Korea Land and Housing Corporation (LH) Targets Construction Start on 2,100 Units at Seongdae Baseball Stadium in First Half of Next Year

[Financial News] Korea Land and Housing Corporation (LH) plans to begin construction in the first half of next year on 2,100 housing units at the Seongdae Baseball Stadium site in Seoul's Dobong District. Using the land banking system, LH plans to shorten the land acquisition period by more than a year compared with the existing process and proceed with land acquisition and construction preparations simultaneously.
On the 23rd, LH announced that it had visited the Seongdae Baseball Stadium site to inspect the status of land acquisition and construction preparations, as well as nearby transportation and amenities.
The Seongdae Baseball Stadium site covers approximately 48,000 square meters and is located near Dobong Station on Subway Line 1 and Suraksan Station on Line 7. LH plans to supply broad-access rental housing for people with actual housing needs, including young adults and newlyweds.
LH will use a project-linked approach under the general land banking system to secure the site. Under this system, the public sector purchases land needed for a project in advance, allowing it to be used immediately when housing is supplied without a separate compensation process.
Unlike the existing process, which begins compensation after a public housing district is designated, this approach does not require procedures such as announcing a compensation plan or filing an application for adjudication concerning landowners' objections to compensation amounts. LH expects this to reduce the time needed to acquire the Seongdae Baseball Stadium site by more than a year.
Along with securing the site, LH will also proceed with construction preparations, including design work. In October last year, LH signed a business agreement with Sungkyunkwan University and continued consultations on land acquisition with relevant organizations.
Seongdae Baseball Stadium is an underused urban site included in the Housing Supply Expansion Plan announced last September. Along with this site, LH is pursuing land acquisition through the land banking system at three locations: the Wirye business site in Songpa District, where 999 units are planned, and the former Gangseo-gu Office facility site, where 450 units are planned. Together, the sites will accommodate approximately 3,500 units.
The former Korean Educational Development Institute (KEDI) site is slated to accommodate 700 units. Rather than using land banking, LH will secure the site through the designation of the Seoul Yangjae Public Housing District.
LH is also purchasing idle land to establish an additional foundation for housing supply. On the 8th, LH launched a public call for KRW 500 billion worth of land purchases for supply-and-demand adjustment, targeting land owned by public and private entities. It plans to expand the scale of these purchases next year.
Lee Seong-hoon said, "Seongdae Baseball Stadium is a highly important site where land can be secured quickly through the land banking system, allowing us to expect the large-scale supply of 2,100 housing units in the near future. We will actively pursue broad-access rental housing in optimal locations preferred by people with actual housing needs, including newlyweds, and provide broader housing choices."

[email protected] Choi Ga-young Reporter