Gwangmyeong 3 District to Supply 2,126 Rental Housing Units through 'Public Redevelopment'

Location Map of Gwangmyeong District 3

[Asia Economy (Gwangmyeong) = Reporter Lee Young-gyu] A total of 2,126 rental housing units will be supplied in Gwangmyeong 3 District (55,000㎡) in Gwangmyeong-dong, Gwangmyeong-si, Gyeonggi-do through the government-led 'public redevelopment' method.

Gyeonggi-do announced on the 8th that Gwangmyeong 3 District (around 144-1 Gwangmyeong-dong) was selected as the final candidate site after evaluation by the Korea Land and Housing Corporation (LH) Public Redevelopment Candidate Site Selection Committee, following the public redevelopment candidate site contest conducted by the Ministry of Land, Infrastructure and Transport at the end of last month.

The province designated the 8th as the 'rights calculation reference date' to prevent speculation in the area.

After the rights calculation reference date, if ownership is acquired through ▲land subdivision ▲conversion of single-family houses to multi-family houses ▲separation of land and buildings owned by the same person on one lot ▲construction of multi-family housing on vacant land, the right to apply for sale will not be granted, thereby preventing speculation.

Under this government public redevelopment method, Gwangmyeong 3 District will increase by 244 units from the previous 1,882 units to 2,126 units.

LH, the preliminary project implementer, plans to hold on-site briefings for residents of the candidate site to explain the main contents and expected effects of public redevelopment, and to collect residents' opinions to proceed with the establishment of a future maintenance plan (draft) and the consent procedure for designation of the public implementer.

Public redevelopment is a redevelopment project promoted with the participation of public institutions such as the Korea Land and Housing Corporation (LH) and Gyeonggi Urban Housing Corporation (GH). In contrast, private redevelopment promoted by associations often faces conflicts and lawsuits among members over billions of won in project costs, resulting in an average project period of 12 years from district designation to construction start. Such prolonged projects increase the burden on association members due to interest on project loans and other costs.

On the other hand, public redevelopment includes key features such as increasing the floor area ratio up to 1.2 times the legal limit to reduce the burden on association members, and an integrated project plan review system that streamlines reviews for construction and transportation to shorten the project period. In exchange for the increased floor area ratio, at least 10% of the total units are supplied as public rental housing as a contribution to the public.

Hong Ji-seon, Director of the Urban Housing Office of the province, said, "Public redevelopment can provide residents with opportunities to own homes faster and in greater numbers through rapid project promotion and floor area ratio relaxation," adding, "We will also secure public rental housing for displaced residents and tenants to contribute to housing stability."

Meanwhile, the public redevelopment candidate sites in the province include six locations: Gwangmyeong 7 District, Goyang Seongsa, Hwaseong Jinan 1-2 District, Gwangmyeong Haan (all implemented by Gyeonggi Urban Housing Corporation), and Suwon Gosaek, Gwangmyeong 3 District (both implemented by Korea Land and Housing Corporation).

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