Designation of 3.1㎢ 'Land Transaction Permission Zone' in Siheung Maehwa, Anhyeon, and Dochang-dong Areas

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The planned site for the Siheung Maehwa District urban development project in Gyeonggi-do has been designated as a 'Land Transaction Permission Zone.'

Gyeonggi-do announced on the 31st that it held the Gyeonggi-do Urban Planning Committee on the 25th and decided to designate 3.1㎢ of the Siheung Maehwa District urban development project area, including Maehwa, Anhyeon, and Dochang-dong in Siheung City, as a land transaction permission zone from the 5th of next month until April 4, 2024.

The province explained that the designation was made reflecting Siheung City's opinion that it is necessary to designate the permission zone to ensure the smooth promotion of the urban development project and to prevent land speculation following the installation of Maehwa Station on the Shinansan Line.

To trade land in a land transaction permission zone, permission must be obtained from the head of the relevant local government. If a contract is made without permission or permission is obtained by fraudulent means, a penalty of imprisonment for up to two years or a fine of up to 30% of the land price will be imposed.

A provincial official stated, "There is a concern that speculative transactions may flourish in the area as investors' interest is focused due to the urban development project," and added, "We will respond carefully according to market conditions to stabilize the real estate market."

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