Reconstruction and redevelopment zones in Apgujeong, Yeouido, Mok-dong, and Seongsu in Seoul have been reassigned as land transaction permit zones.
The Seoul city government said on the 2nd that it held the 5th Urban Planning Commission meeting on the 1st and resolved the reassignment of land transaction permit zones for major reconstruction and redevelopment areas totaling 4.6 square kilometers. The move is intended to block speculative transactions.
The areas are the Apgujeong apartment district in Gangnam District, the Yeouido apartment district in Yeongdeungpo District, the Mok-dong housing site development apartment complex in Yangcheon District, and the Seongsu Strategic Maintenance Zone in Seongsu-dong, and the designation as land transaction permit zones will be extended for one year until Apr. 26 next year. For two Rapid Integrated Planning redevelopment sites around Huam-dong in Yongsan District, the boundaries of the land transaction permit zones were adjusted to match the project boundary decisions.
When an area is designated as a land transaction permit zone, approval from the head of the competent district office is required for contracts to transfer or establish ownership or superficies for land equity exceeding 6 square meters in residential areas and 15 square meters in commercial areas.