Will the 14-Year-Old Yongin Yeoksam Urban Development Finally Turn the Tide for Normalization?

Election of Union Chief at the Extraordinary General Meeting on the 19th Next Month
Large-Scale Development with Over 5,000 Households on 690,000㎡

Attention is focused on whether the Yeoksam Urban Development Project in Cheoin-gu, Yongin-si, Gyeonggi-do, will break the deadlock and return to normalcy after 14 years since its designation.

According to Yongin City on the 5th, the Yeoksam Urban Development Project Association will hold an extraordinary general meeting on the 19th of next month to elect a new association president and executives. To this end, the association recently posted a notice containing this information on the Yongin City website and the bulletin boards of the Yeokbuk and Samga-dong Administrative Welfare Centers.

This project is a large-scale private urban development project to build 5,256 housing units along with commercial and office facilities on a 692,000㎡ site around Yongin City Hall in Yeokbuk-dong 363, Cheoin-gu. Instead of the expropriation method, which compensates landowners with money, it is being promoted using the land readjustment method, where land within the development zone is allocated (land readjustment).

Yongin Yeoksam Urban Development Project Bird's-eye View. [Image Source=Yongin City]

The project was designated as an urban development zone in August 2009, received implementation plan approval in 2011, and land readjustment plan approval in August 2017. However, the project has been stalled due to the real estate market downturn and internal conflicts among association members.

Currently, the association is operating under an acting president appointed by the court. Accordingly, the association formed an election management committee in June to elect the executive team and has now announced the holding of the extraordinary general meeting.

Yongin City also emphasizes the urgency of normalizing the project. Lee Sang-il, Mayor of Yongin, said, "Once the Yeoksam district is developed, it can serve as a satellite city for the I-dong and Namsa Advanced System Semiconductor National Industrial Complex and the semiconductor specialized complex," adding, "I hope this extraordinary general meeting will lay the foundation for the normalization of the project."

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