LH to Purchase KRW 500 Billion Worth of Apartment Housing Sites in the Seoul Metropolitan Area; Applications Open from Sept. 29

[Financial News] Korea Land and Housing Corporation (LH) is launching a KRW 500 billion purchase of land for public stockpiling to secure the foundation for housing supply in the Seoul metropolitan area. Eligible sites are at least 3,300 square meters in size and must be located in Seoul, Gyeonggi Province or Incheon, with the potential for apartment housing construction.
According to LH on the 23rd, applications for the '2026 Public Land Stockpiling Purchase Program for Supply-and-Demand Management' will be accepted from Sept. 29 through Oct. 28. The project is being carried out with the Ministry of Land, Infrastructure and Transport (MOLIT) to address the shortage of housing supply in the Seoul metropolitan area and stabilize the land market.
Eligible sites must be at least 3,300 square meters and located in the Seoul metropolitan area as of the application date. Applicants may apply for a single parcel or combine multiple adjoining parcels, but the land must be suitable for apartment housing construction.
Land with buildings on it or with mortgage rights, attachments or similar encumbrances is excluded. LH will also not purchase land whose acquisition or use is restricted under relevant laws, farmland, forestland or parks that are difficult to develop, or land designated for public-interest projects.
LH will determine eligibility through site inspections and purchase reviews. The reviews will comprehensively assess market demand, including population and land prices; the potential for use in public-interest projects, including zoning, location and accessibility; and consistency with government policies.
The purchase price will be negotiated with the landowner at or below the arithmetic average of the appraisals conducted by two appraisal firms selected by LH. Once a sales contract is signed, LH will cover the appraisal costs.
Applications can be submitted in person at any of LH's four regional headquarters in the Seoul metropolitan area, by mail or through the LH website. Following inspections and reviews in November and December, LH plans to notify applicants of their eligibility in December. It will then conduct surveys and appraisals and negotiate prices in January next year before signing contracts in February.
LH will also expand its land stockpiling project for public development to support public-interest projects led by local governments. Under the program, the LH Land Bank secures land needed by local governments and other entities in advance, then supplies it when public-interest projects, including balanced national development initiatives, are launched.
Before applications open in December for the '2027 New Land Stockpiling Project for Public Development,' LH plans to visit local governments from October to provide tailored consultations.
[email protected] Choi Ga-young Reporter