Korea Land & Housing Corporation (LH) said on the 14th it began the compensation process for the Gwangmyeong-Siheung public housing district this month, four months earlier than planned.
LH sent negotiation compensation notices on the 9th to owners of land and fixtures within the Gwangmyeong-Siheung public housing district. This moved the start of compensation, which had been scheduled for Nov., up by about four months.
In addition, because the number of eligible applicants for compensation reaches about 13,000, LH also newly established and transferred the Gwangmyeong-Siheung compensation office to ensure smooth processing.
The negotiation process will run for five months from July 31 to the end of this year and will proceed in a lump-sum compensation format for land, fixtures, and business rights. Based on communication with residents, LH plans to swiftly disburse compensation within the year, while continuing follow-up procedures such as relocation measures and livelihood measures with a goal of starting construction at the end of 2027.
The Gwangmyeong-Siheung public housing district is the largest public housing project among the third new towns, covering about 12.71 million square meters and supplying 67,000 units.
LH will also operate a reservation system for one month from the 31st, the start date of the negotiation procedure, to improve resident convenience and expedite processing. An LH official said, "The Gwangmyeong-Siheung public housing district is a core national project that will form the future growth axis of the southwest of the capital region," adding, "We will proceed without setbacks to ease inconveniences for local residents and expand housing supply in the capital region."