Seoul City Designates 8 New 'Land Transaction Permit Zones' for Rapid Integrated Planning

[Financial News] Seoul City announced on the 20th that it has designated 8 sites as land transaction permit zones at the 3rd Candidate Selection Committee of the 7th Urban Planning Committee's Subcommittee for Rapid Integrated Planning.
The newly designated 8 sites are △Yongsan-gu Sinchang-dong 29-1 area △Guro-gu Guro-dong 466 area △Guro-gu Gaebong-dong 153-19 area △Dobong-gu Banghak-dong 641 area △Dongjak-gu Sindaebang-dong 344-132 area △Dongjak-gu Heukseok-dong 204-104 area △Dongjak-gu Sangdo-dong 201 area △Seongbuk-gu Samseon-dong 1-ga 277 area. The land transaction permit zone will be effective from the 29th of this month for one year.
In addition, 13 existing rapid integrated planning redevelopment and reconstruction sites and 10 public redevelopment selected sites were re-designated as land transaction permit zones until August 30th next year for one year.
The zones designated last year were set to expire on the 30th of next month. The city explained that it proactively re-designated them to prevent speculative demand inflow due to development expectations.
Among them, the land transaction permit zones in Gwanak-gu Sillim-dong 419 area and Gangbuk-gu Mia-dong 345-1 area have been partially changed due to reasons such as exclusion of religious facilities and road incorporation.
Also, the existing rapid integrated planning redevelopment target area in Songpa-gu 183 area will see some adjustments to the land transaction permit zone due to project area adjustments reflecting residents' opinions.
When designated as a land transaction permit zone, ownership or superficies transfer or establishment contracts for land shares exceeding 6㎡ in residential areas and 15㎡ in commercial areas must receive approval from the relevant gu office chief before proceeding.
Choi Jin-seok, Director of Housing at Seoul City, said, "If the zone designation is lifted in areas with high development expectations, there is a high possibility of speculative demand inflow, so we took action," adding, "We plan to continue to thoroughly monitor housing market trends to maintain a transparent market order centered on genuine demand."


ming@fnnews.com Jeon Min-kyung Reporter