Re-designation of Samcheon District in Hwasun as a Land Transaction Permission Zone

Jeollanam-do, Gangjeong-ri and Samcheon-ri Area
Speculation Prevention Until March 27, 2028

Location map of Samcheon District, Hwasun. Provided by Jeonnam Province

Jeollanam-do will re-designate the planned site for the 'Hwasun Samcheon District Urban Development Project' as a land transaction permission zone for three years, from the 28th until March 27, 2028.

This area is planned to be developed as a customized residential complex tailored to residents' needs, in line with the promotion of new growth future industries such as attracting an advanced medical complex, creating a smart new city, and expanding new agro-industrial complexes.

With a target completion year of 2032, a project budget of 330 billion KRW will be invested in residential, commercial, mixed-use, and public facilities, aiming to usher in an era of 100,000 residents in Hwasun.

In the newly designated permission zone, if land transactions exceed 200㎡ in green areas or 60㎡ in areas without designated use, buyers must obtain land transaction permission from Hwasun-gun before signing a contract. Buyers must use the land only for the approved purpose for a specified period (2 to 5 years).

If a contract is made without permission or through fraudulent means, violators may face imprisonment of up to two years or a fine of up to 30% of the land price.

If the acquired land is not used for the approved purpose, a compulsory performance fine of up to 10% of the land acquisition price may also be imposed.

Kim Seungchae, Director of Land Management at Jeollanam-do, explained, "This re-designation of the land transaction permission zone is a measure to prevent real estate speculation and curb excessive land price increases, ensuring the stable promotion of the Samcheon District Urban Development Project."

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