Compensation for Land in Gyeonggi Yongin Platform City Begins in Earnest... Construction to Start in the Second Half of Next Year

[Asia Economy (Yongin) = Reporter Lee Young-gyu] Yongin City in Gyeonggi Province is set to begin land compensation for the 'Gyeonggi Yongin Platform City' project.

On the 17th, Yongin City announced that it has selected six appraisal firms for land compensation of Gyeonggi Yongin Platform City: three recommended by landowners and three chosen by Gyeonggi Housing and Urban Corporation (GH).

The land compensation targets 3,422 parcels covering 2,757,109㎡, with 1,720 landowners involved. Regarding fixtures, 35% of those with completed basic surveys are subject to compensation.

The appraisal will be conducted over two months until October, divided into three zones to expedite the compensation process.

The city plans to begin negotiations for loss compensation once all appraisals are completed.

In particular, the city will actively promote land-for-land compensation (a system where landowners whose land is acquired receive land developed by the project instead of cash) and will announce the land-for-land compensation plan in early October.

The land-for-land compensation plan will broadly reflect the demand survey conducted in May, supplying residential-commercial complex land near stations for residents to resettle, advanced knowledge industry land for companies to re-enter, and neighborhood living facility land for commercial property owners.

A city official stated, "With residents' cooperation, the compensation procedures, including the selection of appraisal firms, are progressing smoothly," adding, "We will push the project forward swiftly aiming for construction to start by the end of next year and completion in 2029."

Gyeonggi Yongin Platform City is a project by Gyeonggi Province, Yongin City, Gyeonggi Housing and Urban Corporation, and Yongin Urban Corporation to build an economic downtown-type complex self-sufficient city on 2,757,186㎡ (830,000 pyeong) in Bojeong-dong, Giheung-gu. The project plans to obtain implementation approval in the first half of next year, begin construction in the second half, and complete by 2029.

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