The Korea Land and Housing Corporation (LH) will invest an additional 2 trillion won in the Gwangmyeong-Siheung Public Housing District and the Yongin Semiconductor National Industrial Complex. The investment aims to expedite housing supply in the metropolitan area and the establishment of the national industrial complex by focusing resources on initial compensation procedures.
On November 12, LH announced that it will allocate a total of 2 trillion won this year to accelerate key policy projects, including the Gwangmyeong-Siheung Public Housing District and the Yongin Semiconductor National Industrial Complex.
To facilitate this, the overall project budget has been increased from the initial 40.7 trillion won to 41 trillion won, adding 300 billion won. This includes 17 trillion won in self-available resources generated through efficient budget execution.
Specifically, 1.3 trillion won will be invested in the Gwangmyeong-Siheung Public Housing District.
Gwangmyeong-Siheung is the largest public housing district among the third new towns, covering approximately 12.71 million square meters, with plans to supply a total of 67,000 housing units.
LH plans to expedite the compensation process by injecting additional funds into the ongoing negotiations that began in July, aiming to complete the compensation procedures early and subsequently link them to follow-up construction projects to accelerate the housing supply schedule.
For the Yongin Semiconductor National Industrial Complex, 700 billion won will be added. The goal is to swiftly conclude compensation procedures, including land acquisition decisions, by the end of the year to secure the necessary land for the industrial complex.
The Yongin Semiconductor National Industrial Complex commenced preliminary site development work in October. With this additional investment, LH aims to accelerate land development and infrastructure construction, supporting the groundbreaking of the first semiconductor production facility, Fab 1, scheduled for 2028.
This investment is significant as it adjusts the existing budget execution plan and focuses additional resources on the compensation phase.
However, for the compensation procedures to lead to actual housing construction and industrial facility development, subsequent approvals and infrastructure development must proceed as planned.
LH President Lee Seong-hoon stated, "The Gwangmyeong-Siheung Public Housing District and the Yongin Semiconductor National Industrial Complex are core policy projects for ensuring housing stability for the public and securing future growth engines for the nation. We will mobilize all available resources to complete initial procedures such as compensation promptly and push forward with subsequent processes to achieve visible policy outcomes."
* This article has been translated by AI.
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