"Land for Public Projects, LH Buys First"

Application for 2024 Public Land Reserve Project until April 12
Regional Briefings Held in March

The Ministry of Land, Infrastructure and Transport announced on the 6th that it will accept applications for the 2024 public development land reservation project until the 12th of next month to support the timely promotion of public interest projects by local governments and others. The land reservation project refers to a system under the 'Land Compensation Act' where LH (Korea Land and Housing Corporation) secures land necessary for public interest projects in advance and supplies it to project operators.

Typically, during the implementation of public development projects such as SOC (roads, railways, etc.), industrial, and residential sites, rising land costs increase financial burdens. However, when selected for the land reservation project, LH conducts lump-sum compensation in advance, allowing local governments and other project operators to reduce budgets and shorten project durations.

So far, through this system, land reservation projects worth a total of 3.4 trillion KRW have been implemented, including Ulsan High-Tech Valley General Industrial Complex (200,000 pyeong) and Mungyeong Station Area Development (100,000 pyeong), contributing to the smooth promotion of major public development projects.

The Ministry of Land, Infrastructure and Transport and LH will hold regional briefing sessions for public interest project operators starting from the end of March to provide detailed procedures and utilization cases of the public land reservation project. Participating institutions will be given incentives when selecting target projects in the future.

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