"When Will the 3rd New Town Residents Move In?"... Won Pre-Subscription but Waiting 8-9 Years

Assemblyman Hong Gi-won: "Initial Move-in Period Delayed by 1-2 Years Compared to Government Predictions"

Photo by Asia Economy

The 3rd New Town development projects are being delayed, causing the government's initially predicted first move-in dates to be postponed by about 1 to 2 years.

According to data submitted to Hong Gi-won, a member of the Democratic Party of Korea, by the Ministry of Land, Infrastructure and Transport (MOLIT) on the 12th, MOLIT had predicted in 2020 that the first move-in dates for the 3rd New Towns would be 2025 for Namyangju Wangsuk, Hanam Gyosan, Incheon Gyeyang, and Goyang Changneung districts, and 2026 for Bucheon Daejang district.

However, as of August 2022, the expected first move-in dates have been confirmed to be delayed by about 1 to 2 years: ▲Incheon Gyeyang in the first half of 2026, ▲Namyangju Wangsuk 2 in the second half of 2026, ▲Hanam Gyosan and Namyangju Wangsuk in the first half of 2027, and ▲Bucheon Daejang and Goyang Changneung in the second half of 2027.

Representative Hong Gi-won stated, "Already, 14,000 housing units have been sold through preliminary subscription, but if move-ins do not occur on time, it will not only undermine the residential stability of prospective residents but also destabilize housing prices."

Even if the revised plans proceed without further delays, it will take 8 to 9 years from the announcement of candidate sites to the first move-in, meaning that those who participated in the preliminary subscription conducted in 2021 will have to wait 5 to 6 years before moving in. There is also a possibility of further delays depending on situations such as land compensation delays or cultural heritage excavations.

MOLIT predicted the completion of the six districts between 2026 and 2029, but this estimate is based on land development, and it is expected that the actual completion of the new towns as experienced by residents will take a longer period.

As a follow-up to the 2·4 measures, the three districts of Gwangmyeong Siheung, Uiwang Gunpo Ansan, and Hwaseong Jinan are scheduled to be designated by the end of this year, but in some areas, resident opposition continues. Gwangmyeong Siheung was originally targeted for district designation in the first half of this year but has already been delayed.

Representative Hong said, "The move-in for the 3rd New Towns announced four years ago is still uncertain, yet the government only emphasizes the rapid promotion of the redevelopment of the 1st New Towns," adding, "A realistic plan should be established to set priorities and implement housing supply policies that the public can trust."

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