Expansion of Gwangmyeong 7 District Public Redevelopment Project... 2,874 Households to be Supplied

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is promoting the 'Gwangmyeong 7 District Public Redevelopment' project, led by the public sector, on a total scale of 2,874 households, which is 368 households more than before, by significantly shortening the project period and allocating part of the supply as rental housing.

Gyeonggi Province announced on the 10th that the appropriateness review plan for expanding the candidate site of Gwangmyeong 7 District public redevelopment by Gyeonggi Housing and Urban Corporation (GH) recently passed the 'Candidate Site Selection Deliberation Committee.'

This candidate site expansion review followed the announcement in July by Gyeonggi Province of three sites, including Gwangmyeong 7 District (Gwangmyeong-dong), as candidates for the 'public redevelopment' project, after which nearby residents of the existing Gwangmyeong 7 District requested additional inclusion.

The additional inclusion area is 26,097㎡ (368 households), increasing from the existing 93,694㎡ (2,506 households) to a total of 119,791㎡ (2,874 households).

To block speculative forces entering for the purpose of acquiring pre-sale rights, the province additionally announced on the 10th of this month the standard date for calculating the right to purchase buildings within the candidate site.

If ownership is acquired through new construction or 'share splitting' after the standard date, pre-sale rights will not be recognized.

While preventing share splitting, additional contributions from landowners and others are also suppressed.

Previously, the additional candidate site and Gwangmyeong 7 District were designated as land transaction permission zones by the Ministry of Land, Infrastructure and Transport from March 2, this year, to March 1, 2023, in accordance with the 3rd New Town policy.

The preliminary project implementer, GH, plans to hold on-site briefing sessions for candidates of public redevelopment projects in the province, including Gwangmyeong 7 District, to explain the main contents and expected effects of public redevelopment to residents, collect their opinions, and proceed with the establishment of a maintenance plan (draft) and the consent procedure for designation of the public implementer within the year.

A provincial official said, "As residents' response to public redevelopment candidate sites increases, adjacent residents have hoped to be directly included in the public redevelopment project. Since this is linked to sufficient understanding of the project by residents and securing their consent for project promotion, it will lead to transparent and prompt project implementation." He added, "We expect that this candidate site expansion will contribute to continuous expansion of housing supply in the metropolitan area and help actual homeowners such as the homeless to secure their own homes."

Meanwhile, the public redevelopment project has the advantage of increasing the floor area ratio up to 1.2 times the legal limit to reduce the burden of contributions from landowners, and shortening the project period by integrating reviews such as building and transportation.

The project period (from designation of the maintenance zone to completion) is shortened from the existing 13 years to 6-7 years, and although the floor area ratio is increased, up to 50% of the additional floor area ratio is allocated to the public as rental supply.

Candidate sites in the province include Gwangmyeong 7 District, Goyang Wondang Seongsa District (Seongsa-dong, Deogyang-gu, Goyang-si, 162,311㎡), and Hwaseong Jinan 1-2 District (Jinan-dong, Hwaseong-si, 11,778㎡).

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