'Collapse Accident' Housing Support Plan Reached for Prospective Residents of Gwangju Hwajeong I-Park

Hyunsan to Expand Compensation for Move-in Delays to Include Deposit and Interim Payments

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] The housing support plan for prospective residents of Gwangju Hwajeong I-Park, where a collapse accident occurred, has been finally settled 10 months after the accident.

Hyundai Development Company has decided to expand the compensation for delayed move-in, a key issue, to include both the deposit and the interim payment.

According to National Assembly member Song Gap-seok on the 18th, the representative of the prospective residents of Gwangju Hwajeong I-Park and Hyundai Development Company CEO Choi Ik-hoon held a "Gwangju Hwajeong-dong I-Park Housing Support Plan and Successful Rebuilding Agreement Ceremony" on the same day.

The "compensation for delayed move-in," which was the core issue of the housing support plan, was expanded from the originally proposed 18 million KRW by Hyundai Development Company, which only targeted the deposit (10%), to 91 million KRW by including both the deposit and the interim payment (40%).

Furthermore, Hyundai Development Company waived the interest on the interim payment that it would pay on behalf of the residents and agreed to provide 110 million KRW as interest-free housing support funds until move-in.

As the scale of compensation for delayed move-in has significantly increased, concerns of prospective residents regarding Hyundai Development Company's intentional construction delays are expected to be alleviated.

Assemblyman Song said, "This housing support plan, unanimously agreed upon by the representatives of the prospective residents, is even more meaningful," and added, "I will support it until the day of move-in to ensure that the contents of this agreement are implemented without any setbacks."

The prospective residents of Gwangju Hwajeong I-Park and HDC Hyundai Development Company agreed to hold continuous and regular consultations until move-in to prepare countermeasures and ensure successful rebuilding in case of move-in delays occurring after the expected completion date of December 2027.

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