Incheon Guwol 2 Public Housing District Begins Compensation Talks, Aims to Wrap Up by Year-End

【Financial News, Incheon = Han Gap-su, reporter】 The compensation process for the Guwol 2 Public Housing District development project, which will create a mini-new-town-scale public housing district in the Guwol-dong and Namchon-dong areas of Incheon, begins on the 12th.
Incheon Metropolitan City Development Corporation (iH) said it plans to begin compensation consultations with landowners and others on the 12th and complete them by the end of the year.
The Guwol 2 Public Housing District development project will provide 16,000 homes on about 2.2 sq km (670,000 pyeong) of land across Incheon’s Guwol-dong, Namchon-dong, Susan-dong, Seonhak-dong, Munhak-dong and Gwan-gyo-dong. iH aims to begin site development work next year, put homes up for sale in 2029 and welcome the first residents in 2032.
Compensation for the Guwol 2 district gained momentum following the announcement of the compensation plan late last year and appraisals in the first half of this year. As the government pushes to begin construction on 1.35 million homes in the Seoul metropolitan area between 2026 and 2030, iH has also decided to speed up the project by bringing forward the compensation schedule.
Land compensation will be paid in cash or bonds, depending on factors including whether the owner lives on the property. Compensation for structures and business losses will be paid entirely in cash.
Applications for land-for-land compensation, under which recipients receive developed land instead of cash compensation, will be accepted through November 11. Applicants can submit their forms to the iH Guwol 2 Compensation Field Office.
Compensation consultations with residents are also ongoing. iH has held more than 20 rounds of consultations with around 10 residents’ committees in the project area, and on August 14 it convened a compensation committee at Namdong District Office to hear residents’ opinions.
An iH official said, “The Guwol 2 district is an important project for housing stability and balanced development in Incheon,” adding, “We will proceed with the compensation process amicably in consultation with landowners and others.”
[email protected] Han Gap-su Reporter