Goyang Todang-dong and Siheung Jeongwang-dong, 4.95㎢ 'Land Transaction Permission Zones' Re-designated

Satellite image of the area around Todang-dong, Deogyang-gu, Goyang-si, Gyeonggi-do, which has been redesignated as a land transaction permission zone

Areas including Todang-dong in Goyang-si, Gyeonggi-do, and Jeongwang and Podong in Siheung-si have been re-designated as land transaction permission zones for two years.

Gyeonggi-do announced on the 26th that it has re-designated 1.69㎢ of Todang-dong in Deogyang-gu, Goyang-si, the planned development area for the 'Daegok Station Area' project, and 3.26㎢ of Jeongwang-dong and Podong in Siheung-si, the development project areas for the 'Automobile Cluster, Jeongwang-dong Public Housing District, and Citizen Sports Complex,' as land transaction permission zones until May 30, 2025, for two years.

These areas were designated as land transaction permission zones in May 2021 due to concerns about speculative demand inflow, as they are planned or ongoing development project sites. The current designation period expires on the 30th of this month.

Gyeonggi-do explained that since these areas are still in the early stages of the projects, with land compensation not yet completed, the reasons for designating them as land transaction permission zones have not disappeared. Reflecting the opinions of the mayors of Goyang and Siheung, it was decided to extend the designation as land transaction permission zones for two more years.

Accordingly, to trade land in these areas, one must obtain permission from the mayor of Goyang or Siheung before signing a sales contract. If a contract is made without permission or permission is obtained through fraudulent means, imprisonment for up to two years or a fine of up to 20 million won may be imposed.

Once permission is granted, the land must be used for the approved purpose for a certain period, and if violated, a performance penalty of up to 10% of the acquisition price may be imposed annually.

An official from the province stated, "The re-designation was made due to concerns about speculative transactions and rising land prices driven by expectations from project progress," adding, "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.