon and Daejeon also proposed an additional 4 sites.

The suitability of the submitted proposal sites and the preliminary feasibility of the projects will first be reviewed by the Korea Land and Housing Corporation (LH) and others. The Ministry of Land plans to select candidate sites next month by comprehensively evaluating urban planning and expected project effects together with local governments.

Speculative activities will also be blocked for the proposed sites. For urban public complex projects and others, those who acquired land after June 29 will not be granted priority supply rights. For public redevelopment, if new construction or land subdivision occurs after the announcement of the contest results on the 8th, cooperative member sale rights will not be recognized. At the time of the final candidate site announcement, the areas will be designated as land transaction permission zones to prevent speculative transactions.

The Ministry of Land evaluated, "This integrated contest has provided an opportunity to actively promote projects in regions outside Seoul."

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