LH Announces Public Competition for Private Developers of Pyeongtaek Godeok International Exchange Complex

7 Plots, 410,000㎡, Approximately 870 Billion KRW Scale

Korea Land and Housing Corporation (LH) announced on the 25th that it will supply seven land parcels in the International Exchange Complex within the Pyeongtaek Godeok Internationalization Planning District to private developers through a public bidding process to develop a foreigner-friendly, high-end detached and multi-family housing complex.

Pyeongtaek Godeok Land Use Plan Map. [Photo by LH]

The project site consists of seven parcels (approximately 410,000㎡) of block-type detached housing land and multi-family housing land in the special planning zone of the International Exchange Complex within the Pyeongtaek Godeok Internationalization Planning District.

The bidding units are divided into two groups (P-1, P-2). P-1 includes one block-type detached housing parcel and two multi-family housing parcels (approximately 240,000㎡), while P-2 includes one block-type detached housing parcel and three multi-family housing parcels (approximately 170,000㎡).

Among these, the two block-type detached housing parcels plan to introduce facilities such as sloped roofs (gable roofs) and front and back yards, aiming to realize American-style luxury housing.

For foreigners such as US military personnel residing abroad, US civilian employees, and semiconductor valley workers, at least 10% of the block-type detached housing units must be secured as foreigner-exclusive rental housing, which must be directly leased and operated for a minimum of five years.

The supply price is approximately 512.6 billion KRW for P-1 and approximately 355.2 billion KRW for P-2, totaling about 867.8 billion KRW. Applicants cannot participate in multiple bidding units simultaneously.

Eligibility requires a consortium composed of two or more corporations, with each investor holding a minimum stake of 3%, consisting of no more than 10 corporations in total. At least one construction company ranked within the top 30 in construction capability evaluation must be included, while construction companies ranked within the top 10 are limited to a maximum of one.

LH has established the bidding direction as the creation of a "foreigner-friendly housing complex," reflecting the foreign demand from the US Forces Korea and Pyeongtaek Semiconductor Valley, aiming to develop a foreigner-friendly housing complex where both foreigners and Koreans live together harmoniously.

In this regard, plans for foreigner-exclusive rental housing and activation of exchanges between foreigners and Koreans within the block-type detached housing have been incorporated as key evaluation criteria in this bidding.

The bidding schedule starts with the announcement on the 25th, followed by ▲project briefing session (October 13) ▲submission of letters of intent (October 17) ▲submission of written inquiries (October 23) ▲submission of project application commitment letters (November 9) ▲submission of project applications (December 26) ▲announcement of preferred negotiation candidates (January 2024). LH aims to commence construction in 2026 and complete the project by 2030.

Meanwhile, LH plans to continue promoting public bidding for private developers to expedite housing supply in second-phase new towns such as Incheon Geomdan and Hwaseong Dongtan 2, in addition to this Pyeongtaek Godeok bidding.

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