The Korea Land and Housing Corporation (LH) has initiated compensation for urban public housing complex projects near Ssangmun Station and Yeonsinnae Station in Seoul. The plan includes the supply of a total of 1,796 housing units, with construction targeted to begin in 2028.
On October 26, LH announced that it has started the negotiation compensation process for the two districts and will actively promote relocation within the year.
The Ssangmun Station area will provide 1,404 units, while the Yeonsinnae area will supply 392 units. Both districts are strategically located near major transportation networks, including Subway Line 4 and Lines 3 and 6, as well as the GTX-A express rail service.
LH began the negotiation compensation process on October 23 and plans to proceed with subsequent relocation procedures to commence construction in 2028. These districts have entered the compensation phase nearly five years after being selected as candidates for urban complex projects in 2021.
This compensation initiation is expected to accelerate the progress of six urban complex projects in Seoul. The total supply planned for these six districts is 7,755 housing units.
The Banghak Station district, which began demolition in September, will provide 420 units, while the eastern side of Ssangmun Station will offer 639 units. Compensation for these two districts has already been completed, while the compensation procedures for the Ssangmun Station west side and Yeonsinnae Station have just begun.
Additionally, LH plans to start compensation procedures for a total of 4,900 units in the Shinkil 2 district (1,332 units) and the Jungnang 4 district (3,568 units) in November.
To expedite the urban complex projects, LH is working to minimize delays in key procedures such as permits and compensation. They aim to shorten project timelines compared to private redevelopment projects through incentives for improved project viability and expedited approval processes.
Measures have also been established to support residents in their relocation. LH plans to facilitate relocation loans and connect residents with housing guarantee products from the Housing and Urban Guarantee Corporation (HUG). Compensation contract offices will be set up near the complex areas, staffed with legal and financial professionals.
As securing new housing supply sites in urban areas remains challenging, the actual success of the urban complex projects will depend on the timely execution of relocation and construction procedures following compensation.
An LH official stated, “Having entered the compensation process five years after being selected as candidates, we will strengthen cooperation with residents to ensure swift and reliable housing supply and proceed with subsequent procedures without delays.”
* This article has been translated by AI.
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