As the sale of public housing in the Namyangju Wangsuk public housing area, one of the third-phase new towns, has officially begun, claims have been made that the compensation for additional annexed land is low. The project implementer, Korea Housing and Land Corporation (GH), rebutted that it is only an estimate, and the actual compensation amount determined through appraisal may differ.
According to the real estate industry on the 5th, Korea Housing and Land Corporation (GH) posted a notice for selecting an appraisal firm to determine compensation for the additional annexed land in the Namyangju Wangsuk public housing area, one of the third-phase new towns, on the 14th of last month.
In the announcement, the estimated appraisal price is about 327.5 billion won. Therefore, the estimated compensation price for land, including structures, is about 2.42 million won per pyeong (3.3 square meters), and if calculated purely for land, it is about 2.2 million won on average.
As the announcement was made public, some landowners protested that the price was set too low. The results of a desk appraisal indicated a price level of 3.4 to 4.2 million won per pyeong.
About 60 landowners have formed an emergency response committee to protest against GH. However, the committee noted that aside from some individuals, the situation is currently not very active. A committee official stated, "If the opinions of the landowners are not clearly reflected, we are considering collective actions through discussions."
GH explained that there may be a difference between the estimated amount and the actual appraisal amount, and it is premature to argue about the price difference at this stage. A GH official commented, "The amount announced this time is an estimate for appraising fees and may include land with lower prices such as roads, leading to a lower average. It appears that what the committee is arguing is based on the average calculated from areas that are appraised at higher values among private properties. Since the final compensation amount will be determined after conducting the actual appraisal, I don't think the current number can hold much significance." The claim is that if a appraiser recommended by the landowners participates in the evaluation, there would be no issue.
In response, a committee official said, "Even if an actual appraisal is conducted as GH claims, the compensation amount will only rise by about 30 to 40 percent. The results of the desk appraisal conducted by the committee showed an expected amount of 3.4 to 4.2 million won, which is even higher than that increase," adding, "The compensation amount is lower than nearby land that was acquired two years ago."
In 2023, when nearby Namyangju Wangsuk Jinggeon 1 and 2 corporate relocation complexes were annexed to the public housing district, the land acquisition compensation amount was about 2.7 million won. After the designation change approval notice for the Namyangju Wangsuk area (2nd) was issued, GH posted a compensation plan notice in March, and from July to November, conducted appraisals to determine compensation amounts.
Landowners are arguing that this annexed land has a publicly announced value that is 1.4 times higher than that of the area, and even though two years have passed, the compensation amount has been set lower.
Meanwhile, GH will receive applications and project plans for selecting appraisal firms from the 1st to the 6th and will proceed with quantitative evaluations and preliminary selections on the 8th, followed by assessments of the project plans on the 11th. The final selection of the appraisal company is planned for the 22nd.
At the Namyangju Wangsuk District, the largest among the third-phase new towns, about 54,000 dwellings will be supplied on an area of 8.65 million square meters (about 2.62 million pyeong). From the 4th, the main subscription for blocks A-1 and A-2 has begun.